Ally Financial, one of the largest auto loan banks with a portfolio of $ 80 billion, has announced its support for its dealer and consumer customers in the wake of the increased negative impact of the COVID-19 pandemic, Auto finance news has learned.
New Ally borrowers will have the option to defer their first payment for 90 days. In addition, Ally also offers existing customers to defer payment for up to 120 days with no late fees.
In terms of incentives, Ally does not yet have detailed offers for dealers or consumers as the bank is closely monitoring the fluid situation.
“Ally works closely with its network of approximately 18,000 dealers to navigate changing market dynamics, assess their specific needs and develop individualized solutions,” the lender said in a statement. “This includes offering consumer incentives that help dealership customers, as well as specific solutions to help dealers meet their loan financing needs. “
In addition, Ally “makes its dedicated credit and financing staff available to dealerships as needed to provide quick and efficient financing options that help them maximize used and new vehicle sales,” noted the society.
Another large bank, Capital One, allows borrowers to skip interest-free payments for auto loans, according to published reports. Other banks, including Bank of America, Chase, Santander Consumer USA, and Wells Fargo, have posted COVID-19 customer information centers on bank websites.
However, there have not yet been any official announcements on how the big banks will offer relief to support car dealers and affected consumers.