Subaru Coronavirus Financial R...

Jack R. Nerad | April 7, 2020

On January 3 of this year, Subaru announced its 11th consecutive year of sales growth in the United States, and the way 2020 started the likelihood was strong that it would represent its 12th winning year in a row. But then came the coronavirus pandemic.

Subaru Coronavirus Financial Relief and New Car Incentives

All the issues surrounding the global pandemic sent sales tumbling in mid-March, and Subaru's sales tumbled with them. With its March sales off 47 percent versus those in March 2019, Subaru sales are now down 16.7% year-to-date. But the brand, which has become one of America's most beloved, is taking aggressive steps to regain its sales momentum while at the same time supporting recent customers who might suddenly have difficulty making their payments.

"Subaru of America is proud of how our retailers across the country are stepping up during this time of great need," Thomas J. Doll, president and CEO, Subaru of America said a statement. "Subaru retailers are assisting their local communities by volunteering to shop for seniors and those at risk, supporting blood drives, as well as donating to local food banks and animal shelters."

Subaru Customer Relief Programs - Find the best deals!

With many Americans' jobs and income threatened by the coronavirus outbreak, Subaru is offering financial relief to its recent customers by providing coronavirus car payment plans. If you are a current Subaru owner or lessee and you need help with your vehicle loan or lease payment, Subaru Motors Finance is providing payment extensions of up to 90 days.

Subaru owners needing assistance should make certain their contact information is updated on their Chase Mobile app or on Chase.com. Car loan customers should then contact Subaru Motors Finance representatives at 1-800-662-3325, and lease customers should call 1-800-644-1941. If you are a Subaru customer in the military and have been activated to respond to a disaster, you may be eligible for additional benefits. More information is available at Subaru's military services hotline 1-877-469-0110.

Those who have a lease funded by Subaru Motors Finance that is scheduled to end soon will find it automatically extended. By continuing to make the monthly payments, the lease term can be continued for up to six months. No phone call is needed to confirm the extension, and those taking advantage of this offer will receive a letter or email from Chase with more information. Those who don't want to take advantage of the lease-end extension should contact Subaru Motors Finance to arrange the lease vehicle turn-in process.

Subaru customers who need financial support and didn't lease or finance their vehicle through Subaru Motors Finance are advised to make direct contact with their lender or leasing company. Many lenders are now willing to assist with various payment options including the deferral some payments, depending upon circumstances.

 
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Subaru New Car Incentives - Find the best deals!

For those of you considering the purchase of a new Subaru vehicle, the brand is offering some compelling incentives to persuade you that now is the right time. To aid those who are concerned about their immediate income, Subaru has introduced the Subaru Payment Deferment Program. With this program, qualified buyers are eligible to defer their payments for up to 90 days when they purchase selected vehicles and finance the purchase through Subaru Motors Finance.

In addition, Subaru is also offering long-term zero-interest financing on some of its most popular models. The 2020 Ascent, Forester, Outback, Legacy, and Impreza models are all eligible for zero-percent financing for 63 months. The special financing rate is for vehicles purchased by April 30, 2020.

Subaru is also offering a wide variety of special incentives and lease deals on a regional and local basis. To find those applicable in your area visit subaru.com.

Subaru Factory Closures - Find the best deals!

Subaru of Indiana Automotive (SIA), a subsidiary of Subaru Corp. and the home of North American Subaru production, has suspended its operations through Friday, April 17. Workers at the Lafayette, Indiana, plant assemble the Ascent, Impreza, Legacy, and Outback. Some 5,700 Subaru employees are affected by the production suspension. Only limited personnel will be working on-site until full production resumes.

Though manufacturing operations are on a hiatus, many Subaru dealers are open for sales, service, and parts. In many areas of the country, auto service is regarded as essential and allowed to remain open. Further, despite heavy restriction in some locales, Subaru dealers are still selling new and used vehicles, some offering delivery to buyers' homes.

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

Subaru is seeing its consecutive years of sales growth records heavily threatened by the COVID-19 pandemic.

Beginning in mid-March, self-quarantine and stay-at-home restrictions sent the seasonally adjusted annual sales rate down to a heartbreaking 11.2 million. That's in stark contrast to J.D. Power's pre-virus sales forecast for 2020 of 16.9 million sales. And though there are some very early signs that the spread of the virus might be moderating, the industry sales decline in April could be even worse than the March figures. Executives from Subaru have offered no guidance on the brand's sales outlook for the remainder of the year or on the overall outlook for 2020 calendar-year sales.

Auto sales results going forward will be affected by fear of the disease itself and the overall economic hardship caused by the closings of whole sectors of business like airlines, hotels, and restaurants. As the country emerges from the epidemic, vehicle production lost to plant closures could also negatively affect sales. As this is written J.D. Power's most recent 2020 outlook for total vehicle sales is 12.1 to 14.8 million units.

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