Life happens. If you have missed a car payment or you think you might miss one soon, do not panic. You have more options than you think, and the most important thing you can do is take action quickly.
What Happens After a Missed Payment
On the first day after your due date, interest begins accruing on the unpaid balance. This is how simple interest loans work. The longer the payment goes unpaid, the more interest accumulates on top of what you already owe.
After your grace period expires, a late fee is assessed. Your retail installment contract specifies the exact grace period and fee amount, so it is worth reviewing those terms if you are unsure.
If your payment goes more than 30 days past due, it may be reported to the credit bureaus. A single late payment can impact your credit score and remain on your report for up to seven years. This is why acting quickly matters so much.
Beyond 60 days, the situation becomes more serious. You may receive additional notices and collection attempts, and the consequences become harder to reverse.
What to Do Right Now
The most important step is to call us immediately. Reach our team at (855) 562-4820 as soon as possible. We can discuss your situation, explore payment arrangements, and help you get back on track. The worst thing you can do is avoid the call. We genuinely want to help, but we cannot do anything if we do not hear from you.
If you are able to make any payment at all, even a partial one, do it. A partial payment shows good faith and reduces the interest that is accruing on your account every day.
From there, work with our team to create a plan that fits your current circumstances. We understand that situations change, and we would much rather work with you to find a solution than see your account fall further behind.
How to Prevent It from Happening Again
There are a few simple steps that can protect you going forward. Setting up AutoPay at accountinfo.com is the most effective way to ensure you never miss a payment. If your current due date does not align with your pay schedule, call us and request a due date change. Setting a calendar reminder three days before your due date gives you a buffer to make sure funds are available. Building even a small payment cushion in your account can also make a big difference.
The Bottom Line
Missing a payment is not the end of the world, but it is something you want to address quickly. The key is to act fast, communicate openly, and get back on track as soon as possible. We are here to help, and the sooner you reach out, the more options we have to work with.
Call us: (855) 562-4820