What happens when I cannot make
my next payment?
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What happens when I cannot make my next payment?
That is a scenario that we hope will never develop, but if it
does, all is not necessarily lost. The best advice here is to
stop in and speak to your dealer. Please be aware, however, that
it is imperative to have a solid payment history with your dealer.
The dealer cannot be expected to be understanding of your situation,
if you haven't established a reasonably consistent payment history.
So, let's say that you have been consistent and on-time, but you
have a special circumstance that will not allow you to continue
to fulfill your payment obligation. The first thing to do is schedule
a sit-down with your dealer and explain what is causing your repayment
problem. Be forthright, sincere, and truthful. The worst case
scenario for any BHPH
dealer is repossess your vehicle. However, he wants to be
comfortable in the knowledge that your payment hiccup is just
that....a temporary problem that will be soon resolved.
It is important to advise you here that one of the best solutions
for your problem is a temporary reduction in the amount to be
paid back . Ask, do not demand, from your dealer if that is acceptable.
Many times a dealer will accept a restructuring of payment for
a while rather than take the drastic measure of repossession.
Repossession is not good for either party. You will lose all of
your equity, and all of your renewed credit worthiness. It will
serve you well to keep an open line of communication with your
dealer. Be courteous and understanding of his position also. You
should understand that he has a business to run and that business
is fueled by prompt collection of agreed repayments. He had enough
faith in the relationship that he trusted you to drive his vehicle
on a promise. These dealers understand all too well that people
sometimes have issues that crop up their their lives that throw
a monkey wrench into their plans. They are profit driven like
all businesses, but most have a pragmatic approach to your contract
with them, and, if you offer them a sensible solution, to your
temporary problem, you can still be on your way to rebuilding
your credit and driving the vehicle of choice
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