Call 1.
Vehicle Dealership. Saving money at the car dealership. Car dealerships and the financial institutions that work with them may be willing to defer payments, or at least extend loans and leases. After all, these companies want your continued business, so it’s likely that they’ll offer a little grace until you get back on track. During the current pandemic, most automakers are offering financial relief programs to customers who have recently purchased a vehicle, or who have ongoing loans or leases. They also offer discounts on purchases for those in a position to buy.
Call 2.
Credit Card Company. Saving money with the credit card company. Most credit card companies are reasonable and willing to work with customers through a difficult time, so that the debts will ultimately be repaid. In most cases, credit card companies will provide minor accommodations, such as reducing an interest payment, or cancelling a service fee, assuming that it will lead to getting payments back on track. COVID-19 has prompted many credit card companies to offer additional relief programs that lower monthly payments, provide relief from late payment fees, temporarily lower account interest rate, or even offer short term loans.
Call 3Call 1..
Financial Institutions. Saving money with banks. Banks are accustomed to working with folks who need financial flexibility. After all, these institutions cannot operate unless their customers’ finances are stable. And now, in response to the coronavirus epidemic, national financial institutions are working with the Federal Deposit Insurance Corporation (FDIC) to help customers. To receive this aid, contact your bank and ask what options they offer, which may include skipped payments, deferred payments, and payment extensions. You may also be able to arrange a small loan to finish an ongoing home improvement project, arrange for waived fees, or get extended repayment terms.
Call 4.
Employer. Financial assistance from your employer. While unemployment is staggering right now, if you have retained your job, your employer may be a good resource for financial assistance—especially if you work for a large company. It simply makes good business sense: An employer would rather help out a trained, trusted employee than go through the expense of finding a new one. During the current health crisis, some firms that can afford to do so are offering bonuses to employees who can keep working, or continuing to pay those who must stay home to care for loved ones and/or maintain social distance. Other employers have been able to provide the necessary equipment for employees to work from home, keeping them employed and safe. Even employers that are unable to keep workers on full salary during this period may be able to offer alternative work options that don’t rely on human contact, paid training from home, or future bonus agreements once you have returned to work.
Call 5.
Insurance Company. Save money with your insurance company. It may seem like a waste of money to continue insuring a vehicle that’s sitting in your driveway while you’re on lockdown. However, if the insurance is cancelled while you still own a vehicle, future insurers can see that there was a lapse in coverage, which can raise your rates. Fortunately, most insurance companies are offering discounted rates, credits, and refunds during the coronavirus pandemic. What’s more, if you need to be away from home and won’t be using your car, you may be able to negotiate a lower rate to keep the vehicle insured during your trip. Call the insurance company, explain the situation, and ask for a reduced rate.
