The tropical storms and hurricanes we’ve had this season are no laughing matter. Losses are stacking up in the billions in hurricane-prone areas of the country and the Caribbean. Without warning Houston and Corpus Christi were ravaged with flooding from Harvey, and parts of the Southeast, Florida and the Caribbean were devastated by Hurricane Irma. Puerto Rico was pummeled by Hurricane Maria. When a hurricane strikes, s/he does not discriminate. These mega-storms have not only wreaked havoc on our communities’ infrastructure, they’ve also demolished properties and assets like boats and cars, and left their owners homeless. However, you can find the silver lining if you look for it in the spirit of altruism that shines through as neighbor helps neighbor, stranger helps stranger, and those with the means often donate to those in the direct line of fire. You have options. If you’ve been hit hard during the 2017 season, you may find some support in the form of hurricane car relief.
Do you currently lease or finance your car through your manufacturer’s finance department? If so, you may qualify for hurricane car relief as many automakers are offering assistance in the form of payment deferrals for those affected by Hurricanes Harvey and Irma. Place a call to your lender to find out. Additionally, many auto manufacturers are offered discounts on 2017 and 2018 models until the beginning of October. Dealers that are offering reduced rates on recent models include Ford, FIAT Chrysler, GM, Honda, Hyundai, Lincoln and Nissan. Many of them are offering their price breaks in the form of the reduced employee rates on their automobiles. Check with the manufacturer as there may be qualifiers such as residency in a community within Texas or Florida. Some however, have extended their offers to residents everywhere. Other automakers require proof of damage in the form of an insurance claim. If you already had plans to purchase a new or gently used car, it’s definitely worth a little investigating.
Hurricane Disaster Relief
Financial institutions and other lenders have stepped up to the plate and offered hurricane payment relief on things like mortgage payments, small business loans, and of course, auto loans. If your bank is one of the following, you should reach out to them to find out what type of assistance or payment deferment you can receive: Bank of America, BBVA Compass, Citi Bank, Comerica, EverBank, Frost Bank, JPMorgan Chase & Co., Regions Bank, SunTrust and Wells Fargo.
In addition to hurricane car relief, individuals and families affected by major storms this hurricane season may qualify for several other forms of aid. The IRS is providing automatic relief to those who have in address within a disaster area. These areas are deemed disaster areas by the Federal Emergency Management Agency (FEMA), who is also providing disaster relief to qualifying applicants. And if you file quarterly tax payments, the IRS has extended deadlines to businesses within these zones.
We are very pleased to be able to report the aforementioned hurricane car relief and payment deferrals offered by many lenders in these disaster zones. It’s not often that we are permitted to take the time needed to repair and rebuild with unrelenting bills piling up—but Hurricane Season 2017 is an exception to the rule. Residents in these disaster-prone areas have largely weathered many storms and are not in the habit of accepting help, but in this case, we encourage you to accept the help of all those offering to lend a hand, in whatever form you can. And of course, remember to keep the spirit of altruism going, and pay it forward.