COVID-19 Lease Deferral

Acura Financial Services (AFS) has announced that in response to COVID-19, they are offering "Payment extensions and deferrals, as well as late fee waivers" for those who need them in this difficult time.

 

The deferral they are offering works by extending the term of the lease by the number of months which are deferred. For example, a 36-month lease, where the lessee was granted a two-month deferral by AFS, would now mature at 38-months, or two months later than it would have without a deferral request. The current maximum deferral is 60 days. It is important to note that even though the term of the lease increases, the mileage allowed does not change. We expect that for most people mileage will not be an issue as our clients are driving less.

 

Acura Financial Services is offering account holders multiple methods for requesting a deferral. It can either be requested online via their website, AcuraFinancialServices.com, or, by contacting your local branch by phone to find out more about the relief efforts they are offering. Our local Acura Financial Services branch can be reached at (866)-950-6686.

 

We have members of our staff who have contacted the local branch to have payments deferred on their personal leases due to the temporary closure of our sales department, and the process has been straightforward and relatively quick, in some cases taking less than 15 minutes.  However, please note that they are experiencing high call volumes which may increase wait times.

 

Lease Extension

If you are nearing the end of your lease, you may also extend your lease on a month-to-month basis for up to one year. This lease extension gives you the flexibility to decide when to end your lease, as it converts your lease obligation to a month-to-month contract after the original lease term expires, with the same monthly payment as your initial 24 or 36-month agreement. During this time, you are allowed additional mileage in an amount that is prorated monthly, based on the yearly mileage allowance that you signed up for on your initial contract.

 

Lease extensions can be requested by speaking with an Acura Financial Services branch representative, by speaking with the Acura Financial Services Lease Maturity Center at (800) 708-6555, or online at their website, AcuraFinancialServices.com. We feel this is a good option for our clients who will be continuing to drive a similar amount, or who would like the flexibility of adjusting the end of their lease term during these uncertain times.

 

Please reach out to our Leasing Consultants directly for a lease-end consultation at 855-864-5796 if you have any questions or concerns relating to this program or your lease obligations during this time.

We have done our best to make sure that the above information is as accurate as possible as of the date of publishing, 4/30/2020.

Contact a Lease-End Consultant