Overview

Making your loan payments on time is important to avoid fees and potential negative impacts on your credit. This guide explains what happens if you miss a payment and how to stay on track.

What Happens If You Are Late on Your Payment?

✔ If your minimum monthly payment is not received by your due date, we will send a reminder.
✔ You have a grace period before any fees are assessed, as outlined in your promissory note or retail installment contract.
✔ If a payment is made after the grace period, a late fee may be charged.
✔ Your account status (positive or negative) is reported to credit bureaus every due date, which means late payments may impact your credit score.
✔ If your loan remains unpaid for an extended period and enters an Event of Default, it may result in more serious consequences. This can include your loan being sent to collections, repossession, additional fees, legal action, or further negative impacts on your credit score. Review your Promissory Note and/or Retail Installment Contract for specific details on default conditions and potential outcomes.

How to Avoid Late Payments

✔ Enroll in AutoPay – Setting up automatic payments ensures your monthly payment is made on time.
✔ Schedule Payment Reminders – Use calendar reminders or alerts to stay on top of due dates.
✔ Make a One-Time Payment Early – You can always submit a payment before the due date to stay ahead.
✔ Contact Support If You Anticipate a Late Payment – If you think you will miss a payment, reach out to our customer support as soon as possible for potential options.

Next Steps

If you are concerned about missing a payment, take action now to avoid fees and protect your credit. Contact our support team for assistance.

📌 Related Articles:

• How to Schedule a Payment

• Managing Financial Hardship: What to Do If You Can't Make a Loan Payment

• Loan Repayment Options