There are many reasons why a consumer may consider deferring an auto payment. Car payments typically require monthly payments over a period of years. The number of years and amount of each payment depends on the lease agreement or finance agreement between the customer and the finance company. Rreasons for deferring a payment include illness, bereavement, and unemployment.
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If a customer becomes ill and can not work for a specified amount of time, payments on an auto loan can be deferred for the amount of time set by the auto company. In some cases the customer can purchase an additional insurance plan to cover death, dismemberment and illness. The insurance will cover the cost of the vehicle of the customer is permanently disabled or dies during the course of the auto loan. In the case of temporary illness or a surgery, the insurance may cover a few months. The finance company can defer payments without insurance. This is judged on a case by case basis.
Some customers will defer car payments of a spouse or loved one dies during the course of the loan. The auto loan may have been a shared expense and the customer needs to readjust his or her lifestyle. In some cases the finance company will offer coverage in case a spouse dies. This will cover the balance of the loan. Deferments without the additional insurance can be negotiated.
If a customer loses his job, he may seek a deferment of his car payments. A job loss usually means a drop in income or a complete loss of income. Some finance companies are offering customers insurance that will cover a job loss. A customer without additional payment insurance can negotiate payment deferments with the company.
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