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What happens if I miss a payment or make a late payment?

There may be a fee for missing a payment or making a late payment. You can find this information in your loan agreement. Since there is a daily interest charge on loans, more interest accrues when there are more days between payments. As a result, you may pay more interest over the life of the loan.

Example
If the daily interest charge is $2.50 and it has been 30 days since your last payment was made, the interest due will be $75.00 ($2.50 x 30 days).

Let’s use the same daily interest charge but now say it has been 40 days since your last payment was made, the interest due will be $100.00 ($2.50 x 40 days).

To learn how to calculate the daily interest charge, visit How do I calculate interest on an auto loan?

If you’re having difficulty making payments on your loan, we may have options available for you. For more information, visit Get help with payment challenges or call us at 1-800-289-8004.

There may be a fee for missing a payment or making a late payment. You can find this information in your loan agreement. Since there is a daily interest charge on loans, more interest accrues when there are more days between payments. As a result, you may pay more interest over the life of the loan.

Example
If the daily interest charge is $2.50 and it has been 30 days since your last payment was made, the interest due will be $75.00 ($2.50 x 30 days).

Let’s use the same daily interest charge but now say it has been 40 days since your last payment was made, the interest due will be $100.00 ($2.50 x 40 days).

To learn how to calculate the daily interest charge, visit How do I calculate interest on an auto loan?

If you’re having difficulty making payments on your loan, we may have options available for you. For more information, visit Get help with payment challenges or call us at 1-800-289-8004.

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