July 24, 2021

Auto captives offer payment help for Texas storm victims

Automotive captive lenders are offering assistance to borrowers whose lives were upended by the winter storm that struck Texas last week.

Toyota Financial Services and Lexus Financial Services will offer payment extensions and lease deferred-payment options to impacted customers. Consumers are urged to contact the lender to work out details, Toyota said in a release.

Meanwhile, Ford Credit will assist Ford and Lincoln customers “who may need to defer a payment or two until their situations improve, or who need to request other assistance,” a company spokeswoman told Automotive News in an email.

Honda Financial Services in an emailed statement said, “We are prepared to review requests for assistance on a case-by-case basis.”

Nissan Motor Acceptance Corp. is offering a one-month extension for retail customers and waived late fees for lease customers through March 21.

Volvo Car Financial Services in an email said it is “available to assist those customers impacted by the storms,” and encouraged customers to contact it.

Ally Financial, an independent lender, in an email said customers can contact the company to “discuss more flexible payment arrangements as needed.” 

Larry Vellequette and Jackie Charniga contributed to this report.