VW waives six months of loan payments for buyers who lose their jobs

Volkswagen has announced that it will pick up the tab for up to six months’ worth of new-car payments for buyers who get thrown out of work. The offer joins a growing list from automakers who are working to reassure jittery new-car buyers as the coronavirus sends unemployment soaring.

In order to be eligible for six months of payment forgiveness from Volkswagen, the vehicle must have been financed though Volkswagen Credit, and the offer is good for 12 months from the date of purchase. Other specifics: The job loss must be due to economics (not performance), the buyer must be collecting unemployment, the buyer must have been employed for 3 months before getting laid off, the job loss can’t be within 90 days of purchase, and the buyers in New York are not eligible.

Separately, VW has added a 60-month, 0% financing offer for its Certified Pre-Owned vehicles. The company had previously announced interest-free financing over 72 months for new-car loans. And it is offering deferral of first payments for up to 180 days.