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  • Salvage yard owner accused of shooting at repo man

    http://www.autonews.com/article/2017...e-after-harvey

    Katrina 12 years ago, captive lending arms including American Honda Financial Services, Ford Motor Credit, GM Financial, Hyundai Capital America and Toyota Financial Services are offering payment extensions, expanded phone and online payment options with no fees, and to redirect billing statements.

    "We know customers in the areas hit hardest by Hurricane Harvey may need some assistance such as a little more time making payments, or may need help setting up online billing or getting their billing statements temporarily routed elsewhere," said Anna Sampang, vice president of service operations strategy at Toyota Financial Services.

    Banks with large auto lending operations, such as Bank of America, Santander and Wells Fargo, have followed suit.

    Santander Consumer USA, Ford Credit, Honda Financial Services, Hyundai Capital, Wells Fargo, Chase Auto Finance, among other lenders, are also temporarily reducing or halting collections activity in the area.
    Chase Auto Finance, which supports Subaru, Mazda, Maserati, Land Rover and Jaguar’s captives, is automatically waiving or refunding late fees through Sept. 10, offering loan payment extensions and lease payment deferrals and suppressing collection calls and repossessions for customers in affected areas, a spokeswoman said. The bank is also allowing its floorplan dealership clients to defer curtailment payments until Dec. 31, 2017, she said.

    'Help them'

    "As we do whenever there is a FEMA-designated emergency, we work with customers to help them as they get back on their feet. For example, we [temporarily] suspend collections calls and repossessions, provide grace periods for payments, etc.," said Laurie Kight, a Santander spokeswoman.
    Several other lenders indicated they would be temporarily halting collection and repossession activity but declined to be named on the record.
    Most lenders are working hard to make their customers aware of the relief measures, posting notifications on their websites and social media and notifying them by email and, in some cases, conventional mail.

    Just days after Harvey hit, they are already fielding inquiries. "We have already heard from customers affected by Hurricane Harvey who are sharing a computer in a shelter and have asked for extensions," said Ford spokeswoman Meredith Libbey.

    Though some lenders are offering solutions that apply to all customers in a geographic area, most would prefer to work with customers on a case-by-case basis.

    "GM Financial may offer deferred payments for individuals in locations designated as federal disaster areas and will waive the fees associated with a deferment. Each situation is unique, so our representatives will help customers with a payment option that is best for them," said Bob Beatty, executive vice president of customer experience at GM Financial.

    Waiving rules?

    In the aftermath of Katrina, lenders also waived certain requirements on new loans for replacement vehicles, such as not counting short-term address changes against borrowers and lowering some documentation requirements.

    Lenders commenting for this article suggested that it's too early to tell whether this will be repeated. Most were focused on the immediate issues of displaced customers and the state of floorplan-financed inventory at dealerships in the storm's path.
    "We have adjusters who live in the flooded area and will send others as needed to evaluate vehicle inventory at dealerships we floorplan/insure as soon as we can safely gain access and the dealers are ready for us," said Ford's Libbey said in an email to Automotive News.

    In addition to loan extensions, some local lenders, such as Texas Dow Employees Credit Union of Lake Jackson, Texas, are already offering
    emergency personal loans, but these are not specifically auto loans. Texas Dow Employees Credit Union, with its operational headquarters directly in the storm's path, did not return requests for comment.
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