Alfa Romeo Car Payment Relief

Alfa Romeo Car Payment Relief

Lenders and Auto Loan Relief Programs

If you are like many other Alfa Romeo drivers, you may be reeling from the financial blow inflicted by the pandemic. Everything from mandatory shutdowns to massive layoffs and other issues have disrupted the ability of many people to work and to earn a living. For other people, time off of work because of illness and the culmination of related and expensive medical bills are adding to the burden. Regardless of how the pandemic is challenging your finances, you may find some support through Alfa Romeo loan relief programs.

Chrysler Capital and Ally Finance

Many Alfa Romeo drivers who obtained financing through the dealership have financed their vehicle through Ally Financial. To provide relief as needed, Ally Financial is offering up to a 120-day loan payment deferral upon request. You must formally request the deferral. Once the deferral request is approved, you can skip the payments that would have been due during this period without incurring late charges. Interest on the outstanding balance, however, will continue to accrue.

End of Lease Options

At the end of an Alfa Romeo auto lease, drivers typically will choose between buying out their lease to take full ownership or trading up to a lease on a new Alfa Romeo. Because of the harsh financial impact of the pandemic, some Alfa Romeo drivers are not in the position right now to move forward with either of these options. You can request a short-term extension of your lease as an alternative, and this will be considered on a case-by-case basis by your auto leasing company.

Loan Deferment FAQs

What is an Alfa Romeo Loan Deferment?

A loan deferment through Ally Financial or any other auto lender that your Alfa Romeo is financed through is an agreement between you and the lender for an adjustment to the loan term. The length of the deferment period will extend your loan term. You will be permitted to skip all payments that would have come due during the deferment period. Rather than missing these payments entirely, you will make them up with monthly payments at the end of the loan term.

Will an Alfa Romeo Loan Deferment Hurt My Credit Rating?

Given the extensive and brutal impact that the pandemic is having on personal finances, you understandably want to minimize the effect that financial stress is having on your credit rating. Generally, late payments to any auto lender will be reported to the credit bureaus. However, if the lender approves a deferment request, deferred payments within the specified time frame will not harm your credit rating.

How Do I Request an Alfa Romeo Loan Deferment?

The Alfa Romeo loan deferment is only available upon request, and all applications must be reviewed and approved by the lender. If you are interested in taking advantage of a loan deferment, you should connect with your lender’s customer service department today.