Automakers offer deals despite coronavirus

Pandemic hits automakers' bottom line

Get all the latest news on coronavirus and more delivered daily to your inbox.  Sign up here.

Continue Reading Below

Like many industries, automakers have taken a serious hit from the coronavirus pandemic. Many car companies are now offering incentives to draw in buyers.

“We are all one community and we can help during these unprecedented times,” Olivier Francois, chief marketing officer at Fiat Chrysler Automobiles, said in a news release last week. “We want to both offer consumers support and assist them financially while we all work hand in hand toward better days. And we’ll continue to explore additional opportunities as a company to help as we all navigate our way through this difficult time together.”

FCA was offering 0 percent financing for 84 months and no payments for 90 days.

CORONAVIRUS LOSSES DRIVE CAR DEALERS TO ONLINE SALES PUSH

GM’s Chevrolet was offering 0 percent APR for 84 months plus no monthly payments for 120 days.

Ford was also offering three months of deferred payments plus three payments’ “bonus cash” “for peace of mind.”

Hyundai was offering 0 percent financing and deferred payments for four months. The automaker said it would also cover buyers’ payments for up to six months if they lost their job “due to recent world events.”

CORONAVIRUS PUSHES CARMAX TO FURLOUGH 15K WORKERS

Some automakers’ financial services departments were also offering payment extensions or deferrals for existing borrowers impacted by the pandemic.

The pandemic has forced some automakers to furlough employees and shutter dealerships or open them by appointment only. As a result, many of them have been pushing online sales. Chevy said it would deliver vehicles from some dealers.

FCA said it had “enhanced” its online buying experience, allowing customers to buy a vehicle online and get it delivered to their home. They could also conduct a trade-in, apply for credit and take advantage of other dealership services online.

CLICK HERE TO READ MORE ON FOX BUSINESS