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If You Were Laid Off from Work Due to COVID-19, There’s Auto Relief Available

POR: Endurance

COVID-19 threw thousands of people’s finances into a very unpredictable situation. More than 3 million Americans filed for unemployment during one week of March 2020 due to the coronavirus pandemic. With the past enforcement of state-wide lockdowns and social distancing, industries outside of essential workers fear losing their jobs during future outbreaks.

Although some contracts are in place for laid-off workers, many may be unable to apply for benefits due to various restrictions. For those who qualify, these benefits may not be sufficient to meet all of their needs. Some families are still stuck between choosing whether to pay rent, eat, or have utilities during difficult times. If you’re in a place like this, there are some options and ideas for payments you can defer so you can stay afloat.

Financial institutions like Bank of America and Citibank have developed plans to offer financial relief for people impacted by COVID-19 and other financial hardships. If your job was eliminated or hours cut, check to see if any of these programs apply to you. If your bank or lender isn’t listed, it’s definitely worth reaching out to see what’s possible.

Relief Programs for Auto-Owners

If you’ve recently purchased a car or are still paying it off, the news of layoffs may cause you a lot of uneasiness. Unlike other purchases, a vehicle is a necessity for most people unless they’re in a major metro area with access to public transit. To avoid any additional hardship, we compiled some bank relief programs that may help:

  1. Ally Financial allows auto loan holders to defer their payment for up to 120 days with no late fees, and they’re also waiving overdraft and balance minimum fees for bank customers.
  2. Bank of America allows customers to defer credit card payments. If you’re stuck deciding between the credit card bill and your auto loan, you can request a deferral on your credit payment. This could help alleviate the financial pressure.
  3. Fifth Third Bank waives payments for auto loan holders for up to 90 days, and they’re also allowing credit cardholders to defer payment for up to 90 days.
  4. JPMorgan Chase allows payment deferrals and waivers on a case-by-case basis. They have encouraged customers to reach out to request and discuss if they are eligible.

These are major banks, but it’s likely that many smaller institutions offer similar relief programs. If you’re interested in learning more, the American Banking Association tracks all relief programs in a comprehensive list with details on assistance for consumers. The list contains details about relief programs and other measures. If your bank isn’t listed, it’s absolutely worth reaching out to discuss what they can offer you.

Credit unions also offer short-term, low-interest loans. If you’re experiencing cash flow problems, they could offer some temporary relief.

How Endurance Is Providing Relief

If you’ve purchased an extended warranty, also known as a vehicle service contract (VSC), you might be concerned about keeping up with the payments for your auto protection. The good news is we’re here to help. You made a good investment by purchasing a VSC to ensure the life of your vehicle, and we hate to see you lose out. We’re here to help and listen to what you need.

Endurance is committed to reducing the burden of COVID-19 and other hardships to keep American drivers on the road. Now more than ever, you can’t be left unprotected from costly repair expenses. We’ve suspended cancellation penalties for customers unable to make their payments, and our top priority is to ensure your coverage continues uninterrupted.

Endurance has relief programs available that will allow your coverage to stay active. Even if you’re not using your vehicle much right now, a lot can happen while it’s parked. We want to make sure you’re prepared for any repairs your car may need once businesses are open again.

Auto repair shops are considered essential businesses, so if you’re concerned about any of your covered repairs, make sure to take care of them now. Cars are more prone to issues when they are not used or sit for long periods of time, so if you’re not driving much now in light of COVID-19 or other hardships, you still need to protect yourself from potential issues stemming from non-use. Find a certified repair shop near you using our RepairPal Partner Network.

If you are experiencing financial hardships, please contact our customer service team at (866) 432-4443 for personalized assistance.

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