The Lexus payment process is made simple when you visit MotorWorld Lexus. We make it our mission to support drivers from the very start of the financing process until they make their last payment, and we’re here to answer your pressing questions. Learn about what happens if you miss a Lexus payment with our finance team.
You’ll Receive a Fee
The good news is that the first missed payment comes with a simple warning fee. Typically, you’ll see a charge of $25 or $50 reflected on your bill, which serves as a reminder of future payment requirements, and gives you the chance to begin payment again. If the payment still hasn’t been made after 30 days, it will get marked as delinquent, which is when you can expect to see more serious consequences.
Your Credit Will Be Affected
Once the bill is marked as delinquent, your credit can really suffer. This flag will affect your credit score, making future loans less favorable. The truth is, a simple missed payment can affect your credit score overnight, but may take months or years to recover from, so you want to try to make a payment before this stage.
The Vehicle Gets Repossessed
If you go long enough without making proper payments on your vehicles, the car will eventually get repossessed. Because the vehicle is collateral against the loan, you’ll lose money and may have a difficult time getting the car back. In addition to repossession, you may be liable to be sued for nonpayment-related loss.
Access Lexus Payment Support in Wilkes-Barre, PA
Failing to make a vehicle payment can be a scary prospect, and the consequences are significant. The good news is that you’re not alone. At MotorWorld Lexus, we’ll provide the tools, resources, and expertise to ensure you never miss a payment you don’t have to miss, and to help you get back on your feet in the event you do. Learn about payment support options with help from our expert team.