Due to the coronavirus pandemic, people all around the world are losing their jobs and wondering how to pay their bills. The automotive industry is acutely aware of the financial pressures consumers are feeling, and that includes Mitsubishi Motors North America, which is taking steps to reassure and assist its current and potential buyers through its financing arm, Ally Financial.
At the same time, Mitsubishi continues its uphill battle to win consideration with new vehicle buyers, reliant on an aging fleet of small SUVs and even smaller cars. Nevertheless, the automaker is meeting the big players on equal footing with competitive offers.
For owners and shoppers of Mitsubishi vehicles, a summary of available coronavirus car payment plans and the status of operations is as follows.
Mitsubishi is amongst a lengthy list of companies offering coronavirus car payment plans and assistance to present and prospective customers.
Current Mitsubishi owners with financing through Ally Financial who are economically impacted by the coronavirus may reach out to Ally to discuss payment deferral options. During these trying times, proactively handling your account, especially if you are facing challenging financial conditions, is the best course of action. Consumers should contact Ally Financial using the institution’s website or by calling 1-855-298-2559 for individualized attention to discuss your situation.
Many of Mitsubishi’s independently owned and operated dealer showrooms are open for sales transactions, some by appointment only and some offering new vehicle home delivery. Most service and repair operations are still available, with Mitsubishi carefully following CDC recommendations for all of its workers and locations.
Qualified shoppers looking for a new Mitsubishi may be eligible for a 90-day deferred payment plan the brand is offering through Ally Financial. Based on individual credit ratings, your local dealer can further discuss eligibility and terms.
Otherwise, Mitsubishi is offering 0% APR interest financing for up to 72 months, plus up to $1,000 in bonus cash. Skip the financing deal, and you can get up to a $3,750 rebate on remaining 2019 Eclipse Cross, Outlander, and Outlander Sport SUV models. Lease deals are also available. The offers are valid through June 1, 2020.
Service and repair centers are still operating but call first to confirm any appointments. Reach out to Mitsubishi’s customer relations team at 1-888-648-7820 or your local dealer regarding store hours and available services.
Mitsubishi has a variety of partnerships around the world, including a stake in the Renault-Nissan-Mitsubishi alliance and a partnership with Guangzhou Automotive Group in China’s Hunan province, where the virus originated. As a result, its production facilities are diverse and factories are in different stages of responding to the COVID-19 pandemic.
As of 2016, when it closed its Normal, Illinois factory, Mitsubishi no longer produces vehicles in North America. On April 2, Mitsubishi Motors Corporation announced a temporary short-term suspension of production for its plants in Japan. The Guangzhou plant is back up and running.
Inventory at individual dealers may vary as a result of the production stoppage, so check with your local showroom for product availability.
Mitsubishi reported March sales of just 9,394 units, a 52% decline from March 2019. For the quarter, the brand was down 15.5% after a strong showing in January and February. In spite of this first quarter drop, sales of the refreshed Mitsubishi Outlander Sport SUV were still up, and the Outlander was only off 7% year-over-year.
Offering a national perspective, Tyson Jominy, JD Power’s vice president of data and analytics, anticipates new vehicle sales will be affected by the coronavirus with a significant impact on overall 2020 forecasts. JD Power recently revised its annual sales estimate from a pre-virus number of 16.9 million units down to 12.6 to 14.5 million units for 2020.
The information in this article is from Mitsubishi and was accurate as of May 14, 2020. Plans and programs may have changed since that date. Be sure to confirm with your Mitsubishi dealer that offers discussed in this article remain valid.
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