The economy was impacted a few years ago by COVID-related issues, such as mass layoffs, shelter-in-place orders, closures, and more. It continues to take a beating with more layoffs, high inflation, rising interest rates, and other factors. As a result, some Honda drivers in the Murfreesboro area are struggling to make their auto loan payments. We are pleased to tell you about loan relief available through your lender.
For qualifying individuals, Honda Financial Service may grant a 60-pay payment deferment. This allows you to skip the next two monthly payments. These payments will be made up at the end of the loan term. Late fees may also be waived. Other lenders may be offering similar relief programs.
If you are financially stressed, you may not be in a position to get into a new lease right now. You may be able to extend your current lease until you are ready to surrender your vehicle. You may also surrender your vehicle to us without hassle as an alternative.
A deferment means the loan term is extended for a short time. In this case, the extension is for 60 days. You will not make a payment for the next two months, and any related late fees will be waived. However, interest will accrue as usual. Because the loan term is extended by two months, the skipped payments will be made at the end of the loan.
With an approved deferment, your credit rating will not be damaged by skipping the agreed-upon payments. However, any missed payments outside of the approved deferment period will be reported on your credit report.
You can request a deferment through Honda Financial Services. This can be done by logging into your account or by calling the loan servicing department’s customer service line.