Wondering how to get help with your car payments during the coronavirus pandemic? You’re not alone. Many people have been financially impacted and are now unable to pay their bills. Fortunately, we’ve found help.
You may be able to get help with your car payments during the pandemic.
Auto payment arrangements vary by lender. Find your lender in the list below, or leave us a comment if you’d like us to look into another financial institution.
If you have an auto loan with Ally Financial, you may be able to defer your payments for a period of time. Through this program, you will skip those payments now but they will be added to the end of your loan. If you choose to do this, you will pay more finance charges over the life of your loan but Ally will not charge you any late fees and they will not report anything negative to the credit bureaus.
Chase has several relief options for those who need assistance with their auto payments. You will need to apply here. If you have an auto loan, the end of your loan will be extended by the number of delayed payments. If you have a lease, the deferred payments will be due at the end of your lease.
Fifth Third Bank
If you have an auto loan from Fifth Third Bank, you may be able to get your payments deferred for up to 90 days with no late fees. You will need to contact the bank to participate in this relief program.
Mountain America has issued the following statement: “Mountain America understands that the recent COVID-19 pandemic has resulted in economic disruptions that may impact the financial welfare of our members. If you are faced with financial challenges due to the coronavirus, we may have loan relief options available to assist you. Please contact a member service representative to discuss your unique situation.”
TD Bank is offering to defer payments and waive late fees on auto loans. However, you will need to call the TD Auto Finance Department at 1-800-556-8172 for assistance.
US Bank is offering payment assistance to new and existing customers. If you have an existing auto, boat or RV loan account, you may be able to extend your loan and defer your payments. You will need to log in and apply for assistance or else you will be reported to the credit bureaus for missing payments.
If you are approved for a new auto, boat or RV loan, you will be eligible for a 60 day deferment before your first payment is due. This offer is only available until June 30, 2020, and is not valid in the state of Pennsylvania.
What if my company isn’t on the list?
If your company is not on the list, please leave a comment with the company name below. We’ll look into it as soon as we can.
You can also download this free template letter. Customize it with your name, date, and the company’s information. The letter asks your company very politely and persuasively for a 90 day deferment. You can modify the request however you like. After all, the worst they can do is say no!