The coronavirus crisis has forced automakers to get crafty with car sales, and incentives like low financing rates and deferred payment options are luring customers into car lots — even if they’re not actually entering the dealership. In fact, many car companies are making it easy for buyers to shop online, make a purchase and receive their new vehicle without ever leaving their homes.
Here’s a look at what every major automaker is doing to tempt new buyers. However, it’s important to note that car shoppers should read the small print. Restrictions often apply, many offers are available only through participating dealers and most deals are only good for well-qualified buyers who get loans through the automaker’s financing arm. But one thing is for sure with all these new offers, the auto industry is changing.
Acura is extending a 90-day payment deferral program for certain new vehicles financed through Acura. For repeat customers, the automaker’s loyalty program gives $500 toward the lease or purchase of a new vehicle. Qualified customers interested in a certified previously owned RDX or TLX can get special annual percentage rates, and Acura is offering $1,000 in incentives to qualified first responders, healthcare workers, and their spouses.
Audi’s coronavirus response includes the Audi at Your Door program, which lets buyers shop at home before a local dealer delivers a car to test drive. You can get a virtual appraisal on your trade-in, purchase a vehicle online and have it delivered to your door. Then, you can have your vehicle picked up for service and dropped off afterward.
BMW’s limited-time offerings include the choice between a low APR or 90 days of deferred payments. The automaker is also extending some warranty and maintenance plans and, like Audi, is expanding its online and virtual offerings to include pickup and dropoff options for both purchase and service.
Buick launched an enhanced cleaning program that includes the sanitization of all vehicles to Centers for Disease Control and Prevention standards before delivery and after service. The company has also beefed up its online ordering capabilities to make remote car buying easier, complete with dealer-to-door delivery. Also, qualified buyers are eligible for 0% financing for 72 months on most 2020 SUVs, and Buick is offering special discounts to healthcare workers.
Cadillac, too, developed a comprehensive cleaning program called Cadillac Clean, which sanitizes vehicles to CDC standards. Many dealers offer Cadillac Certified Service Concierge, which involves pickup and dropoff for vehicle servicing. The company is offering a first responder discount for a limited time and has expanded its virtual offerings to include online shopping, purchasing, and vehicle delivery.
Chevy has a CDC-based cleaning regimen of its own and is offering a COVID-crisis auto loan special in the form of interest-free financing for 72 months for the most qualified buyers. It also has a limited-time discount for first responders and “those committed to helping our communities.” Chevy, too, is offering online purchasing with vehicle delivery.
Chrysler has made it easy for car buyers to go through the entire process from start to finish online at home. Its financing arm, Chrysler Capital, is offering financial relief to many customers on a case-by-case basis, and although the automaker’s Drive Forward initiative has expired, those in the market for a minivan can still take advantage of both special pricing and financing offers on most 2020 Pacifica models.
Dodge is known for its muscle cars, so the automaker has come up with a special incentive program all its own. Its Power Dollars Cash Allowance Program gives back $10 for every horsepower for the purchase of all Charger, Challenger, and Durango models. If you go with the 797-horsepower Dodge Challenger SRT Hellcat Redeye, for example, you’ll walk away with $7,970.
Ford is offering 0% interest for 72 months for qualified buyers on select 2019 and 2020 models as well as clean car and online shopping programs — but Ford also has a unique program created to help reluctant shoppers buy with confidence. If you lease or buy an eligible vehicle through Ford Credit, you can return it within one year — albeit with several restrictions — if you face financial hardship and can’t make your payments.
GMC is offering a range of programs for current owners, but the automaker has reached out to prospective buyers, as well. GMC is offering 0% financing for 72 months for well-qualified buyers on 2020 Sierra 1500 models, and it’s also offering a limited-time discount to healthcare professionals.
Genesis is offering 0% financing for well-qualified buyers on the purchase of a 2019 G70, G80, or G90, and current owners can take advantage of payment relief — that means Genesis making payments for you — for up to six months. The company also instituted concierge and valet services that offer pickup and dropoff for service, test drives, and purchases.
Honda is offering assistance like payment extensions and late-fee waivers for existing customers. New buyers can take advantage of a 90-day deferment offer and, for current Genesis owners looking to upgrade, loyalty purchase assistance. The company also created a no-dealership online purchasing program and is offering $1,000 toward the lease or purchase of a new Honda for first responders and healthcare workers.
Hyundai has extended warranties that are about to expire and is offering 0% financing on select purchases and deferring payments for 90 days upon customer request. Hyundai will also make payments for up to six months for qualified new owners who lose their jobs, and the company has instituted a clean car program and online purchase capabilities.
Infiniti is deferring payments for up to 90 days and offering 0% financing for 72 months for well-qualified purchasers on certain vehicles. Those looking to lease can also take advantage of Infiniti’s offer to defer payments for up to three months. Current owners also have access to financial relief programs depending on their vehicle and their circumstance.
Like many other automakers, Jaguar has implemented car sanitization programs and online shopping and purchasing options, as well as at-home test drives and new car delivery. Lessees have the option of a six-month lease extension and deferred payments, the latter of which also applies to new car buyers.
Jeep’s Employee Pricing for All program offers deals, discounts, and incentives usually reserved for Jeep employees. The program applies to a range of models and vehicle types. It’s also promoting a limited-time offer of 0% financing and deferred payments for 90 days on select 2020 models.
Both existing and future Kia owners can take advantage of the company’s Accelerate the Good program, which includes online shopping and car purchasing with dealer-to-door delivery upon purchase. Some customers who finance through Kia Motors are eligible for 0% APR for 72 months and $1,500 in Trade Assist Cash.
Those who purchase a qualifying 2020 Land Rover model won’t have to make their first payment, provided the buyer qualifies and the vehicle is financed through the Land Rover Financial Group up to $100,000. There’s also a lease-extension program and other incentives for lessees. Land Rover also provides at-home test drives and makes online shopping and virtual buying easy.
Many of Lexus’ financial incentives and offers pertaining to the coronavirus shutdown expired on June 1, including 0% financing for 60 months. You can still shop and order online and some dealers will deliver a vehicle to you, and Lexus is running a range of advertised specials on select vehicles that vary by location.
Lincoln has introduced enhanced cleaning measures and expanded its pickup and delivery services for buyers. You can take a virtual tour of any car online and then receive an email with offers and deals specific to your location. There are special discounts for first responders and medical workers, and Lincoln Automotive Financial Services will make up to three payments for certain buyers who purchase or lease a qualifying new vehicle.
Mazda is offering financial relief to current owners in need and is also offering 0% APR for 60 months and no payments for 90 days to new buyers for most Mazda vehicles. Home delivery is available for virtual buyers, and repeat Mazda owners can take advantage of a $1,500 loyalty reward.
Mercedes-Benz did launch a shutdown-specific series of offers, as well as a spring sale event, but both of those promotions expired at the beginning of June. The automaker is still, however, running vehicle-specific offers for lease or purchase, as well as for the purchase of previously owned vehicles.
Mini launched the “3 Payments on Us” incentive program, which waives payments up to $330 for the first three months on select models. There’s also an offer for $1,500 off select 2020 models, as well as special financing rates for certain leases and purchases.
Nissan is offering new buyers several incentives, including the option of deferred payments for 90 days for well-qualified buyers, provided they choose a qualifying vehicle and finance with a special APR through Nissan. The automaker will also make two payments for those who qualify.
Porsche’s more generous incentives expired on June 1, but the famed German automaker is still offering some deals, though only for the most supremely qualified buyers. That includes a 1.95% APR for 60 months — or $17.51 per month — for every $1,000 borrowed for 60 months on select models for a limited time.
Those in the market for a 2019 Ram vehicle can take advantage of deferred payments for 90 days, plus 0% APR for 72 months on select models. There are also specials for lessees and a program that gives a $500 discount to medical workers and first responders toward the purchase of a new Ram vehicle.
Subaru expanded alternative service programs like a pickup, dropoff, and even mobile service offerings. The automaker has also instituted expanded cleaning and sanitization measures. In terms of financial incentives, qualified buyers can get 0% APR financing for 63 months on select models for a limited time.
Unlike many automakers, Tesla has not announced a low- or no-interest financing deal or offers for deferred payments. It has, however, issued what it’s calling the Best Rate Guarantee. Tesla will match a verified loan rate from a third-party lender that’s lower than the rate offered by Tesla’s financing arm, which is currently 2.99% for a maximum of 72 months.
Qualified buyers who purchase a new or certified pre-owned Toyota can opt to have their first payment deferred by 90 days. It’s also offering 0% APR financing for up to 60 months on select models. All new cars come with ToyotaCare, a free maintenance plan that covers factory-scheduled service for 25,000 miles or two years.
Boasting one of the most generous incentives in the industry, Volkswagen is offering 0% APR for 72 months and deferred payments for a full 120 days with the purchase of a new VW. For certified pre-owned vehicles, the offer is 0% financing for 60 months. There are also financial relief options for current owners.
Volvo now offers home delivery for new purchases and leases and a personal shopping assistant walks online buyers through the shopping and purchasing process. The automaker is also offering 0% financing for up to five years, but only for the most qualified buyers.