Lenders and Auto Loan Relief Programs
If you are one of the many people who have been hard hit by the financial implications of the COVID-19 pandemic, you may be wondering how you will pay all of your bills over the next few weeks or months. Chase Auto finances many Subaru vehicles through its Subaru Motors Finance subsidiary and Chase has established loan relief options for its customers. This loan relief may help you to protect your credit rating and make ends meet during this stressful period.
Subaru Motors Finance
If you financed the purchase of your Subaru through Subaru Motors Finance, you might be relieved to learn that this lender is offering loan relief to its customers on a case-by-case basis. This means that you will need to contact the lender directly via the phone, website, or app to explore possibilities that you may qualify for. One of the relief options is a loan deferment, which enables you to skip your next couple of payments without penalty.
End of Lease Options
Have you leased your vehicle through Subaru Financial Services? As the end of your lease term approaches, you may be eager to surrender the vehicle and to cease making loan payments for the moment. Contact your Subaru dealership to make arrangements for the drop-off of your Subaru. Do you want to continue leasing your Subaru? You may qualify for a short-term or month-to-month lease extension plan.
Loan Deferment FAQs
What is a Subaru Loan Deferment?
Before you can decide if you want to take advantage of loan relief offered by Subaru, you need to know what a loan deferment is. If you qualify for a loan deferment, you will be able to skip payments for the entire length of the deferment period without penalty. The loan payoff date will be pushed back by the length of the deferment, and the skipped payments will be paid during that time. You may pay more in interest charges over the life of the loan because your outstanding balance will continue to be subject to interest fees until the balance is fully paid off.
How Will a Subaru Loan Deferment Impact My Credit Score?
You must formally set up a loan deferment through your lender before skipping payments. Your lender will provide you with specific dates for the deferral, and you will need to make payments up to that period of time and after that period has passed. Your credit will not be damaged because of deferred payments, but it could be damaged if you make late payments outside of the deferment period.
How Do I Request a Subaru Loan Deferment?
If you believe that you will have trouble making your next Subaru loan payment because of pandemic-related issues, you need to contact your lender directly by phone as soon as possible. Your lender will decide if you qualify for relief and what the specific terms are.
