Car loans, student loans, and mortgages deferred
If you haven’t heard yet, nearly all banks are participating in deferment programs for auto loans, mortgages, and student loans to provide relief.
My credit union, San Diego County Credit Union, is offering 3 months for auto loans, and 6 months for mortgages. I’m sure these all can be extended if the quarantine continues, although recent stats show that it may be ending in May.
If you use Canon financials to lease one of their cinema cameras, there’s a 3 month period where you can delay payments, a first for Canon or any camera company that I’m aware of.
What does this reveal to me? It tells me that financial institutions are trying to help, but they may also be afraid of mass defaults. This is their way of trying to prevent it from coming down to that and preserve consumer trust. It won’t last forever, but it may work for the short-term.
Any other way for them to help?