The program includes 90-day payment deferrals.
The Covid-19 pandemic has halted the world, and right now, North America is bearing the brunt of a skyrocketing amount of new infections. With lockdown measures underway, it's not surprising that millions of Americans will be facing increasing financial pressure as businesses cease activities or, even worse, shut down entirely. In light of this, Volkswagen of America and Volkswagen Credit (VCI) has launched what's called the Community-Driven Promise.
The initiative's goal is to provide financial relief for eligible customers impacted by the pandemic. The major benefits include fee-exempt payment deferrals of up to 90 days, lease extensions for up to 180 days, and under certain conditions, past maturity fees will be waived.
New buyers who are uncertain about purchasing a vehicle right now might reconsider as first payments will be delayed by up to 180 days, plus the relief will encompass zero-percent APR financing, which we previously reported will apply to models like the Golf GTI and Tiguan. Volkswagen says that the program will run until April 30. "We know this pandemic has caused significant stress and worry across America, and is putting financial strain on millions of households," empathized Scott Keogh, the CEO of Volkswagen of America.
"We have a commitment to help our customers, our dealers, our employees, and our communities in a time of crisis." In addition to the financial relief, Volkswagen will launch an ad campaign for the Community-Driven Promise to spread awareness. "Our customers remain our focus," added Anthony Bandmann, the CEO and president of VCI. "We want to be a source of support and relief in these uncertain times."
Volkswagen isn't only supporting its clients over this challenging period, though. The automaker has also been assisting fabrics/automotive supplier Faurecia in producing desperately needed facemasks and gowns. With Faurecia producing up to 250,000 masks and 50,000 gowns each week, this week's initial shipment of 75,000 units will reach hospitals in the New York area.
"This joint effort is putting the ingenuity of VW and our supplier network on full display," said Keogh. "We don't plan on stopping our response to this crisis here." With Ford already helping to build ventilators to facilitate Covid-19 treatment, it's heartening that these mainstream automakers - both affected by the pandemic - are using its resources to make a positive difference in hard-hit America.