Ford, GM, Stellantis offer lease extensions

Ford Motor Co., General Motors and Stellantis are offering end-of-term leasing customers the option to extend their contracts amid new-vehicle manufacturing delays. Extension eligibility is dependent on account status and proof the customer has ordered the next vehicle.

Several other automakers hard-hit by production delays, including Toyota and Honda, said lease extensions are evaluated on a case-by-case basis.

Production glitches are the cause of this latest round of lease extensions, which have become more common during the coronavirus pandemic. Leasing levels dropped as customers opted to extend current leases or return leased vehicles without making another purchase. Almost 800,000 fewer vehicles were leased in 2020 than 2019, according to credit bureau Experian.

At Ford, a customer can request a lease-end extension of up to 12 months, including even customers who do not have their next vehicle on order as long as they meet certain criteria such as whether there were other extensions during the lease.

For Ford customers waiting for a vehicle on order, they can request a lease-end extension of up to 12 months. If they are currently in a 12-month extension, they can ask for an additional six months until Aug. 31. The new lease termination date can’t go past March 15, 2022.

And any Ford lease customer who purchased finance-and-insurance product WearCare with the current lease will have that coverage extended for the full length of the lease-end extension at no additional cost, a Ford Credit spokeswoman said.

GM Financial’s program, which began Feb. 1, initiates an automatic one-month lease extension 11 days after a customer’s contract term ends, regardless of the reason. Participating customers will be granted six-month extensions. If more time is needed and the customer is current on payments, an additional six-month extension can be requested.

Chrysler Capital customers are currently permitted to extend the end of a lease up to six months total if they have a new vehicle on order with Stellantis, said Laurie Kight, senior vice president of communications at Santander US.

Nissan said it is assisting eligible lease customers of Infiniti QX60 and Nissan Pathfinder by offering end-of-term lease extensions.

Toyota Financial Services continues to offer lease extensions of up to six months for qualified customers who request it, a spokesman said via email.

“We’ve done this for a long time to provide added flexibility and support to our customers,” the spokesman said, “so it’s not tied to any current industry factors.”

Read More: Auto News

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