Honda Financing 101: What Should I Do if I Miss a Payment?

Missing a car payment can be worrisome, but if you’ve had a solid payment history until now, it shouldn’t be cause for panic. Taking a few simple steps can get you back on track, and the Honda financing experts at Pacific Honda are here to help. 

Assess the Situation

The first thing to do is to assess the situation rationally; once you understand the problem, identifying a solution is easier. Perhaps you were distracted, the credit card on the account expired, or you’re in the midst of a significant life event.

Evaluate Your Finances

Sometimes, the money is there and simply needs to be disbursed. On the other hand, it’s equally possible that a job loss or medical bills have set you back. When you call to discuss the situation with your lender or leaseholder, more information is always better, so it’s helpful to look at your current bank balance and consider the situation going forward.

Contact Your Lender

Now that you understand the big picture, it’s time to contact Honda Financing. This can, admittedly, be a bit intimidating or even embarrassing. However, they’re people just like you, and they’ve seen it all.

At this stage, it’s crucial to be transparent and honest. There may be late fees or penalties involved, but if you’re proactive, it’s easy to set up a payment plan to get caught up. Then it’s a matter of sticking to that plan, so you don’t fall farther behind.

Set Up Automatic Payments

Whether your lease is new or you’re farther along, we suggest setting up automatic payments. When the payments are debited monthly like clockwork, it prevents issues like these.

If you’re in the market for a new Honda car, visit our Honda dealership in San Diego. We can answer your financing questions and make it easy to find a vehicle you can afford.