Automotive Finance Corporation (AFC), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services, is launching its customer relief program.
Under the program, eligible customers can choose to defer curtailment payments due through May 31 on eligible unsold units, including principal, fees and interest on those vehicles. Customers benefit by having the option to make no payments on any new or existing unsold eligible vehicles coming due between now and the end of May.
“Small businesses have been hit especially hard during the current economic events, and the health and economic wellbeing of our customers is paramount to all of us here at AFC,” Jim Money, president of AFC, said in a statement. “I want to personally reassure our customers that AFC is here for you in this time of great need. We’ll continue to monitor market conditions and review any program adjustments we can make to help customers further.”
The customer relief program is designed to provide additional support to customers who may experience longer turn times and other business challenges during the COVID-19 coronavirus pandemic and its impact on the economic environment.
AFC’s March interest rate decrease (150 basis points in the U.S. and 100 basis points in Canada) offers customers some of the lowest interest rates available.
AFC remains open for business, unless otherwise impacted by government mandates. However, in compliance with health and safety regulations, outside guests are not permitted to visit local branches during this time.