Because of the coronavirus pandemic, there is concern that things like vehicle repossessions and foreclosures could increase dramatically. Attorney General of Arizona, Mark Brnovich, is asking lending and financial institutions to provide relief in the interim for customers. Brnovich sent out a letter late last week to more than 1000 financial institutions that work with customers based in Arizona, asking that they put a stop to evictions, foreclosures, and repossessions for a minimum of 90 days.
Brnovich acknowledged that some of the financial institutions that received a letter have already started their own relief programs, but in the same breath said that every institution currently in Arizona needs to do the same in the act of solidarity, as everyone struggles to come to terms with the consequences of being self-isolated at home and unable to work.
Hold Back on Late Fees; Late Payments
Brnovich said that he wants to make sure that Arizona is doing everything that it can so that people have financial security right now. This means that even though they are experiencing tough times right now, everyone is going to be able to pull together. He said that the last thing people need right now is to worry that they’re going to lose their vehicle or even the roof over their heads.
Brnovich also asked that credit card companies and other financial institutions hold back on applying late fees, or default interest that customers may accrue as a result of late payments. Brnovich says that at this time of crisis, it’s essential that we’re all able to come together and provide the support that we each need. He is asking for all lending and bank institutions to get on top of the crisis before it gets too bad and provide relief for people who need it right now.
Wells Fargo Steps Up to Provide Support
Wells Fargo is one of the banks that have already promised to suspend eviction, vehicle repossessions, and residential foreclosure sales. CEO of Wells Fargo, Charlie Scharf, said that the coronavirus is disrupting everyone’s lives right around the world. Wells Fargo is going to continue to offer as much help and support to its customers as possible during this challenging time.
It’s a relief to know that everybody is rallying together, on a civilian and state level, to support one another through a time of economic uncertainty. There are millions of people self-isolating right now who have a very uncertain future ahead of them when it comes to their finances, which is why corporations and lending institutions doing their bit by stepping up and providing some relief is so vital.
If you own your car outright and you need a bit of financial relief right now, there are a number of different car title loans out there that can provide some temporary financial relief. With the sanctions that are being put in place to make sure that people can keep their vehicles and homes, for now, there’s no better time than the present to apply for a short-term loan like this.