General Motors Coronavirus Financial Relief and New Car Incentives

Jack R. Nerad | May 11, 2020

In the wake of the economic upheaval accompanying the coronavirus pandemic, General Motors is taking a multi-pronged approach to help its customers buy vehicles, while at the same time trying to give comfort to those who just purchased one.

GM Coronavirus Financial Relief and New Car Incentives

Earlier this year, the auto industry enjoyed one of its best Februarys in recent history. Now, travel and business restrictions, assembly plant closures, health-related lockdowns, and a struggling stock market have thrown automakers into an unexpectedly difficult situation.

With both factories and some dealerships closed for months, it will be hard for car companies to regain the momentum built during the past several years. But General Motors has assembled a variety of coronavirus car payment plans and initiatives in a bid do just that.

General Motors Customer Relief Programs - Find the best deals!

Sudden business closures have meant sudden layoffs of millions of American workers. Those lost paychecks might make it difficult for recent car buyers to make their monthly payments on time, so General Motors has instituted a program that offers delayed payment options to customers in the U.S. who are impacted by COVID-19. 

Buick, Cadillac, Chevrolet, and GMC customers who financed an auto loan or secured a lease through GM Financial are encouraged to reach out to the company to discuss their options. For qualified customers, GM is offering flexible payment arrangements or payment extensions. GM Financial can be reached through the websites of the individual GM brands: 

Buick: buick.com/here-to-help

Cadillac: cadillac.com/we-have-your-back

Chevrolet: chevrolet.com/chevy-cares-were-open

GMC: gmc.com/here-to-help

General Motors customers who financed or leased their vehicles with a lender other than GM Financial are urged to contact that institution directly should they need payment relief.

GM is also making OnStar Crisis Assist services available for all its connected vehicle owners. The services include the availability of OnStar Advisors and complimentary in-vehicle data for all of Wi-Fi-equipped vehicles.

 
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General Motors New Car Incentives - Find the best deals!

General Motors is offering generous incentives on a number of models from its Buick, Cadillac, Chevrolet, and GMC brands that are reminiscent of those available during the Great Recession of 2008-2009. 

Interest-free financing is available for a variety of models for 84 months, one of the longest 0% APR financing offers on record from a major carmaker. Beyond that, well-qualified buyers are able to defer the first payment for up to 120 days on most 2019 models still in stock and on many popular 2020 models. The offers expire on June 1, 2020.

To obtain these benefits the vehicle must be financed through GM Financial. Among the 2020 models qualifying for the 120-day payment deferral are the Buick Enclave, Buick Encore, Buick Envision, Chevrolet Silverado, Chevrolet Equinox, Chevrolet Trax, and GMC Sierra. Additional vehicles that offer the 120-day payment deferral and more incentives are available regionally. Check the brands' websites to see what is available in your ZIP code.

GM has also extended its first responder discount to include healthcare professionals. If you qualify, you can take advantage of this offer until June 30.

If you are unable to visit a dealer in person, GM's "Shop. Click. Drive." program enables customers to browse a dealership's inventory on desktop or mobile devices, choose a vehicle, determine trade-in value, and set up the complete purchase all without ever entering a showroom.

General Motors Factory Closures - Find the best deals!

General Motors suspended manufacturing operations in North America in March, expecting the closures to last at least through the month. Instead, the factories remained closed through April, with production slated to resume May 18. Additionally, GM suspended production at facilities outside of North America, but during different periods of time.

A GM spokesperson told us the company's parts distribution operations are continuing to function. That means GM is delivering service and repair parts to its dealers and customers, and service operations remain open for business at most GM brand dealerships nationwide. Increasingly, dealer showrooms are re-opening, too.

General Motors Economic Outlook & Sales Forecast - Find the best deals!

The auto industry's sales results have suffered from the rapid onset of the coronavirus crisis. It dented first-quarter results across the board, and for companies reporting monthly sales figures, April was a disaster. However, as consumers got used to a “new normal,” sales did start to pick up toward the end of April.

In the face of such an uncertain future, GM spokespeople decline to comment on the effects the crisis will have on U.S. vehicle sales and on GM's sales for 2020. "This is a very fluid situation," a GM spokesperson told J.D. Power. "We don't have any estimates or forecasts to provide right now."

Other pundits are less reticent to offer their predictions for the future. The most recent sales predictions for 2020 are often accompanied by stipulations regarding the length and depth of the health and economic crisis. Some experts say the most likely outcome is a sales year of somewhere between 12.6 and 14.5 million units.

The information in this article is from General Motors and was accurate as of May 8, 2020. Plans and programs may have changed since that date. Be sure to confirm with your GM dealer that offers discussed in this article remain valid.

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