Communicate with your lender if you are having any difficulty in making your vehicle payment, whether you are purchasing or leasing. Often, there are programs to assist you. For example, during the pandemic, Citibank allowed auto loan customers to skip up to three payments. You may also get a cheaper rate. The important thing is to call your lender the first time you are going to miss a payment, before you go into default. Default happens when you are 90 days delinquent on a loan payment. Here is the delinquency rate of credit card debt compared to other types of debt. Note that student loans have the highest delinquency rate of all types of debt.
