Qualifying customers who have lost their jobs now get additional payment relief.
Just under two weeks ago, Volkswagen announced its Community-Driven Promise initiative, a plan to provide payment assistance for the brand's customers affected by the Covid-19 pandemic and the resulting lockdown. Now, the automaker has expanded these initial relief options as the financial impact of the outbreak looks likely to be felt for some time to come.
Initially, Volkswagen and Volkswagen Credit (VCI) committed to defer payments for up to three months for existing customers, along with offering lease extensions for up to six months. Now, the automaker says it will waive payments for up to six months; this applies to qualifying customers who, as a result of economic circumstances, have lost their jobs.
In addition, certified pre-owned Volkswagen vehicles will now be offered with zero percent APR financing for a period of 60 months - this applies to most, but not all, of the vehicles within the brand's stable. The six-month waiver of payments on new vehicles will be valued at up to $750 per month. Other conditions apply, too: eligible customers are those who are already receiving unemployment benefits, and whose unemployment came into effect after the initial 90 days of ownership.
Added to this, qualifying Volkswagen customers should have been employed full-time and for a minimum period of 12 weeks prior to unemployment. Notably, the incentive doesn't apply to customers in New York, the current epicenter of the outbreak. Still, the news will come as a desperately needed reprieve for new-vehicle owners who have suddenly lost their jobs.
Previously announced benefits still apply, too, such as qualifying new vehicle buyers having the option to delay their initial payment for as long as 180 days, applicable to vehicles such as the Tiguan SUV.
"The global pandemic and the economic uncertainty that came with it has many of us facing difficult choices and we don't want purchasing a new vehicle to be one of them," explained Scott Keogh, president and CEO of Volkswagen Group of America. Keogh further went on to say that "we want our customers to know that if the unexpected happens, we're here to help."
It's heartening that not only did Volkswagen introduce the Community-Driven Promise initiative, but the marque continues to adjust its payment relief offering based on an ever-evolving pandemic, with the devastating impact on communities yet to be fully realized.