Missing a car payment isn’t uncommon, but it’s no less stressful for that. However, if you know what to do next, you can act instead of panicking. If you’re unsure, the Honda financing department at Honda of Grays Harbor can help you get back on track.
Your car won’t be repossessed due to just one missed payment, so don’t panic. Instead, figure out what is wrong. Was it due to a declined card, a lack of funds, or another issue? Knowing the source of the problem is the first step to solving it.
See if You Have a Late Payment Fee
It’s a good idea to check your contract to see if your lender charges a late payment fee. You can try to ask if they will waive it, and you can be prepared for the extra cost in the worst-case scenario.
Contact Your Lender
Quickly contacting your lender is the best thing you can do in this situation. If you tell them that you missed a payment due to a fraud alert on your card or money not getting deposited when expected, you can fix the problem and make your payment.
If you think you cannot make the payment right now, it’s even more important to contact your lender. You may be able to defer a payment or make arrangements to get caught up. Communication is critical here. Ignoring the issue and not talking to your lender about the missed payment is a recipe for trouble.
Set Up Automatic Payments
If you know that you’ll be able to make your car loan payments every month from now on, take the time to set up automatic payments. Most lenders can automatically take the money you owe from your account every month, giving you one less thing to think about.
Drivers considering financing a new Honda car should make our Washington Honda dealership their first stop. We’ll make it easy to find a new vehicle that suits your budget.
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