Think about whether this is one tight month or if your car payment is an ongoing problem. How you proceed depends on whether your missed payment is a one-time issue or a sign that your loan is unaffordable.
For a payment you simply forgot to make, call the lender to make the payment as soon as you can. You may have to pay a late fee for missing the due date. In the future, you may want to consider setting up automatic payments to avoid missing the payment again.
One-time late payment: Loan deferment is a common solution for an isolated missed payment. Some lenders may waive late payment fees as well. That stops the immediate threat of late payments hurting your credit score or, worse, your car being repossessed. Find out more on how repossession hurts your credit score.
Then, immediately look into longer-term solutions, such as refinancing or trading in your car for a more affordable one. Explain your situation and ask your lender about potential solutions, such as deferment. Before signing on to any loan adjustment such as a deferment, be sure you fully understand the terms and get them in writing for future reference.
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I try not to, but there is never anywhere to park! You can only park at this spot on a particular day and then you can't park there other days New Jersey needs more parking. Is there a way around this? What happens if a car insurance company goes bankrupt? What would happen if my car insurance company went bankrupt right when I was filing a claim or about to? Would I still be properly compensated? Does car insurance cover the cost of aftermarket parts when your vehicle is totaled?
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Many lenders will work with customers they believe will be able to pay soon, even if the payments are slightly late. You might be able to negotiate a delay in your payment or a revised schedule of payments.
If you can reach an agreement to change your original contract, get it in writing to avoid questions later. Federal Trade Commission Consumer Information.
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