Jaguar Land Rover Coronavirus Financial Relief and New Car Incentives

Jeff Youngs | April 8, 2020

History has shown that when a financial crisis rears its ugly head, consumers react in a predictable manner: They stop buying things. Add a global pandemic, such as the current coronavirus, to the mix and you have a recipe for a significant and sustained jolt to the economy. In times like these, one of the first things consumers cut back on is purchases of non-essential or big-ticket items, such as houses, travel and automobiles – especially those of the luxury variety.

Jaguar Land Rover Coronavirus Financial Relief and New Car Incentives

One company facing that challenge is Jaguar Land Rover (JLR), the storied British luxury automaker that sold 125,787 vehicles in the United States in 2019 – an all-time high for the company on the heels of a record 2018. Unfortunately, due to the coronavirus and the associated slowdown in dealer showroom traffic, it looks like there won’t be a three-peat in 2020 in spite of the return of the legendary Defender SUV to the model lineup.

To combat the economic pain the coronavirus pandemic is inflicting, JLR has announced a couple of coronavirus car payment plans and programs to not only help consumers buy or lease a new Jaguar or Land Rover vehicle, but also to provide financial assistance to existing owners who may have been affected by the fallout from COVID-19 and might have trouble meeting their obligations.

Jaguar Land Rover Customer Relief Programs - Find the best deals!

First, to allow existing customers who financed or leased through Jaguar Land Rover Financial Group more time and flexibility, the automaker is offering during April and May a lease extension for up to six months. Customers need not call to request the extension; they will receive a letter or email from the finance company explaining the program and options.

Also, for returning lessees that qualify and who finance through the automaker’s captive lender, JLR is offering a lease payment waiver. The waiver – the first of its kind for a luxury brand – allows eligible returning lessees to waive two payments of up to $750 each. The waiver covers all 2020 Jaguar models and the 2021 F-Type, as well as the following 2020 Land Rover models: Discovery Sport, Discovery, Range Rover Evoque, and Range Rover Velar.

Customers can still lease a vehicle with a payment that exceeds $750 per month, but they’ll be responsible for the additional amount and will need to make payments on or before the existing due date to avoid penalty.

 
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Jaguar Land Rover New Car Incentives - Find the best deals!

Endeavoring to maintain as much sales momentum as possible, JLR has also announced some new-vehicle incentives for both Jaguar and Land Rover luxury cars and SUVs.

First, the automaker is offering zero-percent (APR) financing for up to 72 months on all 2020 Jaguar and Land Rover models, as well as the 2021 Jaguar F-Type. The zero-percent financing incentive runs through June 30, 2020.

In addition, JLR is offering to new lessees that qualify and who finance through Jaguar Land Rover Financial Group, a 90-day first-payment deferral program. Similar to the zero-percent financing offer, the 90-day payment deferral program is available to those who purchase any 2020 Jaguar or Land Rover model, as well as the 2021 Jaguar F-Type. The only stipulation is that the amount financed is capped at $100,000.

In addition to the new programs, JLR retailers are equipped to handle the entire sales process remotely, which should help to ease the fears of some customers and allow for the proper social distancing requirements. Dealers can also deliver new vehicles to customers’ homes.

Jaguar Land Rover Factory Closures - Find the best deals!

Jaguar Land Rover has confirmed that it will temporarily suspend production at its U.K. manufacturing facilities by the first week of April. The company also said it hopes to resume production the week of April 20 but will continue to monitor the situation and make adjustments as necessary.

Jaguar Land Rover previously suspended manufacturing at the company’s plant in Nitra, Slovakia on March 20, as did JLR supplier Magna in Graz, Austria, the latter of which reopened on March 30.

As for its plants in Brazil and India, JLR has opted to keep those open and producing new vehicles. Also, the company’s joint venture plant in China reopened in late February, a welcome sign for the country from which the coronavirus originated.

Jaguar Land Rover Economic Outlook & Sales Forecast - Find the best deals!

Before the emergence of the coronavirus and the ensuing financial chaos, the U.S. auto industry was humming along at a forecasted 16.9-million-unit clip in 2020, according to J.D. Power. Not quite as good as most of the previous decade, when annual sales regularly eclipsed the 17-million plus mark. But still, 2020 was looking to produce a healthy sales rate despite a few warning signs, such as an increasing reliance on incentives to keep the metal moving.

Queue the coronavirus and J.D. Power has revised its 2020 U.S. sales forecast to anywhere from 12.1 million units on the low end to 14.8 million on the high side. Really, it’s anyone’s guess as to where sales – for the industry and for JLR – will end up at the conclusion of the calendar year. It depends on the country’s ability to “flatten the curve,” get people back to work, and get consumers spending their hard-earned dollars on luxury items again.

How does this affect Jaguar Land Rover? While the company has not stated its anticipated sales forecast for the U.S. for this year, if industry volume drops by 20%, JLR would be looking at around 100,000 new units for the year. It would keep their streak of consecutive six-figure sales alive, but would surely fall short of initial expectations.

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