The impact of the COVID-19 pandemic is far-reaching, and nobody is immune to its effects on personal finances. Whether you have had to take time off of work to recover from your illness, you have been laid off, or you are dealing with other issues, making your Mercedes-Benz auto loan payment can be a serious financial burden. Mercedes-Benz Financial Services provides debt relief to affected customers through a payment deferral plan.
Mercedes-Benz Financial Services has announced that payment deferrals are available to its customers upon request and on a case-by-case basis. The specific details of the deferral plan have not been publicized, so you will need to contact your lender by phone or by logging into your account online to request a deferral. Through a deferral, you can stop making your car loan payments during the predetermined time frame to obtain much-needed financial relief.
As the end of your Mercedes-Benz lease approaches, you understandably must plan ahead. Do you want to stay in your current vehicle, trade up to the latest model, or surrender your vehicle without taking home a new one? These continue to be options available to you at this time. Also, you may be able to extend your lease term for a short period. This enables you to stay in your leased Mercedes-Benz for another month or longer and to delay paying a surrender fee or applying for a purchase loan.
If your request for a deferment from Mercedes-Benz Financial Services is approved, you can benefit from short-term financial relief. Mercedes-Benz Financial Services will provide you with a start and end date for your deferment. You must make your regular Mercedes-Benz payments up to the start date, and you must resume making payments after the deferment end date. During the deferment period, you will not need to make payments. However, interest charges will continue to accrue. The missed payments are not forgiven. Instead, your loan term extends by the deferment period’s length, and the missed payments are tacked on during this loan extension period.
If you simply stop making your loan payments without arranging a deferment through Mercedes-Benz Financial Services, your late payments will be reported as an adverse credit event to the bureaus. If you take the proper steps to set up a deferment with Mercedes-Benz Financial Services, the missed payments during the approved period will not affect your credit rating.
Mercedes-Benz Financial Services is currently experiencing high call volume. You can call the customer service department to set up a deferment for your auto loan payments. To save time, you can request a deferment by logging into your account online.
