KAR Global made another move late on Tuesday to help dealers navigate through the challenges of the coronavirus pandemic.
Business unit Automotive Finance Corp. (AFC) immediately launched its customer relief program as eligible customers can choose to defer curtailment payments due through May 31 on eligible unsold units, including principal, fees and interest on those vehicles.
AFC explained its customers also can benefit by having the option to make no payments on any new or existing unsold eligible vehicles coming due between now and the end of May.
“Small businesses have been hit especially hard during the current economic events, and the health and economic wellbeing of our customers is paramount to all of us here at AFC,” AFC president Jim Money said. “I want to personally reassure our customers that AFC is here for you in this time of great need.
“We’ll continue to monitor market conditions and review any program adjustments we can make to help customers further,” Money added
AFC emphasized this customer relief program is designed to provide additional support to customers who may experience longer turn times and other business challenges during the COVID-19 coronavirus pandemic and its impact on the economic environment.
AFC insisted its March interest rate decrease (150 basis points in the U.S. and 100 basis points in Canada) offers customers some of the lowest interest rates available.
AFC also mentioned that the company remains open for business, unless otherwise impacted by government mandates. However, in compliance with health and safety regulations, outside guests are not permitted to visit local branches during this time.
Customers are encouraged to conduct all regular transactions on AFCDealer.com or on the AFC On the Go mobile app.
For program information, exclusions and resources, visit https://pages.autofinance.com/relief.