Financial Hardship
Lexus Financial Services is committed to assisting our customers, especially during the COVID-19 crisis. We understand that in this challenging and evolving environment, personal circumstances are changing rapidly and you may need our help.
We’re here to provide hardship support if you are unable to make your repayments and we have developed the below guidelines to simplify the process and get you the support you need.
Financial Support Guidelines
Who is eligible for the assistance?
Lexus Financial Services Customers experiencing one of the below challenges may be eligible for hardship support:
- If you have been medically impacted by COVID-19
- If you are experiencing financial difficulty as a result of COVID-19
- If something has happened to you and you’re finding it difficult to make your repayments
How do I apply?
To make this process as easy and quick as possible, please follow the guidelines below when completing your application.
Apply Online to start the process.
Apply Online to start the process.
I have been medically impacted by COVID-19. What do I need to do?
If you are medically impacted, please provide a medical certificate.
Apply Online to start the process
Note: this process applies for consumer and commercial loans.
Apply Online to start the process
Note: this process applies for consumer and commercial loans.
I have been financially impacted by COVID-19. What do I need to do?
- For consumer loans, provide evidence of loss of employment or reduction of income. Acceptable options include:
(a) Separation certificate (termination of employment)
(b) Evidence of employment contract not being renewed
(c) Jobseeker Payment / Newstart application or evidence of payments
(d) Recent payslip vs. previous payslip (dated within the last 3 months) OR
(e) 2 consecutive months of Bank Statements
- For commercial loans, provide evidence of direct or indirect impacts to business.
What happens to my car loan if I lose my job or I think I may lose my job?
Lexus Financial Services is committed to assisting our customers, especially during this challenging time. We understand the evolving COVID-19 situation is affecting our customers and we are here to help.
Should you lose your employment, you may be eligible for financial support.
Apply Online to start the process
Should you lose your employment, you may be eligible for financial support.
Apply Online to start the process
What happens to my car loan if my business is forced to close?
If your business has been forced to close, you may be eligible for financial support.
Apply Online to start the process
Apply Online to start the process
Other banks are offering to defer payments. I would like to defer mine. What can I do?
We review and assess each customer’s needs on a case by case basis and our goal is to provide responsible and sustainable solutions that meet an individual’s needs.
If you have been affected by COVID-19, you may be eligible for financial support.
There are some general guidelines that will apply if you defer your payments:
If you have been affected by COVID-19, you may be eligible for financial support.
There are some general guidelines that will apply if you defer your payments:
- The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
- Interest will continue to be charged on the loan during the deferred period
I would like to continue to pay my loan however; I would like to reduce the payment amount. Is this possible?
If you are currently paying above your repayment amount, you can simply stop paying the additional amount and revert to your advised payment amount. You do not need to call or email us as long as you are maintaining your payments.
If you are not paying above your repayment amount, you will need to apply for hardship. We review and assess each customer’s needs on a case-by-case basis however if you change your payment amount the following general guidelines will apply:
If you are not paying above your repayment amount, you will need to apply for hardship. We review and assess each customer’s needs on a case-by-case basis however if you change your payment amount the following general guidelines will apply:
- The specifics of your loan will change i.e. the term and/or payment amount, and this will be communicated to you in writing
- Interest will continue to be charged on amended or deferred loans
If I apply for hardship assistance, will my credit file be negatively impacted?
In terms of your repayment history, if you maintain your repayments under the hardship arrangement then this will not affect your credit file.
Assessment
We will assess your request and call you with an outcome as soon as possible. Due to the unprecedented demand for assistance, please allow up to ten business days. We thank you for your patience during this very challenging time.
APPLY ONLINE
