Deferred payments due to COVID-19

Noctilum · ‎03-26-2020

Many auto lenders are doing deferred payments during the COVID-19 crisis. I am curious if anyone has gone through the process yet and can tell what it was like? We have a loan with Chrysler Capital and are debating it. My wife has been out of work for a couple of weeks so far. I'm sure I don't have much longer before I am so I'm not sure if I should head it off or wait for it to actually happen.

StriderM99 · ‎03-28-2020

I'm curious about this as well.

I have a lease through Ford. I just went to their website to see what they're saying. At first glance, I thought it was nice- on their main page they have a link to click to "Extend your Payments." (I thought it was a smart/curtious/streamlined approach to avoid the long phone call wait time you'd deal with if you called instead).

Then I clicked the link.

I can deffer one month's payment for a fee of $149.98. 2 months' fee costs $299.96!

I didn't proceed online. I hope that's just a "default" option they've always offered, and they might be a little more sympathetic towards the real situation going on. I will try calling in person later on to see if that fee can be waived or adjusted.

UPDATE EDIT: I called Ford. They told me because it's a lease, there's usually a fee. 30% of your monthly payment. I was put on hold while the rep could ask her supervisor if the fee could be waived. They said no. Fee stands.

This is my third lease with Ford. You'd think customer appreciation would be extended a little bit to their returning customers, regardless of them being a lesse or purchaser. I'll keep this in mind when my current lease is up. I may look elsewhere.

Anonymous · ‎03-28-2020

We took advantage of it with Capital One Auto. The process was streamlined and simple. Logged in, clicked on the extension option. You choose the amount of payments (1 or 2) to defer. Submit it. Done.

StriderM99 · ‎03-29-2020

I'm curious, did Capital One have a fee like Ford did?

Duke_Nukem · ‎03-29-2020

CapOne didn't charge a fee for deferring, and as @sassynycgirl stated it was streamlined and rather easy!

If anyone is interested on the process, refer to the post linked below. Thanks again to @sassynycgirl for pointing out the link on CapOne's site!

https://ficoforums.myfico.com/t5/Credit-Cards/My-Creditor-is-Helping-Me-Thread-TeamMyFICO/m-p/596429...

Anybody heard from Wells Fargo Auto if they have any programs due to the COVID-19?

Anonymous · ‎04-06-2020

Chase Mazda Capital lease will defer the lease payment for 3 months with NO FEES , my situation it was simple click on secure message center and the 3 payments moved toward end of the lease

Brian_Earl_Spilner · ‎04-06-2020

@Anonymous wrote:
Chase Mazda Capital lease will defer the lease payment for 3 months with NO FEES , my situation it was simple click on secure message center and the 3 payments moved toward end of the lease

You got lucky. I waited on hold for 2 hours with Mazda capital before they transferred me to another department. Took 5 mins at that point. Skipped 3 months, no fees, no interest. This was before they announced anything though.

Anonymous · ‎04-07-2020

I have an auto loan with Wells Fargo and waited on line for over 40mins. I was approved for a 3 month deferrment loan extention under thier disaster extension. They are still charging interest which will be paid first when I restart payments. Iv been able to get my credit score up from 580 to 720 avereage in last year and will be trading in my current car for a new one this month. I should get a great deal and possibly an 84month 0/0 Interest rate with 90day deferred payment. I'll keep updated on this thread.

Anonymous · ‎04-07-2020

BMW Financial is allowing up to 2 months of deferred payments (due to Covid-19). Those 2 deferred payments are IN ADDITION to the 3 normally allowed deferred payments in a 12 month rolling calendar year.

Loans with BMW Financial are Simple Interest so for each deferred payment, the interest does continue to accrue throughout the month(s) that are deferred.

I did this today and it was a super easy process.

FYI, if you do it online (which they are reccomending) it takes a lot longer. It's easier to just call someone and they can do it in about 5 minutes.

Hope this helps someone else like it did me.

Anonymous · ‎04-08-2020

Honda Financial.

Took about 35 minutes in the middle of the day. Two month deferrment but interest will accrue, no fees.