Equipment Finance News

Hurricane relief efforts

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A number of companies in the asset and auto finance sector have announced contributions to relief efforts following the devastation caused by Hurricane Irma in the southern US states, and are also introducing support programs for customers finding it challenging to make leasing repayments.

BB&T has given $500,000, half of which is a cash contribution to the American Red Cross and the remainder will be comprised of eight truckloads of humanitarian supplies, such as bottled water and basic essentials to assist in the recovery.

Chairman and chief executive officer Kelly King said: “As so many of the communities we serve in Florida and the Southeast begin the recovery process, BB&T is honored to be a small part of the effort to help people get back on their feet,”

Bank of America is directing $1 million in funding from its charitable foundation to aid the victims, including $250,000 to the American Red Cross Disaster Relief Fund, with the remainder to be allocated when an assessment is completed regarding specific recovery needs.

Consumer and small business clients affected by Hurricane Irma in the designated disaster areas in Florida may be eligible for financial assistance, while the bank has deployed mobile financial centers and mobile ATMs to supplement local financial centers in the region.

Ford, which has 123 dealerships in Florida, is one of several auto manufacturers to have announced a support package for those whose vehicles have been lost or damaged.

Called “Florida Is Family”, the bundle is effective until October 2 for purchases financed through Ford Credit or Lincoln Automotive Financial Services and completed before October 31.

It includes the same no-haggle, below-invoice price Ford Motor Company employees and their families receive; no payments until next year; and low Ford Credit APR or lease rates.

Existing Ford Credit and Lincoln Automotive Financial Services customers affected by Irma can apply to have their payments deferred for up to two months. In addition, first responders in hurricane-affected areas are eligible to receive a special $1,000 discount (in addition to all available incentives) toward the purchase of any Ford or Lincoln vehicle.