How to Skip a Car Payment
Financial troubles are difficult to deal with, especially if you are coming up short in your monthly budget. If you are unable to make your car payment in a particular month, you may be eligible for a one-time payment deferment. A payment deferment will not hurt your credit score or cause your loan to become past due. Contact your bank or auto lender as soon as you realize you won't be able to make the monthly payment--the earlier you do so, the better your chances are for receiving a deferment.
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Instructions
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Gather the documents needed for verification when calling your bank or auto lender; you'll need your loan account number (found on your statement or payment book), and the VIN (Vehicle Identification Number) of your vehicle.
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Call your bank or auto lender's customer service telephone number. Wait to speak with an account representative.
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Inquire about a payment deferment. Explain your hardship or other reason for needing a deferment. If the representative approves you for a deferment, he or she will make arrangements to deliver the appropriate documents to you--usually by mail or fax.
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Read the deferment agreement. Be sure you understand the agreement terms and conditions. If you don't, contact your representative and ask for assistance. Sign and date the agreement, and send it back to the appropriate department by mail or fax.
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Tips & Warnings
It's rare to receive multiple deferments on an auto loan--if you have previously received a deferment, you may have difficulty receiving another.
Depending on the policy, the auto lender may require you to make a partial or interest-only payment.
You'll still be responsible for making the payment. A deferment moves the particular payment to the end of the loan--effectively lengthening your auto loan by one month.
