22 lenders that may help you with auto loan and lease payments in response to COVID-19

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22 lenders that may help you with auto loan and lease payments in response to COVID-19

banks that help with auto payments

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  • If you've been financially impacted by COVID-19, your lender may offer auto payment assistance by deferring payments, waiving late fees, extending lease agreements, or suspending vehicle repossessions.
  • We've listed 22 lenders that are helping customers with auto loans and leases, including Chase, Wells Fargo, GM Financial, and Hyundai Motor Finance.
  • If your lender isn't on the list, visit its website or call directly - your institution may be willing to help.
  • Read more personal finance coverage »

A few weeks ago, you may have viewed your car payment as just a regular part of your monthly budget. But if you've lost your job due to the coronavirus, that monthly payment may have suddenly turned into a huge burden.

You don't want to skip a car payment only to pay more in late fees. You also don't want your car to be repossessed after you've worked hard to make payments up to this point. You know that making payments on time will put you in a financial bind, though.

Thankfully, many lenders understand that customers are experiencing job losses, so they're offering payment assistance for auto loans and leases.

Learn about how your lender is willing to help. If your lender isn't on this list, search online or call a customer service agent to discuss your options.

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22 lenders that will help you with auto loan and lease payments in response to COVID-19

Ally Bank

Ally is allowing customers to defer auto loan payments for up to 120 days. You won't pay late fees, but finance charges will continue to accrue.

If you choose to defer, remember to cancel auto-pay through Ally.

Learn more about Ally's response to COVID-19 here.

Bank of America

Bank of America is offering assistance with auto loans on a case-by-case basis. If you have a Bank of America account, you can apply for deferral online.

Learn more about Bank of America's response to COVID-19 here.

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BMW Financial Services

BMW hasn't provided details about how it will help customers who have been affected by the coronavirus, but you can contact customer service to ask about payment assistance.

Learn more about BMW's response to COVID-19 here.

Capital One

Capital One encourages customers who are facing financial hardship due to call 1 (800) 946-0332 to discuss payment options.

Learn more about Capital One's response to COVID-19 here.

CarMax

If you've been financially impacted by the coronavirus, you can call CarMax at 1 (800) 925-3612.

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Learn more about CarMax's response to COVID-19 here.

Chase

If you've leased a car through Chase and your term is coming to an end, Chase will automatically extend your lease for up to six months, so you don't need to call to confirm your extension.

The company is offering a variety of payment assistance programs for car owners and lessees. If you have a Chase auto loan, you can call 1 (800)336-6675. If you have a lease, call 1 (800) 227-5151.

Learn more about Chase's response to COVID-19 here.

Chrysler Capital

Chrysler Capital has programs to help customers affected by the coronavirus, but it doesn't provide details on its website. The company encourages people to call 1 (855) 563-5635 to discuss payment assistance.

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Learn more about Chrysler Capital's response to COVID-19 here.

Fifth Third Bank

Fifth Third Bank is offering auto loan payment deferral for up to 90 days, and you will not have to pay late fees. The bank is also pausing auto repossessions for 60 days.

Learn more about Fifth Third Bank's response to COVID-19 here.

Ford Motor Credit

You may be able to defer or alter payments on the vehicle you own or lease. Call Ford at 1 (800) 723-4016 to talk about your payment schedule.

Learn more about Ford's response to COVID-19 here.

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GM Financial

GM is waiving fees for late payments occurring between March 1 and April 30. The company is waiving fees for everyone automatically, so you don't need to contact customer service about a late payment.

If your payment is more than 30 days late between March 1 and April 30, GM will report "Special Comment Code AW - Affected by Natural or Declared Disaster" to credit bureau agencies to minimize the effect on your credit score.

If you're leasing a vehicle, you can extend your lease for up to one month. GM will automatically extend your lease during this time.

Learn more about GM's response to COVID-19 here.

Honda Financial Services

Honda is offering payment deferrals and extensions to current customers. You will not have to pay late fees during this time.

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Learn more about Honda's response to COVID-19 here.

Hyundai Motor Finance

Hyundai will allow you to defer payments for up to three months if you're a current customer who loses your job due to the coronavirus or is affected medically before April 30.

Did you buy or lease a Hyundai vehicle between March 14 and April 30? If you lose your job this year, Hyundai will offer you up to six months of payment relief.

Learn more about Hyundai's response to COVID-19 here.

Kia Motor Finance

You can defer auto payments for up to 90 days through Kia. Speak with a customer service agent at 1 (866) 331-5632.

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Learn more about Kia's response to COVID-19 here.

Lexus Financial Services

Lexus is offering payment relief for current customers and lease-end support for people near the end of their lease agreement. Call 1 (800) 874-7050 to explain your situation to a Lexus representative.

Learn more about Lexus' response to COVID-19 here.

Lightstream of Truist Bank

You can defer auto payments for up to 90 days through Lightstream, the lending company under Truist Bank.

Learn more about Truist's response to COVID-19 here.

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Mercedes-Benz Financial Services

Mercedes-Benz is offering assistance to customers who have been financially impacted by the coronavirus, but the company hasn't published details. You can call 1 (800) 654-6222 to explain your situation to a customer care agent.

Learn more about Mercedes-Benz's response to COVID-19 here.

Nissan Motor Acceptance

Nissan is allowing payment extensions for both car owners and lessees who have been affected by the coronavirus. Call 1 (800) 456-6622 to speak with a Nissan representative.

Learn more about Nissan's response to COVID-19 here.

Old Point National Bank

Old Point National Bank is offering deferrals for auto loan payments. You can call 1 (757) 728-1290 to speak with a customer representative.

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Learn more about Old Point's response to COVID-19 here.

Santander Bank

You can apply for a payment deferral through Santander without facing a late fee. The bank is also offering lease extensions for people who can't return their car during this time.

Learn more about Santander's response to COVID-19 here.

Toyota Financial Services

You may apply for deferral or extension if you've been impacted by COVID-19. Toyota is offering assistance with both auto loans and leases.

Learn more about Toyota's response to COVID-19 here.

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USAA Bank

USAA Bank mentions on its website that it's providing assistance with consumer loans, but it doesn't go into detail. You can call 1 (855) 764-4617 to speak with a representative about your situation.

Learn more about USAA's response to COVID-19 here.

Wells Fargo

Wells Fargo is providing payment deferrals, fee waivers, and other assistance for auto loans on a case-by-case basis. The bank has paused automobile repossessions until further notice.

Learn more about Wells Fargo's response to COVID-19 here.

Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email covidtips@businessinsider.com and tell us your story.

And get the latest coronavirus analysis and research from Business Insider Intelligence on how COVID-19 is impacting businesses.

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