Shockwaves across the auto industry

Nissan and Fiat-Chrysler join Ford, Honda, Toyota and GM in slamming the brakes on production temporarily due to the pandemic in efforts to deep clean facilities.
2:15 | 03/19/20

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Transcript for Shockwaves across the auto industry
Let's move on out of the shockwaves across the auto industry. Nissan and Fiat Chrysler joining Ford Honda Toyota and GM in slamming the brakes on production. Temporarily due to the pandemic so widespread factory closings and a number of states due to market conditions and efforts to deep clean those facilities. But you know then we're talking about a lot of people losing their jobs and then still facing a car payment on top of that so. We want to tell you you have options and ABC's you've been named has joins us now with that so many people are going to be listening very closely to what you have to say GO yet and. We've been looking at what auto makers are doing right now because a lot of them are actually offering these deferred payments whether you own or whether you lease a car here for finding right now Hyundai is offering a deferral of up to six months if you lose your job because of covad nineteen. And you got or you're getting a car anywhere between march 14 and April 30. Nissan Toyota GM Fiat Chrysler they say they're handling this on a case by case basis and for just telling us that it's actually offering up to six months. Of payment relief now in fact Ford has actually released this commercially looking at it right now and that ad focusing on what it's done in the past. They say that they are gonna help you but you're just gonna have to call and find out if you qualify now a lot of these companies are also offering a ninety day deferred payments if you're buying a new core. Great if you really need one right now but remember these are uncertain times so you really need to think about. Whether you're gonna go ahead and get a new loan now. Yeah and for people who have lost a job we have nowhere to go some people need to get rid of their car of course you could always sell it but what if you have a leaf that's not necessarily an option so at least trading as an option you still want to go ahead and call your lender first that's the first thing. But lease trading is actually an option and you can go online there are some reputable companies that are doing that right now. But that's an option and it's very popular Harry and there is war this is interesting that the Big Three. Could be playing a new role in fighting against this virus tell us how Yasser GM and Ford are actually telling us that they are actually looking into the possibility of producing different medical equipment producing ventilator as they actually have a long history of doing this in the past during times of crisis. Now they say they're ready to help with that much like it more time and we are certainly at war against the crown a virus Geovany test thank you thank.

This transcript has been automatically generated and may not be 100% accurate.

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