SW17LS

Lexus is now openly offering deferrals on their webiste just FYI

COOLIS

Sounds like you at least have the ability to pay the payment if you have to, so you're in a better spot than some. I have a friend who had just leased a BMW back in January and was furloughed due to the virus and cannot make the payment (BMW financial deferred for a month). They also can't cover their rent. They did, however, have the means to take a week long vacation just before all this struck ! People quickly forgot how bad it was just ~10 short years ago and over extended themselves again. Banks did the same, as they were looser than a...

kalel2127

I called Lexus Financial and they have deferred two months of payments without any additional fees or accrued interest. They lady I spoke with said they will probably offer additional time in June depending on how bad of shape we are by then. I will use that time to put the vehicle up to sell in hopes that someone will take it off my hands.

Mid-March I took a leave of absence at work in order to take care of my mother. Then late March my boss told me they had to close due to Covid-19 and he informed me to apply for unemployment insurance. I'm now receiving $450 a week from the state and at some point $600 from federal. He also stated that we probably won't return to work until July-August and even at that point we will probably work remotely until the government provides a vaccine.

Since I had asthma up until my late teenage years, my mother and I decided to self-quarantine ourselves from the rest of the world. We rely on family and mostly various grocery delivery options to keep us stocked up on food.

Unlike most, I actually started to save one-third of my monthly income after almost losing everything back in 2008. I plan to make monthly donations including the $1,200 stimulus check to my local food bank and Feeding America.

It is appalling to see thousands of people wait in their cars for hours just to be able to get some basic necessities. It really shows how unprepared our government was for this type of disaster.

mbarron37

Not just the government, many people were not prepared. A substantial number of people have little to no savings and others simply have no supplies at all beyond a weeks worth of food. I hope this situation wakes up both the government and its citizens.

Bob04

Good on Lexus. Great deal they gave you.

Bob04

Not trying to be negative, but selling a recently leased car in the middle of a pandemic is going to be tough without losing a ton of money, especially considering the deals on new cars right now. If you are going to need a car on the other side of all of this, it might be worth waiting it out.

Toys4RJill

Once in a 100-year event. It is hard to convince people to be ready for a massive showdown. But this is greater than just being prepared, those that are fundamentally sound financial will come out of this. This is going to wipe a lot of folks....I have been serving as Board of Director and my condo in Toronto, we have already had four owners come forward and tell us they cannot pay their common element fees and have asked for forgiveness, we expect that our vendors, some will be declaring bankruptcy during this...this is like a giant reset.

I am happy you are trying to get out or extend your lease, but that just creates a chain reaction down the line....Will you lease ever again?

Bob04

Maybe before I say it's a great deal, what are the actual terms?

Assuming a 36 month lease, if you don't pay anything for the next 2 months, do you pay it at the end? In 3 months, do you pay one month or one month plus the 2 months that were deferred?

How does it work?

SW17LS

From what I have heard, they add it on the end of the lease, but don't extend the mileage. So if you lease was due to end in May, its now not until July.

Bob04

So it basically becomes a 38 month lease with 2 month free but the same mileage.

Still, not a bad deal.

SW17LS

Thats right. Total cost of the lease remains the same so no additional interest. Yep, good deal. Really all they can do.

Bob04

Yeah, I doubt they want to try to repossess a car in the middle of a pandemic and then try to sell it in what is going to be a tough market. If they can get by with just giving up 2 months of depreciation, it's a deal for them too

SW17LS

Totally, Its a deal for everybody.

Bob04

Gonna be a tough market to sell used and new cars. Cash is king right now, but if you have some extra cash, you should probably be putting it in the market with this dip. JMO. That's what I'm doing.

kalel2127

I fail to see how 2 months of deferred payments is a "great deal". All they are doing is extending the length of the policy. At some point, they will no longer provide deferred payments and I will have to make a choice if I should pay for something I don't use or have them repossess the vehicle, I'm leaning towards the latter.

That being said I'm curious to find out if they will actually follow standard procedures and collect the vehicle. Considering that about 30 million Americans are unemployed most of which are unable to pay for their car note, where would they place all of those vehicles.