Crystal Cox/Business Insider
Porsche can help you buy a car from home.
- New vehicle sales in the US have declined significantly as the COVID-19 coronavirus pandemic has worsened.
- With business shutdowns across the country, many car dealerships are unable to keep their showrooms open, although they can continue to operate essential service operations.
- Automakers have responded by rolling out flexible payment terms for stressed customers, extended lease periods, and appealing financing for qualified borrowers.
- Some automakers are also encouraging customers to explore shop-from-home programs.
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New car sales in the US plunged in the second half of March as much of the country was locked down to fight the COVID-19 coronavirus pandemic.
For many Americans, it's nearly impossible to visit a car dealership to check out a new vehicle or explore a lease. Shutdowns in many states have compelled dealers to close their showrooms, leaving the service departments open because they're defined as "essential" businesses.
Additionally, financial stress from a job loss or layoff has made making monthly loan or lease payments a challenge.
The situation is pretty confusing right now. But if the nation remains closed for business in may regions, people are going to need to replace old cars with new ones, or contend with leases that are expiring.
For the moment, many automakers and the so-called "captive" finance companies have developed ways for customers to buy new vehicles on favorable terms, and for owners to work out their payments if they're experiencing money problems.
Bear in mind that if your financing if through a bank or credit union, the situation could be different.
Here's a rundown of where we're at the automakers:
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