Volkswagen Car Payment Relief in Milwaukee, WI
Lenders and Auto Loan Relief Programs
The COVID-19 pandemic has dramatically affected the lives of most people around the world, and one of the more significant consequences of the epidemic that you may be dealing with today is related to finances. The pandemic situation developed rapidly and caused unexpected upheaval with minimal warning. Because of this, you may be one of many Volkswagen owners who are stressed by a layoff, a stack of medical bills, or other issues. Volkswagen Credit is providing loan relief to its clients on an individual basis.
How is Volkswagen Credit Assisting Their Customers?
While some auto lenders offer specific and predetermined loan relief terms, Volkswagen Credit individually reviews the customer’s situation and account history before establishing relief tailored to meet the customer’s needs. A loan deferment is one of the relief options that you may request from Volkswagen Credit if you are having trouble making your auto loan payments at this time.
End of Lease Options
At the end of a Volkswagen lease, you typically must surrender your Volkswagen car or SUV or make arrangements to purchase it. Because of the pandemic, these two options may not be practical or even feasible. If you do plan to surrender your Volkswagen vehicle, you can do so by contacting your dealership for prompt assistance. If you need to stay in your current vehicle and are not financially able to purchase the vehicle with a new car loan or with cash, you may be able to set up a lease extension for a short period.
Loan Deferment FAQs
What is a Volkswagen Loan Deferment?
If Volkswagen Credit agrees to a loan deferment to deliver the financial relief that you need, you will be permitted to skip the next few payments without penalty. The payments that you miss now will be paid at the end of the lease during a term extension period. Be aware that interest will accrue during the extended term period, and you must make all of your payments before and after the approved extension period.
How Does a Volkswagen Loan Deferment Affect My Credit?
Because a deferment is agreed to by the lender, the missed payments and term extension will not affect your credit rating. However, any late payments that are made outside the lender’s approved deferment period may be reported by Volkswagen Credit to the credit bureaus as an adverse event.
How Do I Request a Volkswagen Loan Deferment?
You can learn about your deferment options available through Volkswagen Credit by logging into your account online or via the mobile app. You may also contact Volkswagen Credit’s customer service department by phone, but wait times may be significant because of currently high call volume.