It has been weeks since stay-at-home-orders were given out, but most Americans are still on lockdown due to the coronavirus pandemic. Between rising unemployment claims, closed businesses, and more economic issues, many people in the U.S. are having a lot of difficulty paying bills. From mortgages to groceries, and car payments, for many expenses are just piling up.
So what to do if you can’t make your next car payment? You may think you don’t want to speak to your lenders, but it’s important to make contact and explain your situation. Get ahead of the problem, and work out an arrangement. The outbreak and economic difficulty are widespread so many companies, practically throughout the entire automotive chain, have altered their policies. Some lenders offer forbearance programs thru the next few months.
Most banks, credit unions, and other types of car loan lenders are offering help these days, even for new car purchases. No one is interest in repossessed cars and decreasing credit scores due to missed payments. Virtually every automaker and the matching financial institutions that backing them have announced first payment deferrals of three to 4 months. On a case to case basis, some lenders are reducing payments for a few months, while others are renegotiating terms of the car loan.
When it comes to leases, you can probably get up to six-month extension as well as delayed payments. But you’ll know more when you speak to your specific lender. Remember, phone wait might be long as the few businesses that are open have limited staff, operating on reduced hours. You can also contact by email, and ask for a representative to call you.
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Don’t forget to make sure you’re not late on your registration renewal!