Nissan Motor Co. and its finance arm, Nissan Motor Acceptance Corp., are the latest to announce their COVID-19 customer relief program on the heels of fellow captives’ releases, according to an email shared with Auto Finance News.
Like many captives, NMAC will offer payment extensions for current retail and lease customers to defer payments “based on each customer’s current situation,” but did not specify whether interest will accrue. NMAC will continue to utilize its customer hotline.
For new customers, NMAC is offering a 90-day deferred payment option on contracts 60 to 72 months “for new special APR retail customers,” the company noted. “Customer service teams will support individual arrangements for payment rescheduling.”
The Franklin, Tenn.-based captive, with a $50 billion portfolio according to Big Wheels Auto Finance Data, is also providing floorplan support for its dealer network, which consists of 1,250 Nissan and Infiniti dealers nationwide.
“NMAC is immediately lowering dealer floor plan rates and suspending curtailments,” the captive noted. “Qualifying dealers also will be able to apply for the cash flow assistance program, which allows six months of interest-only payments on existing mortgages and capital loans.”
