3 Consequences of Missing a Car Payment (And What To Do If You Will Miss a Payment in the Future)
Missing a car payment can have some serious consequences, especially if it is not addressed quickly and properly. Knowing what to do if you miss a payment and the potential outcomes of missing one can help protect your credit score and financial future.
The first consequence of missing a car payment is that you will likely be charged late fees or penalties by the lender. This can add up quickly, leading to higher overall payments due each month. Second, lenders may choose to report late payments to credit bureaus which can damage your credit score and make it harder for you to qualify for loans in the future. Finally, the lender may decide to repossess your vehicle if multiple payments are missed in a row or past-due balances become too high.
If you know that you will miss an upcoming car payment, contact your lender immediately and explain your situation.
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