Mazda Coronavirus Financial Re...

Rebecca Lindland | April 10, 2020

Like many brands, Mazda was enjoying a strong start to 2020, with the all-new CX-30 SUV experiencing a warm reception by consumers. Then, with the onset of the coronavirus pandemic, the U.S. economy came to a sudden stop in the middle of March 2020.

Mazda Coronavirus Financial Relief and New Car Incentives

When Mazda reported this year’s March sales, volume was down 41.8% from the March prior, a clear sign the COVID-19 situation and ensuing restrictions on both businesses and consumers had devastated showroom traffic. Sales for the quarter were down 4.5%, a small drop compared to some competitors, a figure further demonstrating how good the year began for Mazda.

In response to COVID-19, Mazda is focused on providing financial support to current owners and offering attractive incentives for new customers to buy or lease a vehicle. Mazda also recently announced a new financing arm and other assistance programs outlined below.

Mazda Customer Relief Programs - Find the best deals!

As a result of the COVID-19 epidemic and the subsequent widespread job losses, consumers are concerned about making loan payments. Manufacturers including Mazda North American Operations (MNAO) are responding by offering customers a wide range of coronavirus car payment plans to ease financial burdens during this time.

In a significant development, on April 1, 2020, Mazda launched its new Mazda Financial Services (MFS) arm, which is provided by Toyota Motor Credit Corporation (TMCC). In addition to a range of automotive financing and leasing programs, MFS offers insurance protection products and services.

“The past few weeks have been unprecedented and disruptive. For many, Mazda vehicles play critical roles in the well-being and safety of their loved ones,” said Jeff Guyton, president of MNAO, in a statement. “We’re pleased to announce the launch of MFS today and the new range of products MFS will provide to meet the immediate needs of our customers today and in the future.”

Prior to April 1, customers may have arranged financing or leasing through Mazda Capital Services (MCS). If the financial situation of a current MCS customer changes due to COVID-19, Mazda is offering payment extensions of up to 90 days. For lessees nearing the end of their contract, a six-month lease extension is available. This is an excellent way to postpone making a change to your vehicle.

If payment deferral is the best recourse for you and you leased or financed through Mazda Capital Services/Chase Bank, reach out to discuss options. For loan customers, call 1-866-984-7718 and for lessees call 1-866-984-7716. You may also email on Chase’s secure website.

For military service members, Mazda is offering additional benefits. Please call the military services hotline at 1-877-469-0110.

 
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Mazda New Car Incentives - Find the best deals!

If you’re in the market for a new vehicle, terrific offers are available on new and certified pre-owned (CPO) Mazdas through the end of April.

Mazda Financial Services (MFS) is offering a payment deferral program for up to 90 days on new and CPO vehicles financed by April 30. This offer applies to new purchase contracts funded through MFS for up to 72 months and is available in most states. Additionally, 2020 Mazda vehicles and most 2019 models are eligible for 0.9% financing plus the 90-day deferral.

Existing Mazda customers can take advantage of a $1,500 loyalty reward program on a new 2018, 2019, or 2020 vehicle. There are special programs for military veterans, too, including a $500 cash bonus on the purchase or lease of a Mazda. Also, handicapped and disabled drivers are eligible for a $1,000 reimbursement towards adaptive driving aids or mobility assistance equipment on a new, unused 2018, 2019, or 2020 Mazda.

Your local dealer has full details on all of these incentives. Local showrooms may be closed to walk-ins, but most service facilities continue to operate. Be sure to check with your dealer for hours and availability.

Mazda Factory Closures - Find the best deals!

Mazda products come from a variety of sources around the world, with all but the Mazda3 produced at two vehicle production plants in Japan. As a result of the coronavirus pandemic, Mazda suspended or adjusted its manufacturing schedule from March 28 to April 30 at its Hiroshima and Hofu plants.

Outside of Japan, Mazda halted production at its Mexico plant on March 25 for “approximately ten days,” according to the company. The factory makes the Mazda3 for North America. There is no word yet on when production resumes at that location.

Mazda Economic Outlook & Sales Forecast - Find the best deals!

The effects of the pandemic decimated Mazda’s March sales with dozens of dealerships closed to showroom traffic and many states implementing stay-at-home restrictions. Combined with market uncertainties and an economy brought to a standstill, the seasonally adjusted annual sales rate down tumbled to 11.2 million units, a far cry from the usual range of about 17 million units.

Before the onset of this pandemic, J.D. Power's sales forecast for 2020 was 16.9 million vehicles. The April sales decline could be even worse than March as quarantine restrictions continue. Mazda has not updated its sales outlook for the remainder of the year and has no comment on the overall outlook for 2020 calendar-year sales.

J.D. Power's most recent 2020 outlook for total vehicle sales is 12.1 to 14.8 million units. Vehicle production, ongoing uncertainties, and a continuing curtailment of business activities are all playing a role in suppressing the forecast.

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