How to Get Car Payments Deferred

Although most individuals only take on car loans they can afford, sometimes an unexpected crisis--often a job loss or unexpected medical bill--causes the borrower to be without the necessary funds to make the payment. Fortunately, most car loan officers are willing to defer payments for a short time if you can prove the need.

Instructions

1

Contact your auto lender as soon as you realize you cannot make your monthly car payment. Auto lenders are more apt to work with you if it looks like you are making an effort, versus just ignoring them.

2

Inquire as to whether the lender has a hardship deferment. The lender may offer to defer the loan payments for a total of 30 to 90 days. You will still have to pay the loan; the deferment is simply a postponement of your car payments to a later date.

3

Gather all of the necessary documents needed to prove why you cannot make your monthly car payments. A letter from your doctor or a pink slip from your employer can be copied and faxed to the loan officer for verification.

4

Make arrangements to begin payments at a later date. This is often done through a document called a forbearance agreement. The forbearance agreement will list why you needed the hardship deferment, how long the deferment is good for and the payment plan that will take affect once the deferment period is over. The loan officer may mail it to you to review and sign.

5

Request a written letter that the hardship deferment was granted, or a copy of the forbearance agreement, if one was made. Keep these documents for your records.