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What is Auto Loan & Lease Forbearance

Know that under auto loan forbearance, your loan payments or lease payment may be postponed or reduced, but interest could continue to accrue during the period of forbearance. If you don’t pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.

Ally Financial Ally may defer payment for existing auto customers for up to 120 days without incurring late fees or finance charges and has terms for new customers as well. Contact Ally for specific information. 888-925-2559 Website

JP Morgan Chase 800-336-6675 Website

Capital One Auto 800-689-1789 Website

FCA, which encompasses Fiat, Chrysler, Dodge, Jeep, Ram and Alfa Romeo, is encouraging customers to contact their loan servicer to discuss payment relief options. FCA customers may need to contact either Chrysler Capital or Ally Financial. 855-563-5635

Ford or Lincoln Motor Credit 800-727-7000 Website

Bank of America Bank of America has announced it will defer payments (payments added to the end of the loan) for auto loans upon request. 800-215-6195 Website

General Motors (which includes Chevrolet, Buick, GMC and Cadillac) has set up a unique phone number for owners with questions or concerns about their loans. 800-284-2271

Wells Fargo 800-289-8004 Website

Hyundai and Genesis are both offering up to six months of payment relief for owners who lose their jobs, making it the most generous outright assistance package we've seen. Hyundai Website Genesis Website

Mazda has been working with its financing partner, Chase, to provide relief to owners. Chase has established a resources page where you can find out more. Website

Toyota Financial Services and Lexus Financial Services can be reached by phone or email to discuss payment extensions and deferments for leases and loans. 800-874-8822 Toyota Website Lexus Website

Volkswagen says buyers affected by the COVID-19 pandemic can get up to 90 days of payment assistance. 800-428-4034 Website