When you sign a Subaru lease, you are agreeing to make these monthly lease payments until the end of your contract. Understandably, you might start to panic if you miss a payment, but there are steps you can take to get back on the right path. Here’s what we recommend doing if you miss a lease payment at Lester Glenn Subaru.
Contact the Lessor
Depending on the terms of your contract, missing a monthly payment can mean that you are giving your lessor a chance to take back the vehicle. You do not want this to happen. So contacting them is the first thing that you should do.
You can contact whoever handles your finance company and update them on your situation. Did you miss your payment because you made a simple mistake, like forgetting the date? Perhaps you’ve overdrawn your account before an automatic payment or are experiencing financial difficulty. In any event, be open and honest about why the payment is late and what you are doing to rectify the situation.
Make Your Payment ASAP
Once you have contacted your lessor, prepare to make that payment as soon as possible. You do not want to fall farther behind on your payments. Find a way to compensate for that missed payment and save money for the next one.
Do Not Give Up on the Lease
One thing you do not want to do is give up on your lease. Even if your financial situation is not the best, letting your car get repossessed isn’t ideal. You could be on the hook for massive early termination fees and severely damage your credit score.
Learn More About Subaru Lease Options Today
If you want to lease a new Subaru car, visit our Subaru dealers in Toms River, NJ. We can answer any questions about lease agreements and then lead you to a new car or SUV that perfectly suits your budget and driving needs.
