For reasons ranging from financial difficulties to simple forgetfulness, you may have missed a Mazda lease payment recently. If you’re wondering how to mitigate the consequences and keep the situation from escalating, Brown & Wood Mazda can help. Here are the potential effects of missed payments and the steps you can take to get back on track.
Possible Late Fees
Keeping up with lease payments is vital because missing a payment will result in a late fee. A majority of leases have a 30-day grace period. Some companies will automatically charge a late fee. If it’s the first time you have missed payment, a call to customer service may waive the fee.
Potential Repossession
The lessor or company may attempt to repossess the vehicle for long overdue or continued missed payments. For struggle with future payments, lessees can choose to terminate their lease early – an early termination fee must be paid.
Additional potential options available are asking the lessor for deferred payments. This will not require monthly payments. Instead, the amount due will be delayed until the end of your loan. However, each lessor will have a different policy. We recommend asking the lessor about your deferment options.
Likely Damage to Your Credit Score
Missed and late payments can cause the lessee’s credit score to drop, especially if it’s a repeated occurrence. Make regular lease payments on time after missing a lease payment to avoid hurting your credit, and remember that setting up a payment plan can avoid missed or forgotten payments.
Get Answers to Your Lease and Finance Questions at Brown and Wood MAZDA
Do you have more questions regarding your Mazda lease or loan? The Brown and Wood Mazda finance team will help answer your questions. Give us a call or visit us today!
