Leasing a Lexus is a viable alternative to buying one. However, the thought of missing a payment may discourage you from doing so. If you miss a lease payment or want to understand the leasing process better, the experts in Lexus finance at Lexus of Valencia can explain your options.
Understand Your Lease, and Your Lender
The first thing to do is understand the details of your lease and current situation. How far behind you are on your payments, your ability to pay, and the details of your lease will all come into play. If you’re having difficulty making sense of it all, your Lexus dealer can help.
Having done that, get in touch with the company holding your lease or loan. Many lenders and lessors have programs to address financial hardship, and yours may be one of them. Remember that, like your lease, any relief agreement you enter is a contract.
What can you do in the immediate term? One option is a deferral, which moves a scheduled monthly payment to the end of the lease or loan contract. You must apply for approval before receiving one, and you may also need to pay a fee after acceptance.
Similar to other loans, you may also be able to arrange an installment agreement. However, you must remember that interest and additional fees will likely accumulate on unpaid balances.
If you foresee longer-term hardship, you may reconsider your loan or lease altogether. However, this must be approached carefully since early lease termination has penalties that can cause as many issues as they solve.
Answers to Other Common Lease and Finance Questions
Car ownership questions don’t stop when your lease or finance agreement starts. When issues arise, we encourage you to contact your Lexus dealer serving Valencia, CA. We’re always happy to help you!