Payments could be delayed for up to a year

As a new global recession is looming in due to the novel coronavirus pandemic, the U.S. government is working on a new bill that will freeze your car payments. A new $2.5 trillion proposal, the third of a bill originally introduced by the Republicans and rejected by the Democrats, includes revised economic relief for the working class, as well as a temporary halt on car payments. Mortgage payments will also be delayed.

Can I Really Skip my Car and House Payments?

Do I Still Have to Pay My Car and House Loans During the COVID-19 Pandemic?
- image 893505

According to AutomotiveNews, this new bill, unveiled by House Speaker Nancy Pelosi, "would force lenders to grant a temporary reprieve from mortgage and car payments and credit card bills."

It would also allow the Federal Reserve to "provide loan servicers with liquidity to allow borrowers to stop paying their mortgages for up to 360 days."

However, it’s not yet clear if and when such a bill will pass. Democrats on Monday blocked a second attempt at a procedural vote to advance a $1.8 trillion plan, saying proposed loan program for companies lacks transparency and oversight. So, don’t earmark your car and house payment money for supplies just yet. There’s no telling when this bill could pass and go into effect, or when the associated stimulus package will actually reach people.

Automakers are shifting production to aid pandemic relief

COVID-19 Pandemic: As factories shut down, automakers team up to build ventilators and masks
- image 893440

As the COVID-19 crisis deepens in Europe and the U.S., automakers join global effort to build ventilators and masks. Carmakers shift to production of medical equipment and supplies following shutdown of vehicle assembly in numerous factories across Europe and North America.

Ford teamed up with 3M and GE Healthcare to produce ventilators and masks, while FCA is manufacturing and donating more than one million masks per month. Likewise, General Motors will work with Ventec Life System to increase production of its respiratory equipment. Fiat and Nissan are also building medical supplies at their factories in Europe.

Ciprian Florea
Senior Editor and Supercar Expert - ciprian@topspeed.com
Ciprian's passion for everything with four wheels (and more) started back when he was just a little boy, and the Lamborghini Countach was still the coolest car poster you could hang on your wall. Ciprian's career as a journalist began long before earning a Bachelor's degree, but it was only after graduating that his love for cars became a profession.  Read More
About the author

Related Articles

Lamborghini Steps Up in Fight Against COVID-19, Starts Production of Face Masks and Shields

Mercedes-Benz, Audi and Volkswagen show new logos to encourage social distancing

Automakers Promote Social Distancing with Updated Logos

Is It Justified To Beat People To Keep Them In Their Houses During the COVID-19 Lockdown?

COVID-19 Pandemic: Clarkson, Hammond, and May urge you to stay home

COVID-19 Has Actually Put New York to Sleep

What do you think?
Show Comments
Car Finder: