When paying for something over time – especially with interest – you never want to miss a payment. But, because unexpected things can happen, sometimes, this is unavoidable. With Chevrolet leasing, missing a payment doesn’t have to be the end of the world. Here are some tips to consider.
Make the Payment ASAP
The first thing you should do when you discover you’ve missed a payment is to make it as quickly as you can. While there may be a late fee, you can avoid other issues if you get that money in quickly.
Call Your Lender
In addition to making the payment, you should also consider calling the dealership to explain the situation. This is especially important if you cannot make a payment immediately. Most dealerships are willing to work with their customers to find the best solution.
Set Up Auto Pay
If the missed payment was something you simply forgot, setting up auto-pay will help avoid this in the future. Money will automatically be taken out of your account, so you’ll never have to worry about being late.
If You Can No Longer Afford Payments
Missing a lease payment is one thing, but not being able to afford them anymore is different. If you’re in this situation, you will want to talk to the dealership immediately to learn about your options.
Ending the lease early is one of them, though it comes with an early termination fee. You may also consider taking the buyout and financing the vehicle. Once you become the owner, you can do what you want with the car, including selling it.
Take advantage of our online car payment calculator if you’re shopping for a new car and trying to make a more thoughtful budget so you don’t miss a payment. And don’t forget that if you have other questions about leasing at any point in the process, you are always welcome to contact Phelps Chevrolet in Greenville for the help you need.
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