deals

Automakers slash rates, add deals, offer help to new buyers amid coronavirus slowdown

Automakers across the U.S. are slashing interest rates, assisting with payments, and offering other incentives to buyers and owners as shoppers largely hunker down during the typically busy spring season.

Although it’s unclear how a prolonged outbreak may impact owners and shoppers, several automakers have offered assistance for up to six months to ease any potential burdens.

Major lenders such as Wells Fargo and Ally Financial have pledged similar assistance, according to Automotive News. Last week, the Federal Reserve cut its key interest rate to zero or near-zero to spur lending to consumers.

Volkswagen

VW this month announced it

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Car shoppers cash in on deals during coronavirus pandemic

Americans are taking advantage of historic new car deals thanks to automakers slashing interest rates and letting owners defer payments, among other incentives.

“I got a deal with 0% interest, plus 120 days until my first payment, which is crazy,” said Scott Carpenter, 60, from Nashville, Tennessee. The contractor brought home a 2020 Ford F-150 Lariat. “It’s like free money.”

Automakers ranging from Ford to Porsche are offering steep incentives to lure in customers at a time when production is being halted amid the grim outlook caused by the coronavirus pandemic. Certain incentives, however, such as interest-free financing for up

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