AFC Launches Customer Relief Program in Response to COVID-19 Impact on Economic Conditions
Eligible Customers Can Defer Curtailment Payments Through End of May on Eligible Unsold Units
Automotive Finance Corporation (AFC), a business unit of global vehicle remarketing and technology solutions provider KAR Auction Services Inc., d/b/a KAR Global (NYSE: KAR), announces the immediate launch of its Customer Relief Program. Under the program, eligible customers can choose to defer curtailment payments due through May 31, 2020, on eligible unsold units, including principal, fees and interest on those vehicles. Customers benefit by having the option to make no payments on any new or existing unsold eligible vehicles coming due between now and the end of May.
“Small businesses have been hit especially hard during the current economic events, and the health and economic wellbeing of our customers is paramount to all of us here at AFC,” said Jim Money, president of AFC. “I want to personally reassure our customers that AFC is here for you in this time of great need. We’ll continue to monitor market conditions and review any program adjustments we can make to help customers further.”
The Customer Relief Program is designed to provide additional support to customers who may experience longer turn times and other business challenges during the COVID-19 coronavirus pandemic and its impact on the economic environment.
AFC’s March interest rate decrease (150 basis points in the U.S. and 100 basis points in Canada) offers customers some of the lowest interest rates available.
AFC remains open for business, unless otherwise impacted by government mandates. However, in compliance with health and safety regulations, outside guests are not permitted to visit local branches during this time. Customers are encouraged to conduct all regular transactions on AFCDealer.com or on the AFC On the Go mobile app.
For program information, exclusions and resources, visit https://pages.autofinance.com/relief
AFC helps independent dealers grow their business faster and easier by providing financing for used vehicle inventory. With more than 120 locations in North America and an online platform at AFCDealer.com, AFC fuels the entrepreneurial dream — helping entrepreneurs grow and succeed.