- General Motors is going to offer zero-interest loans for up to 84 months, in a deal available to customers in top credit tiers.
- The manufacturer is also going to work with current owners who owe money for loans or leases so they don't miss a payment during the pandemic.
- GM has not yet rolled out a website or contact details for consumers wanting to take advantage of the newly announced program.
The spread of COVID-19 has very quickly disrupted daily life and General Motors is looking to cushion the blow, both for current owners and prospective buyers. The automaker has rolled out zero-interest loans for up to 84 months for customers in top credit tiers. GM said it will also work with current owners feeling financial effects of the pandemic, and one of the options will be delaying payments, a GM spokesperson told C/D. The program covers all GM brands. Other automakers, including Ford, have announced coronavirus-related consumer programs in the past few days as well.
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For prospective buyers, the first payment on a new loan can be deferred for up to 120 days. GM will also work with dealers to get them to utilize the automaker's online car purchasing tool, which will allow customers to buy and take delivery of a vehicle at home. For current owners, GM is making several subscription-based services available including in-car Wi-Fi—up to three gigabytes—as well as OnStar Crisis Assist, a service that connects drivers to first responders.
As COVID-19 brings increasing economic uncertainty, automakers are opting to make buying and owning a car easier right now. Other manufacturers, including Ford, Hyundai, Nissan, and Toyota, are all making loan and lease payments adjustable, and some are offering deferred payments for new-vehicle purchases.
Colin Beresford, a born and raised metro Detroiter, has been surrounded by the auto industry his entire life. For most of his formative years, he didn’t know who in their right mind would drive anything but an American-made car. He’s passionate about all the ways that people get around, even if it doesn’t involve a car or a driver. What he looks for in a vehicle is simple: it needs to be able to get him where the skiing, climbing, backpacking, or fly fishing is.
