Genesis will make your car payments...

[3.3 Rulz]

Genesis USA

GENESIS CARES
WE BELIEVE BUYING A CAR IS A RELATIONSHIP.
NOT A TRANSACTION.
If you purchase a new Genesis and experience a job loss caused by COVID-19 anytime this year, Genesis will make your payment for up to 6 months.* You can also choose to defer payment for 90 days when you finance a 2019 Genesis G70 at 0.0% APR financing through Genesis Finance.* Because a relationship means we’re in this together.

 

[Mr. Incredible]

only for new car purchases of 2019 G70s between March 14 and April 30, 2020. doesn't apply to anyone else.

and they aren't making the payment if you read the small print they are extending the payments and tacking the 6 they cover to the back side of the loan extending your loan out by 6 months.

it's just a sales tactic IMO. and a pretty bad one at that. who the hell goes a buys a new car when they don't even know if they are going to have a job when this Covid thing is over.

I'm cutting expenses, not adding them, as are most people.


I got this email, and since I am locked down and having to take a pay cut I called on it and that above is what I was told. They told me if I want the 6 months of free payments I should go trade my 2018 G80 for a 2019 G70

 

[Ernie3647]

Puts real meaning to read the fine print.

 

[EdP]

only for new car purchases of 2019 G70s between March 14 and April 30, 2020. doesn't apply to anyone else.

and they aren't making the payment if you read the small print they are extending the payments and tacking the 6 they cover to the back side of the loan extending your loan out by 6 months.

it's just a sales tactic IMO. and a pretty bad one at that. who the hell goes a buys a new car when they don't even know if they are going to have a job when this Covid thing is over.

I'm cutting expenses, not adding them, as are most people.


I got this email, and since I am locked down and having to take a pay cut I called on it and that above is what I was told. They told me if I want the 6 months of free payments I should go trade my 2018 G80 for a 2019 G70

If you have a pile of cash it may be possible to get a good deal. Last I looked at at my 401k the loss was more than a G80 so yes, that may sway me on not purchasing right now.

I did read though, Hyundai may go to a 60 hour week to make up lost production, including the GV80.

Meantime, I'm in hibernation anyway, no car needed right now.

 

[Mcc]

Puts real meaning to read the fine print.

Yes but if you your self actually read the fine you will see that everything @Mr. Incredible said is true. But the fine print also says they are extending the least at no additional interest. Could be a lot worse. Yes it’s a sales tactic. But it is also a good thing and shouldn’t be summarily dismissed.

 

[Mr. Incredible]

Yes but if you your self actually read the fine you will see that everything @Mr. Incredible said is true. But the fine print also says they are extending the least at no additional interest. Could be a lot worse. Yes it’s a sales tactic. But it is also a good thing and shouldn’t be summarily dismissed.

I agree the no interest is a good thing, and all the car makers are doing something similar, but at the end of the day it is a sales tactic, not a relief for people suffering from this Covid-19 nightmare.

Hopefully this whole thing ends on a good note for people, but I think similar to the 2008 turn down, it will take 3-4 years to recover.

 

[3.3 Rulz]

Don't shoot the messenger, I was looking online at the Genesis website this morning to see if they mentioned the new 2.5T engine and I saw that right away about helping out customers affected by the coronavirus situation, so I posted it. At least my thread is about the coronavirus AND Genesis.

 

[PMCErnie]

Genesis USA

GENESIS CARES
WE BELIEVE BUYING A CAR IS A RELATIONSHIP.
NOT A TRANSACTION.
If you purchase a new Genesis and experience a job loss caused by COVID-19 anytime this year, Genesis will make your payment for up to 6 months.* You can also choose to defer payment for 90 days when you finance a 2019 Genesis G70 at 0.0% APR financing through Genesis Finance.* Because a relationship means we’re in this together.

When I was a credit & collection manager many years ago we would refer to this as a temporary hold. It stopped service turn-off for a set time period. It definitely didn’t pay the customer’s outstanding utility bills. Such a hold, or stop, prevented delinquent heating customers from dying during exceptionally cold winter weather.

 

[Joker972]

im struggling to pay my payment and I own a 2013 Coupe

 

[Julius88]

im struggling to pay my payment and I own a 2013 Coupe

Really sorry to hear this. Call whoever holds your loan. If it's Hyundai Motor Finance, I'm pretty sure they have deferred payment program for people who lose their jobs or suffering financial difficulties. Even if it's not Hyundai, they may still have a similar type of program. Even if there is no specific program that you can qualify for, it may still be worth it to call and discuss your situation with them. You may be able to work out some kind of arrangement. After all, these are people on the other end of the line too, and hopefully they will know that we all need to pull together to make it through this thing.

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[EdP]

Really sorry to hear this. Call whoever holds your loan. If it's Hyundai Motor Finance, I'm pretty sure they have deferred payment program for people who lose their jobs or suffering financial difficulties. Even if it's not Hyundai, they may still have a similar type of program. Even if there is no specific program that you can qualify for, it may still be worth it to call and discuss your situation with them. You may be able to work out some kind of arrangement. After all, these are people on the other end of the line too, and hopefully they will know that we all need to pull together to make it through this thing.

When you do, pay attention to the details. Every lender can have a different policy. Most are just moving a couple of months due dates from now and adding them at the end of the loan. You may still accrue interest during the period. You may want to talk to your landlord or mortgage company to see what they can do for you.

 

[Joker972]

Thanks for the input guys. Yeah I finance through US Alliance Federal Credit Union from my understanding they can move your payments back and add interest. I still owe $15K on it and i"m hoping someone would buy it off me. Just so I can get this car outta my hands.

 

[joschneider]

Thanks for the input guys. Yeah I finance through US Alliance Federal Credit Union from my understanding they can move your payments back and add interest. I still owe $15K on it and i"m hoping someone would buy it off me. Just so I can get this car outta my hands.

still owe 15k on a 2013?? sorry dude but no way you can sell it and not still be underwater. it might be better to ride it out, rather than go deeper in debt on a trade in. There are some articles out there from people in your exact situation, where financial experts have chimed in to help

 

[BadTrainDriver]

To clear up a little misinformation in this thread:

Q: Is Genesis Finance offering any sort of incentives or payment relief to new customers?

A: Yes, we are offering two incentives for new customers.

If you experience a job loss caused by COVID-19 anytime this year, have purchased or leased a new vehicle between March 14-April 30th, and have financed through Genesis Finance, Genesis will make your payments for up to six months.*

Also, well-qualified buyers can finance a new 2019 Genesis G70 through Genesis Finance at 0% APR for 84 months and defer payments for up to 120 days.*

Q: Is Genesis Finance offering any sort of incentives or payment relief to its existing customers?

A: For current Genesis owners financing through Genesis Finance, you can defer your payments for up to three months if you have lost your job or suffer a medically related hardship due to COVID-19.*

Note about the question and answer:
Up to 6 months of payments available to the buyer of any new Genesis model financed or leased at participating retailers only through Genesis Finance between March 14 and April 30, 2020. Payments up to $600 per month (and $3,600 per 6 month period) are available for loss of job caused by COVID-19 through December 31, 2020. Subject to Genesis Finance credit approval. Not all customers will qualify. Restrictions apply and proof of job loss required. See retailer for details.

 

[PMCErnie]

To clear up a little misinformation in this thread:

Q: Is Genesis Finance offering any sort of incentives or payment relief to new customers?

A: Yes, we are offering two incentives for new customers.

If you experience a job loss caused by COVID-19 anytime this year, have purchased or leased a new vehicle between March 14-April 30th, and have financed through Genesis Finance, Genesis will make your payments for up to six months.*

Also, well-qualified buyers can finance a new 2019 Genesis G70 through Genesis Finance at 0% APR for 84 months and defer payments for up to 120 days.*

Q: Is Genesis Finance offering any sort of incentives or payment relief to its existing customers?

A: For current Genesis owners financing through Genesis Finance, you can defer your payments for up to three months if you have lost your job or suffer a medically related hardship due to COVID-19.*

Note about the question and answer:
Up to 6 months of payments available to the buyer of any new Genesis model financed or leased at participating retailers only through Genesis Finance between March 14 and April 30, 2020. Payments up to $600 per month (and $3,600 per 6 month period) are available for loss of job caused by COVID-19 through December 31, 2020. Subject to Genesis Finance credit approval. Not all customers will qualify. Restrictions apply and proof of job loss required. See retailer for details.

Define “Genesis will make your payments for up to six months.”

 

[BadTrainDriver]

Define “Genesis will make your payments for up to six months.”

Look at the note that I put at the bottom in bold.

 

[PMCErnie]

Look at the note that I put at the bottom in bold.

Do you really think I didn’t read that?

My question remains. Does it mean that the customer is absolved of those payments, or are they just deferred?

 

[EdP]

Do you really think I didn’t read that?

My question remains. Does it mean that the customer is absolved of those payments, or are they just deferred?

Sounds like they are absolved from my interpretation
Deferred Payments for COVID-19 Job Loss | Genesis Cares

If you purchase a new Genesis and experience a job loss caused by COVID-19 anytime this year, Genesis will make your payment for up to 6 months.* Also, well-qualified buyers can finance a new 2019 Genesis G70 through Genesis Finance at 0% APR for 84 months and defer payments for up to 120 days.* Because a relationship means we are in this together.

Up to 6 months of payments available to the buyer of any new Genesis model financed or leased at participating retailers only through Genesis Finance between March 14 and April 30, 2020. Payments up to $600 per month (and $3,600 per 6 month period) are available for loss of job caused by COVID-19 through December 31, 2020. Subject to Genesis Finance credit approval. Not all customers will qualify. Restrictions apply and proof of job loss required. See retailer for details.

 

[PMCErnie]

Sounds like they are absolved from my interpretation
Deferred Payments for COVID-19 Job Loss | Genesis Cares

If you purchase a new Genesis and experience a job loss caused by COVID-19 anytime this year, Genesis will make your payment for up to 6 months.* Also, well-qualified buyers can finance a new 2019 Genesis G70 through Genesis Finance at 0% APR for 84 months and defer payments for up to 120 days.* Because a relationship means we are in this together.

Up to 6 months of payments available to the buyer of any new Genesis model financed or leased at participating retailers only through Genesis Finance between March 14 and April 30, 2020. Payments up to $600 per month (and $3,600 per 6 month period) are available for loss of job caused by COVID-19 through December 31, 2020. Subject to Genesis Finance credit approval. Not all customers will qualify. Restrictions apply and proof of job loss required. See retailer for details.

Who knows! Also, if you read it carefully, it also implies that you need to HAVE Covid-19 to qualify.

 

[BadTrainDriver]

Do you really think I didn’t read that?

My question remains. Does it mean that the customer is absolved of those payments, or are they just deferred?

Yes.

Here it is again for you to read.

Up to 6 months of payments available to the buyer of any new Genesis model financed or leased at participating retailers only through Genesis Finance between March 14 and April 30, 2020. Payments up to $600 per month (and $3,600 per 6 month period) are available for loss of job caused by COVID-19 through December 31, 2020.