Potentially devastating from both a health and a wealth standpoint, the COVID-19 pandemic is affecting everyone. Despite significant efforts to minimize the financial impact of the coronavirus, it continues to spread across the nation, causing disruption to every industry and every household.
Genesis, the luxury brand from Hyundai, is particularly susceptible to the effects of the coronavirus. About to launch its brand new 2021 GV80 SUV, and in the middle of a design change intended to make its vehicles more upscale and distinctive, Genesis cannot afford to lose momentum to the highly contagious virus. As such, it has gone all-out in an attempt to serve its existing customers and attract new ones.
In fact, Genesis was one of the first brands to offer financial support to its owners, launching the Genesis Cares Job Loss Protection program on March 13, 2020. It has since updated and broadened the program to include medical impacts upon owners and new customers, has expanded new vehicle purchase incentives to its entire lineup, and has rolled out a Genesis Concierge home shopping program.
A summary of available Genesis coronavirus car payment plans and programs and the status of the company’s operations follows.
There’s a long list of brands providing coronavirus car payment plans and other assistance to current and prospective customers. Genesis and its parent company, Hyundai, were early responders to the pandemic, launching programs to protect owners and encourage sales, and then further broadening the program to include medical impacts of COVID-19.
“We greatly value our Genesis customers, and Genesis Cares Job Loss Protection constantly strives to look inward at our business through their eyes to ensure that we’re a brand they can be proud to be affiliated with,” said Mark Del Rosso, President and CEO, Genesis Motor North America, in a statement.
If you bought or leased a Genesis between March 14 and May 17, and then suffer a job loss due to COVID-19 during the course of the year, Genesis will make six months of payments for you with a $600 monthly cap on the amount.
Any Genesis owner suffering a job loss or a medically-related hardship can also defer payments, if necessary. If you leased a vehicle through Genesis Finance, and the maturity date falls before the end of May, you can extend your lease for up to six months. Genesis Finance can be reached at 1-844-363-7477 or on its website, and you can discuss the various options available to you.
Genesis retailers remain open to service vehicles, but always check with your dealership about hours and availability. While other car companies are just discovering valet services, Genesis has offered it all along. Free pick-up and delivery, plus a loaner vehicle during servicing, is complimentary for the first three years or 36 months of ownership whether or not a global pandemic strikes.
Genesis is offering great deals on remaining stocks of the 2019 model year vehicles, which include the compact G70 sedan, the midsize G80 sedan and the large G90 sedan. The automaker needs to clear inventory in advance of the arrival of the redesigned 2021 Genesis G80 and the all-new 2021 Genesis GV80.
Customers who purchase a 2019 G70 can finance it at 0% APR through Genesis Finance for 84 months and defer payments for 90 days. The payment deferral is also good for the G80 and G90, each of which can be financed at 0% APR for 72 months. These offers are valid until June 1, but Genesis could extend them.
Additionally, the automaker has rolled out Genesis Concierge, a new at-home buying program. Genesis assigns a personal concierge to you, and that person can arrange an at-home test drive, help you negotiate the dealership sales process, and more.
Genesis vehicles are produced in Ulsan, South Korea. With five separate car factories, Ulsan is the largest automotive assembly region in the world, with an annual build capacity of 1.5 million vehicles for both Genesis and its parent brand Hyundai.
Production at the assembly plant where the all-new and much-anticipated 2021 Genesis GV80 SUV is made halted on February 27 when a worker tested positive for the coronavirus. The facilities were heavily sanitized, and workers were quarantined as a safety measure until the plant resumed production a few days later, according to Genesis.
There’s no indication if the temporary closing of this plant impacted the upcoming scheduled debuts of the new GV80 SUV or the new G80 sedan. Each are planned for a summer 2020 on-sale date in the U.S.
Genesis reported March sales of just 969 units, down 33% from last March. But after a stellar January and February, sales were only down 5.9% for the first quarter. Thanks to a substantial restyle and update, G90 sales were actually up in March and are up nearly 40% year to date.
Tyson Jominy, JD Power’s vice president of data and analytics, offers a national perspective, anticipating new vehicle sales will be affected by the coronavirus at least through April and likely beyond. JD Power has revised its 2020 sales forecast from a pre-virus estimate of 16.9 million units for the industry to 12.6 to 14.5 million units.
The information in this article is from Genesis and was accurate as of May 13, 2020. Plans and programs may have changed since that date. Be sure to confirm with your Genesis dealer that offers discussed in this article remain valid.
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