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Car loan deferral programs set up to help those impacted by COVID-19

Automakers are helping you out in a unique way: they're relieving some of the financial stress that comes with making car payments.

MIDLAND, Texas — In the middle of a pandemic filled with medical bills and furloughs, a car payment is just one more thing people are struggling to balance.

"Right now, we're offering the 84 month, 0 percent for those 84 months and then of course, depending of qualifications, we do have the 90 days, no payments till 90 days for your first payment," said General Sales Manager Carlos Bueno.

This is how Midland Dodge is trying to help those who have been affected financially by COVID-19. However, this is only available for certain 2019 and 2020 vehicles. People with those vehicles won't have to make a car payment for the first 90 days if they qualify.

You also won't have to worry about paying back those missed 90 days all in one payment.

"They’re actually not stacking up. I mean they’re just letting them start the payment you know if you purchase the vehicle today, they’ll give you 90 days from today to make your first payment," Bueno said.

You will eventually have to make up those payments, but you get an extra three months on your deal to do so.

According to Midland Dodge, this is their way of helping out the community.

"We’re just trying to help the community and make sure we're trying to help everything as much as we can and make it easier for the consumer you know and feel safe about their health and coming in, and if not, we'll take it straight to their house and deliver to them," Bueno said.

People will older vehicles will have the option to go in and trade in their vehicles if they want to participate in this program.

Other automakers have their own programs in place, and you can find more information here:

Automakers are setting up programs to allow borrowers to defer loan payments if they have been financially impacted by the coronavirus pandemic. COVID-19, also known as the coronavirus, has unsettled the stock market and cast a pall of doubt over businesses both large and small.

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