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  4.  | An Update Regarding Relief on Car Loans and Leases During the Current COVID-19 Crisis

An Update Regarding Relief on Car Loans and Leases During the Current COVID-19 Crisis

by | Mar 26, 2020 | COVID-19

We hope that everyone reading this is safe and is healthy. If you have lost your job or been furloughed because of the COVID-19 crisis, you are beginning to make the difficult choice of deciding what bills to pay first. You might not have money to make your car loans or car lease payments. We recommend that before you stop making the payments and running the risks of possible negative credit reporting and possible repossession, you reach out to your lender.

A number of automakers and lenders are rolling out payment deferrals for borrowers facing financial hardship because of the coronavirus. In recent days the following have posted payment deferral programs on their websites:
Hyundai – www.hmfusa.com
Ford Motor Credit – www.ford.com
Toyota Financial Services – www.toyotafinancial.com
Lexus Financial Services – www.lexusfinancial.com
Honda Financial Services – www.hondafinancialservices.com
Acura Financial Services – www.acurafinancialservices.com

Also, General Motors, Chrysler Motors, BMW and Mini are encouraging borrowers to contact them or their servicers to discuss relief options that may be available. Other lenders such as Wells Fargo and Ally Financial have established hotline numbers for borrowers to call to discuss their hardships. Individuals who are financing used cars or who may be in Chapter 13 bankruptcy proceedings are also encouraged to reach out to your lender. The same is true for motorcycle, boat and other loans. Help may be available.

Feel free to call us if you have any questions
Most importantly we hope that you and your family stay safe and healthy. Bruce Levitt and Shelley Slafkes, the attorneys at Levitt & Slafkes, PC, have been helping individuals address their financial difficulties for over 30 years. Please know we are here to help you. Feel free to call us at 973-323- 2953 or contact us online to schedule a free consultation or to just ask us a question.

We are proudly designated as a debt relief agency by an Act of Congress. We have proudly assisted consumers in filing for Bankruptcy Relief for over 30 years. The information on this website and blogs is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.