Porsche Car Payment Relief in Farmington Hills, MI

Porsche Car Payment Relief

Lenders and Auto Loan Relief Programs

The financial implications of the COVID-19 pandemic continue, and these implications have been profoundly devastating for some drivers. Whether you are faced with unexpected and high medical bills, lost wages from taking an extensive amount of time off of work, or other situations, you may need help making your car loan payment on time. Many auto lenders are offering relief to those who qualify.

Porsche Financial Services

If you financed the purchase of your vehicle with a loan from Porsche Financial Services, you might qualify for a deferment. Payment deferments are approved on a case-by-case basis, and the deferment terms are tailored to suit the situation. A typical deferment offered by Porsche Financial Services extends for up to 60 days.

End of Lease Options

The pandemic has also affected many drivers’ end-of-lease plans. Because of the financial impacts of the pandemic, you may not be ready to upgrade to a new Porsche or to take out a loan to buy your current vehicle. Upon request, you could receive a lease extension for up to four months. As is the case with loan payment deferments, lease extensions are approved on a case-by-case basis.

Loan Deferment FAQs

What is a Porsche Loan Deferment?

If you are approved for a loan payment deferment through Porsche Financial Services, you are permitted to miss all payments that would be due during the deferment period. While the payments are not expected, the interest will continue to accrue. Also, the loan term will be extended by the length of the deferment period. All of the payments you skip during the deferment period must be paid in full during this end-of-loan extension period.

Will a Porsche Loan Deferment Damage My Credit?

During a rough patch like this, protecting your credit rating is understandably at the top of your mind. The late or skipped payments that you make on your auto loan will normally impact credit scores. However, the late or skipped payments during the lender-approved deferment period will not be reported to credit bureaus as a negative event.

How Do I Request a Porsche Loan Deferment?

Porsche Financial Services offers a loan deferment for qualifying customers who apply formally. Both the approval of a deferment request and the terms of the postponement are offered individually after the lender reviews your circumstances.