After the devastating economic impact of Hurricane Irma on the southern coast of the United States, auto loan companies are stepping up to offer financial relief to borrowers, and are offering financial assistance for relief efforts.
Recovery efforts from Hurricane Irma and Harvey may end up costing Americans over $200 billion – so those affected by the disaster can take all of the help they can get. Let’s take a look at the auto lenders who are offering financial relief to Floridians who were affected by Hurricane Irma.
Auto Lenders Offering Financial Relief To Borrowers
- Ford Motor Credit Co. – Both Ford Motor Credit Company and its sister company, Lincoln AFS, are offering financial relief to borrowers. Affected Floridians can defer loan payments for up to two months, and those who have lost their Ford vehicles due to the hurricane are eligible for a special relief package called “Florida Is Family”. Details can be found in this press release.
- Santander Consumer USA – Santander Consumer USA has suspended all loan collection and auto repossession in the areas affected by Hurricane Irma, and is offering modified loans and suspended late fees to customers affected by Irma. In addition, the company is pledging $100,000 to charities such as the Miami Foundation and the American Red Cross.
- JPMorgan Chase & Co – JPMorgan Chase & Co has waived or refunded all auto loan late fees through September 24, in an effort to help customers recover from the effects of Hurricane Irma.
- Wells Fargo & Co – Wells Fargo & Co has pledged to provide payment relief for 90 days for all auto loan customers. In addition, all negative credit bureau reporting from Wells Fargo Dealer Services customers will be suppressed, mitigating the credit effects of missed or late payments.
Finally, the bank has also announced that it will help file Guarantee Asset Protection (GAP) claims for damaged and total loss vehicles – aiding customers in recovering the full value of their vehicle.
- SunTrust Banks – SunTrust Banks has announced a program to waive or refund all late fees for payments, through Dec. 15. The bank has also pledged not to report late payments to credit bureaus during this time.
In addition, The SunTrust Foundation has donated over $500,000 to disaster relief and recovery efforts – with $250,000 going to the American Red Cross, and $250,000 to be donated to other organizations as ongoing recovery efforts continue.
- Bank of America – Bank Of America is directing more than $1 million total funding to recovery efforts. $250,000 will be donated directly to the American Red Cross Disaster Relief fund, with the rest to be distributed according to the needs of recovering businesses and communities.
- Oriental Bank – Oriental Bank, a subsidiary of OFG Bancorp, has announced that it will not charge any late-payment fees for September loan payments, including auto loans. This grace period will also extend 30 days beyond the end of September – providing auto loan consumers with more time and flexibility during which they can get their finances in order.
While the damages from Hurricane Irma are vast, these companies are doing their part to help auto loan consumers resume their normal lives, and giving them a chance to put their lives back together without worrying about late loan payments.
Got Questions About Ford’s Financial Relief Programs? Come To Pines Ford Lincoln!
If you’re a Lincoln customer affected by Hurricane Irma, you may be eligible for deferred payments and other special programs, such as the “Florida Is Family” relief program. At our South Florida Lincoln dealership, Pines Lincoln can answer any questions you may have about your eligibility for financial relief.
Contact us now online, or come into our South Florida Lincoln dealership today. We’d be happy to hear from you, and discuss your eligibility for Lincoln and Ford’s disaster relief programs.
Categories:
News