Volkswagen Credit Inc. will waive up to six months of payments, up to $750 per month, for qualified customers who purchase a new vehicle and lose their job because of the coronavirus outbreak.
"This global pandemic and the economic uncertainty that came with it has many of us facing difficult choices and we don't want purchasing a new vehicle to be one of them," Scott Keogh, CEO of Volkswagen Group of America, said in a statement. "We want our customers to know that if the unexpected happens, we're here to help."
To qualify, unemployment must not occur within the first 90 days of ownership. The customer must have lost their job because of economic reasons and must be collecting unemployment benefits. Customers also must have been employed full time at least 12 consecutive weeks before job loss. The offer is good for 12 months from the date of purchase.
The program does not cover leases, and it is not available in New York.
On April 3, the automaker introduced its Community-Driven Promise initiative to assist Volkswagen Credit customers during the crisis. It includes payment deferments of up to 90 days along with 72-month, 0 percent interest loans; lease extensions up to six months; and maturity-fee waivers. The program is set to end April 30.