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 serious financial consequences. Failing to make payments on time could lead to increased interest rates, late fees, and even repossession of the vehicle. Understanding what may happen if you miss a payment is important for keeping your car payments up-to-date and avoiding costly mistakes in the future.
If you fail to make a car payment, one of the most immediate repercussions is an increase in the interest rate associated with your loan. The higher rate could cause long term damage by increasing how much money you pay in interest over time. Additionally, you may be charged late fees each month you are delinquent on your loan repayment which can add up quickly and cause further financial hardship. In some cases, missing several months of payments can result in having your vehicle repossessed.
The Law Offices of Omar Zambrano has already helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
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