Many Americans are asking lately “What if I can’t pay my car loan?” First of all, you’re not alone in the struggle. If you’ve missed car payment or two recently – or worry you might miss one soon – you have options. Typically, missing a car payment will damage your credit score or even lead to your lender repossessing your vehicle. However, most lenders have some type of financial hardship program if you ask for help. You do have to ask though. And ask ahead of missing a payment, if at all possible. The worst thing you can do is to ignore the situation and hope it’ll work out on its own in time. Here’s a look at some options & resources that might help you deal with your car payment.
First, see what assistance your lender has to offer
Find out what kind of programs your bank, credit union or other auto loan lender has available. Also, get familiar with Mississippi Repossession Laws to know what can and cannot be done. Most of the automakers no longer advertise their payment relief programs. If you are facing missing a payment due to a job loss (from the pandemic or whatever other reason), the best thing to do is to contact your lender. Explain your situation, and hopefully they may be able to offer some short term assistance like a payment deferral, a partial payment option or a lease extension.