Keeping up with your auto payments is critical, but if you miss a payment, it’s not the end of the world. Centennial Toyota can help you out if you miss a Toyota payment, or if you’re unsure if you’ll be able to meet your next payment. We’re here to walk through everything you need to know about making up for late Toyota payments.
Don’t Panic
First, it’s helpful not to stress out too much over a missed payment. While financial institutions want you to pay on time, they also understand that situations can happen that prevent you from paying on time. That’s why there are grace periods for missed payments so you can keep your vehicle.
Alert Your Financer
If you know you’re not going to meet your vehicle payment ahead of time, it’s best to contact your financer as soon as possible. They can work with you to schedule a deferred payment date or potentially reduce your payment. Lenders might also waive any applicable fees or only ask you to pay interest during the missed payment period.
Be Aware of Late Fees
Even if you work with your financial institution on a deferred payment plan, you may be charged with late payment fees. By paying these alongside a deferred payment, you can continue paying the loan at the regular rates.
Make a Payment ASAP
While missing a payment once is understandable, you don’t want to make it a habit. If you miss several Toyota payments in a row or otherwise make it a habit, your financer may reclaim your car.
Minimize Your Toyota Payment at Centennial Toyota
To reduce your monthly Toyota payment, our finance team can help you. Contact Centennial Toyota today to see what Toyota finance options you qualify for!
