Car Dealerships Offering Incentives During Coronavirus Pandemic, Including Those Who Downsize
DENVER (CBS4)- Car owners are turning to dealerships to figure out what's available to help solve their money flow problems during the coronavirus pandemic that has left thousands without jobs or furloughed.
"I think a lot of people don't understand their options during this time," said Jarred Black, the General Manager of Larry H. Miller Toyota Boulder.
Although their showroom is shut down, he says people are still reaching out for help making their dollars stretch.
"Some people say, 'Yeah, although I like my vehicle, my only option right now is to trade out of it, keep my payment the same and have no payments for three to four months.' That could really be the difference for a lot of people to be able to get through this time," said Black.
Most carmakers are offering to defer payments three months, according to Car and Driver Magazine.
Ford will make your first three payments for you, and then deferring another three.
"I'm saving well over $600 a month," said Jesse Robinson who traded out of his diesel truck and into a smaller truck and it's yielding big savings.
RELATED: Latest Updates On The Coronavirus Outbreak In Colorado
"My insurance went down $58 a month, and my monthly payment went down, $550 bucks," he said.
His family is saving for a new house, but for struggling families simply "rightsizing" could free up money for basic necessities.
"Whether it be they need to lower their monthly payment or whether they just needed to defer payments. I just want everybody to know that we're here to talk to them, even if there's nothing in it for us," said Black.
And the whole process can be done remotely.
"I sat in the truck that I was trading in, I signed all the documents, it took maybe 15 minutes, and I gave them all to my sales guy and he went in, got everything taken care of. And you know, I can't say that I was at the dealership for more than maybe 45 minutes or an hour," said Robinson, adding, "It was fairly enjoyable, and that's something I probably never thought I would say about purchasing a vehicle, right?"
