Hyundai Auto Loan Payment and Debt Relief: What Auto Lenders Are Doing to Help
Lenders and Auto Loan Relief Programs
As the effects of the COVID-19 pandemic continue to spread, some auto lenders are taking steps to help drivers manage the financial impact. Whether your finances have been impacted by unexpected medical bills, a shelter-in-place order, a layoff, or other factors, making your regular car payment at this time can be a real challenge. If you financed your vehicle through Hyundai Motor Finance, you might qualify for one of the most significant financial relief programs currently offered by auto lenders.
What is Hyundai Finance Doing to Help?
Hyundai Motor Finance has created a Global Health Crisis Relief program to assist customers who have been hard hit by this pandemic. You may qualify for a payment deferral for up to three months if you have lost your job or if you are dealing with medical-related financial hardship. This offer is specifically available to those who are impacted by the pandemic on or before April 30, 2020. Also, Hyundai Motor Finance may pay for up to six months of loan or lease payments if you lose your job this year and if you finance or lease your new Hyundai between March 14 and April 30, 2020.
End of Lease Options
If the lease term on your Hyundai is coming to an end soon, you have a few options. You can surrender your Hyundai without the hassle by calling your dealership to make arrangements today. If you want to stay in your Hyundai and are not ready to purchase it outright, you may be able to extend your lease on a short-term or month-to-month basis.
Loan Deferment FAQs
What is a Hyundai Loan Deferment?
Your request for a loan deferment through Hyundai Motor Finance must be approved before you can take advantage of its benefits. If your application is approved, you may be able to skip the next three auto loan payments. You will need to make up these payments at the end of your lease term. Therefore, your lease term will be extended by three months. Your loan may accrue additional interest during these months.
Will a Hyundai Loan Deferment Damage My Credit?
Skipping monthly payments to Hyundai Motor Finance without being approved for a deferment plan will be reflected in your credit report as an adverse event. However, if Hyundai Motor Finance approves your deferment request before you skip payments, your credit rating will not be impacted by the deferred payments.
How Do I Request a Hyundai Loan Deferment?
To qualify for a loan deferment through Hyundai Motor Finance, you will need to document your unemployment status by providing paperwork for your unemployment insurance claim. Also, you cannot be more than three months behind on your auto loan payments at the time you request the deferral.