New Jersey’s neighborhood new car dealers help hundreds of thousands of customers arrange financing for a new or used vehicle every year. With the economy screeching to a halt, as businesses are either completely or partially shut down and thousands of individuals are laid off, many people are scared of how the pandemic threatens their financial health, as much as their physical health.
Banks, credit unions, lenders and the federal government have already begun to address the dire financial situation many Americans are facing, or may soon face. If you are having trouble making a car loan or lease payment, contact your creditor(s) immediately, before you miss a payment.
Discuss any potential hardship concessions they may offer (payment deferral, interest-only payments, move payment due date, loan extension or refinance, lower rates, etc.) and be sure to get confirmation of any agreement in writing.
By the way, this is good advice for any bill you may be struggling to pay including a mortgage, home equity loan, student loan, personal loan, credit card, or utility bill.
The Consumer Financial Credit Bureau (CFPB) has also put together resources for consumers who are faced with economic hardship due to the shutdown of so many businesses during this crisis:
- Protecting Your Finances During The Coronavirus Pandemic
- Protecting Your Credit During the coronavirus pandemic
- Coronavirus and dealing with debt: Tips to help ease the impact