Chrysler Dodge Jeep RAM Car Payment Relief
Lenders and Auto Loan Relief Programs
The COVID-19 pandemic has created significant financial turmoil for many drivers of Chrysler, Dodge, Jeep, and RAM vehicles. Hardships may be linked to the loss of a job, a shelter-in-place order, medical expenses, or other factors. Many drivers have financed their vehicle through Chrysler Capital or Ally Financial, and both of these lenders provide financing relief solutions that may help you to get through this difficult time.
Chrysler Capital and Ally Finance
Whether you financed the purchase of their Chrysler, Dodge, Jeep, or RAM vehicle through Chrysler Capital or Ally Finance, you may qualify for loan relief under specific circumstances. Ally Finance may provide a payment deferment for up to 120 days to qualified individuals. If your vehicle is financed through Chrysler Capital, you will need to contact the lender directly to learn about your loan relief options.
End of Lease Options
Is the lease on your RAM, Chrysler, Jeep or Dodge vehicle coming to an end soon? Because of the pandemic, you may not be in a position to trade in your vehicle for a new one, or you may not even want to continue owning or leasing a vehicle for the time being. Some drivers may qualify for a lease extension, which will enable you to continue driving your car while making regular lease payments. If you intend to surrender your vehicle at the end of the lease term, contact your trusted local dealership to begin the process.
Loan Deferment FAQs
How Does an Auto Loan Deferment Work?
If your auto lender agrees to a deferment, you will not need to make your regular loan payments during the deferment period. Instead, your loan term will be extended, and the skipped payments will be made during the extension period at the end of the term. With a loan deferment, interest charges generally will continue to accrue until the full outstanding balance has been paid off.
Will an Auto Loan Deferment Damage My Credit Rating?
As you deal with the financial impact of the pandemic, you understandably are concerned about how this situation will affect your credit score. If you miss loan payments without making arrangements for a deferment, your credit rating may be affected. On the other hand, if you set up a deferment before you miss a payment, your credit rating will not be affected. You will need to pick up making payments on time once the deferment period is over.
How Do I Request an Auto Loan Deferment?
Both of these lenders have established special hotlines to assist customers with loan relief needs. Ally Financial also enables its customers to request a deferment online. You will need to enroll in account online services before you can request a deferment over the internet.