Chevrolet Car Payment Relief in Lyons, IL
Lenders and Auto Loan Relief Programs
The COVID-19 pandemic has a broad reach, and it has impacted the lives of Chevrolet drivers physically and financially. In addition to the significant toll that COVID-19 can take on your health, it has resulted in mass layoffs, business closures, substantial medical expenses, and other factors. As a result of the pandemic, you may be one of many Chevrolet customers who are unable to make your auto loan or lease payment. GM Financial holds many of the loans and leases on Chevy vehicles, and the lender is offering several types of relief for its customers.
If you purchased your Chevrolet vehicle with a loan from GM Financial, you might appreciate the fact that the lender has waived all late payments for March and April this year. This covers all loan and lease accounts, so there is no need to request the late fee waiver directly. Instead, you should see this reflected on your next bill. GM Financial may offer other forms of loan relief on a case-by-case basis. You can reach out to GM Financial directly to explore possibilities that may be available to you at this time.
End of Lease Options
GM Financial is offering a lease extension on all leases for up to one month, provided the lease term’s end date is approaching. There are no requirements to qualify for the lease extension. You must contact GM Financial to make the request. You can request other end-of-lease options as needed by contacting GM Financial directly. All applications will be reviewed and considered individually.
Loan Deferment FAQs
What is a Chevrolet Loan Deferment?
While some auto lenders have announced an available loan or lease deferment for a specific period to their customers, GM Financial has not. However, it may consider a deferment request on a case-by-case basis. With a deferment, GM Financial would agree to allow you to skip payments for a defined period without penalty. Interest would still accumulate. The length of your deferment period will then extend your loan or lease term, and the skipped payments must be made at that time.
How Will a Chevrolet Loan Deferment Impact My Credit Score?
If GM Financial agrees to a deferment, the missed payments during the approved deferment period will not be reported to the credit bureaus as adverse events. However, late payments that are made outside of a deferment plan may be reported to the bureaus, and this may be reflected as a derogatory event.
How Do I Request a Chevrolet Loan Deferment?
GM Financial applies the late payment fee waiver directly to all accounts for March and April without the need to make a formal request. All other relief options must be requested, and these requests will be reviewed and granted by GM Financial on a case-by-case basis.