Nissan Coronavirus Financial Relief and New Car Incentives

Jack R. Nerad | March 31, 2020

A year that started as promising for the American automobile industry, including for Nissan North America, suddenly turned upside-down in mid-March as the coronavirus began to rear its ugly head across the country.

Nissan Coronavirus Financial Relief and New Car Incentives

With special restrictions on business activity throwing millions of Americans out of work, car manufacturers have changed their ongoing efforts by altering their vehicle production schedules, offering coronavirus car payment plans to current customers, and instituting more incentives to buy.

In response to the pandemic and the economic disruptions that followed directly in its wake, Nissan has announced support for current customers and special incentives for new customers. Here is a recap of the coronavirus financial relief and new car incentives Nissan has assembled to deal with the crisis.

Nissan Customer Relief Programs - Find the best deals!

Nissan and its financial services arm, Nissan Motor Acceptance Corporation (NMAC), is offering individual assistance to customers who believe they might have difficulty in making their monthly payments as the result of the coronavirus or a related job loss.

Existing customers who purchased or leased a new Nissan could be eligible for payment extensions and deferrals based on their current situation. Retail buyers and lessees who are affected by the coronavirus and need to discuss payment arrangements or require assistance regarding their NMAC accounts are advised to call 1-800-456-6622 Monday-Friday 7 am-7 pm Central Daylight Time (CDT) and Saturday 9 am-2 pm CDT.

Nissan owners and lessees who did not finance their vehicle or obtain their lease through NMAC are suggested to make direct contact with their lender or leasing company. Many can assist with various forms of payment relief. Discussing the situation with them is a good first step toward understanding the options available.

Nissan New Car Incentives - Find the best deals!

Since many businesses have been shuttered in an effort to limit the spread of the virus, thousands of consumers who would otherwise be in the market for a new vehicle have pushed the pause button on that effort fearing their job might be the next to go. To give prospective buyers peace of mind, Nissan is offering lengthy payment deferrals to those who purchase their vehicles soon.

For those who plan to finance their new Nissan with NMAC, it is offering a "Special 90-Day Delayed Payment Option" to well-qualified customers who purchase a vehicle financed with a special loan rate (APR.) In addition, Nissan is offering special financing and lease rates on a local or regional basis. For example, in some parts of the country, Nissan is featuring zero-down/zero-percent financing on the 2019 Rogue Sport SUV and the 2020 Nissan Altima midsize sedan. Check with Nissanusa.com or your local dealer to see the offers available in your area.

Nissan notes that in many areas of the United States its dealer sales and service operations are still open for business. Hours of operation may be modified as local and state restrictions change, so you're encouraged to book your appointment online or call your dealer to confirm service availability.

 
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Nissan Factory Closures - Find the best deals!

Nissan North America has temporarily suspended production at its manufacturing facilities in the U.S. The suspension began March 20 and is currently scheduled to last through April 6. The company said it took the action "to boost containment efforts where possible around the COVID-19 coronavirus." Areas deemed business-essential will operate with enhanced safety measures.

Nissan operates vehicle assembly plants in Smyrna, Tenn., and Canton, Miss. Approximately 7,250 workers are affected by the Smyrna closure and another 5,200 by the closure in Canton. In addition, Nissan has suspended operations at its Decherd, Tenn., powertrain assembly plant, idling about 1,700 workers.

Nissan North America will continue to evaluate health and business conditions and order additional production suspensions as it deems necessary.

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

Weaker economic activity, limited consumer movement, and lower vehicle production will affect all carmakers in the U.S. market, including Nissan. It is too early to tell how long the sudden downturn in vehicle sales will continue, but it is certain it will have negative effects. Nissan spokespeople provided no guidance on how they expect it will affect their company's results for 2020.

As this is being written, neither health risks nor business effects of the coronavirus pandemic have reached their peak in the United States. The expectation is they will roll across the country through the next few weeks, impacting some areas harder than others. J.D. Power believes auto sales results going forward will be affected by the course of the pandemic itself and by the legal restrictions on consumer and business activity designed to fight the disease.

After considering several scenarios, the J.D. Power forecast of March retail sales is for a decline of 16% to 41% from the sales results in March 2019. The outlook for the entire year is brighter, though J.D. Power warns the situation contains a great deal of uncertainty. While its pre-virus 2020 outlook of 16.8 million light-vehicle sales in the U.S. is no longer attainable, J.D. Power forecasts sales will likely fall in the range of 14 to 16 million units for the calendar year.

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