For drivers nationwide, Mazda financing can be a simple and affordable way to enjoy a world-class driving experience without breaking the bank. But what if the worst should happen and you miss a payment on your financing agreement? Here’s what our financing experts at Tumminia Mazda have to say.
Potential Consequences
As you’re probably already aware, missing a payment on a Mazda financing agreement for any reason can have severe consequences. In addition to any penalties or fees incurred by the financial institution that manages your loan, financing packages negotiated through Mazda Financial Services will be reported to federal credit reporting agencies, which may negatively impact your credit score.
Reach Out
The first thing to do if you’ve missed a payment or expect to miss one soon is to communicate with your lender—the bank or financial institution that services your auto loan. Tumminia Mazda can help you contact the appropriate organization to manage this situation. Your lender can negotiate a plan to address the consequences of this missed payment, whether refinancing your vehicle or, in severe cases, selling your car. Some states, including Kansas, offer a limited window to “cure” their auto loan after a missed payment, so moving quickly is essential to pursue this course of action.
Finance a MAZDA Vehicle in Olathe, KS
The most important thing to remember if you miss a Mazda finance payment is not to panic—acting promptly and rationally is the best course of action. Contact Tumminia Mazda today to learn more about available Mazda financing or schedule a test drive near Kansas City!
