In order to slow the spread of Covid-19, many cities in the United States have issued stay-at-home orders and non-essential businesses have had to temporarily close. This situation has raised questions such as what to do if you lost your job and can't pay your monthly car lease payments, as disclosed univision
By Miami Diario Newsroom
These are the possible answers to these and other questions related to leasing your car during the coronavirus crisis.
What option do I have if I cannot pay the monthly installments? If you lost your job involuntarily or your working hours were reduced due to the coronavirus, you can benefit from the financial assistance programs that the different car brands have made available to their customers, both for owners and renters.
One of the options you have is to defer the payments of the installments for several months. But it is important that you contact the company as soon as possible. This way, you not only protect your credit, but also avoid additional late fees.
Financial assistance programs vary by brand. You can find the details of each program in the following link:
What options do I have if my lease is about to expire? Some cities have issued stay-at-home orders, which can make it difficult to return the vehicle at the end of the lease. However, car brands have also implemented certain alternatives to facilitate this process.
Some dealers are accepting deliveries of cars through their service department, which have been classified by the authorities as essential and can remain open for their customers. Another option is to request that the delivery be carried out at your home. And finally, you can ask for an extension of the contract.
What should I take into account if I want to extend my lease? It is important that you check with the company if said extension also leads to an increase in the mileage limit or if it is still subject to the original limit. This way, you can avoid additional charges for excess miles traveled.
Don't forget to ask what other conditions apply, how long the extension is for and how many times the contract can be extended. The important thing is to know everything so that later it is not a surprise.
Should I exercise the option to purchase the car I lease? This will depend on market conditions and the price established in the lease. If the price stated in the contract is much lower than the market price, then exercising the call option may be a good idea. Otherwise, it is better to buy a similar model in the used car market.
Currently, sales of new and used cars have suffered a significant slowdown, which could cause prices to fall in the coming weeks. And although it is unknown how dramatic this drop would be, it is important that you also consider this option if you are considering buying the car you lease.
What should I do if I have to take my car to the workshop? Treat the facilities as you would any other public place and follow the recommendations stipulated by the authorities to prevent the spread of the coronavirus. Remember to clean the contact points in the car with a disinfectant towel: handles, steering wheel, mirrors, gear lever, touch screen, etc.
A very important piece of information: Before going to the workshop, call the offices and ask what precautionary measures they are taking to prevent the spread of the virus, their opening hours and the types of services they can perform at the moment.
Also pYou can take advantage of this time of social distancing to investigate the vehicles that best suit your needs.
With information of: univision
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