My vehicle payment is due, but I can’t pay it because of COVID-19: Here is how Auto lenders are doing to help.
If your finances have been affected by COVID-19, Auto loan lenders are stepping in to help support customers in this unprecedented time offering payment or debt relief, such as payment deferral or waived late fees.
We’ve collected information from significant bank lenders we have partnered with, such as BMO, CIBC, GM Financial, RBC, Scotiabank and TD Auto Financial, so you can see what help they are offering. Including financial relief measures, the Government has implemented to alleviate some of your financial burdens. However, if you find yourself in this position of deferring your auto loan payment, it is best to reach out to your lender immediately.
BMO notes on its website that customers can request up to a 6-month payment deferral on loans, cards, and lines of credit with no fee (your payment will be deferred, but interest will continue to accrue) and no changes to the terms of your BMO account.
Next steps: If you are concerned you are going to miss a payment, please sign in to BMO Online Banking and send your request through our safe and secure Message Centre. We commit to getting back to you as soon as possible.
You can request to defer your regular payments on loans and lines of credit for up to 2 months to help manage financial challenges caused by COVID-19. Visit the CIBC website by clicking here.
GM Financial is waiving late fees on loan and lease payments due between March 1 and April 30. There’s no need to contact the company; the fees will be automatically waived.
The company recommends checking its website frequently for the most up-to-date coronavirus-related information.
For Auto loan products, deferred interest will be added to the outstanding balance, but interest will not be charged on deferred interest. To skip one monthly payment on your Auto Loan log into your Online Banking.
You can request an auto loan payment deferral online. With an auto loan payment deferral, you can defer your payments for up to 3 months. During this time, interest is accrued to the outstanding balance of the loan and incorporated into your payments once they resume. Click here to visit Scotiabank online.
TD Auto Finance
Request a payment deferral of up to the equivalent of two monthly payments for loans financed by TD Auto Finance. Please note that by deferring loan payments, your term and amortization will be extended, and deferred payments will be payable at the end of the term with accrued interest.
The Government of Canada is offering additional support to Canadians.
For the latest on the Government’s economic relief efforts, visit the Department of Finance website.
This list does not cover every auto loan lender, and yours may not be included. If you need assistance making auto loan payments, we recommend checking your lender’s website to view offers that may be available, such as late-fee waivers, deferred payments or loan extensions.
AutoLoans.ca is committed to assisting our Customers affected by COVID-19. For any questions or concerns regarding refinancing your Car Loan, please visit us at https://www.autoloans.ca/car-loans-ontario/.