Volkswagen of America and Volkswagen Credit (VCI) today announced an expansion of the Community-Driven Promise including new payment assistance for eligible customers who lose their job due to economic reasons.
For qualified customers who purchase a new vehicle and lose their jobs due to economic reasons, VCI will waive up to six months of payments, up to $750 per month, providing some financial relief in these uncertain times.
“This 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,” said Scott Keogh, president and CEO, Volkswagen Group of America. “We want our customers to know that if the unexpected happens, we’re here to help.”
This job loss payment assistance applies to customers who purchase a new vehicle and finance the purchase through Volkswagen Credit, and is not currently available in New York. To be eligible, customers must be receiving unemployment benefits, and the unemployment must occur for economic reasons after the first 90-days of ownership. Customers must also have been employed on a full-time basis at least 12 consecutive weeks prior to the unemployment. The benefit expires 12 months from date of purchase. Other conditions and limitations apply. For more details about the job loss payment assistance component of the Community-Driven Promise, visit VW.com/the-community-driven-promise/.
Also as part of the Community-Driven Promise announced April 3, Volkswagen is giving highly qualified new buyers the option of delaying their first payment for up to 180 days and is offering zero-percent APR financing for up to 72 months for most new vehicles. The program is set to run through April 30.
Volkswagen is also making it easier to purchase a Volkswagen Certified Pre-Owned vehicle with zero percent APR financing for 60 months for highly qualified customers through VCI. This offer ends June 30, 2020.
Volkswagen recently launched an ad campaign in English and in Spanish to raise awareness of the payment-relief offers. The ads can be viewed here:
Existing VCI customers who need help are strongly encouraged to access and manage their account online 24/7 at vwcredit.com to see what options may be available. Volkswagen and Volkswagen Credit (VCI) will defer payments for up to 90 days for existing VCI customers affected by the economic crisis. No late fees will be charged, but interest will continue to accrue for loan accounts. Lease extensions will also be available for up to six months with payment reduction rebates for customers who extend their lease three months or more.
All of these relief options come on top of Volkswagen’s existing four-years or 50,000-mile (whichever occurs first), New Vehicle Limited Warranty and the Carefree Maintenance program. That program offers two years or 20,000 miles (whichever occurs first) of scheduled maintenance at no additional charge.