Generally, if the car loan is overdue and the user still cannot pay, they can borrow money from relatives and friends around them and pay off the overdue amount of the car loan first. As the overdue time increases, the overdue interest will also increase. In addition, you can try to negotiate with the lending institution to see if you can apply for a deferral of repayment or agree on a different repayment time for the car loan.
If the car loan from an automobile consumer finance company is not repaid, the automobile consumer finance company will start to charge penalty interest from the overdue date. Some penalty interest rates will even be higher than the normal borrowing interest rate. Quite a few. If the customer continues to default, the penalty interest incurred will increase and the customer's repayment burden will become heavier and heavier. Moreover, overdue situations will be reported to the central bank's credit reporting system, leaving negative records in the customer's personal credit report, thus causing damage to the customer's credit.
Automobile consumer finance companies generally arrange for staff to send text messages and make phone calls from time to time for collection purposes, and some will also outsource to specialized collection companies for collection purposes. And if the customer continues to fail to make payments overdue, and the auto consumer finance company fails to respond to multiple reminders, or even cannot be contacted, then it is very likely that a lawsuit will be filed in court.
It should be noted that there is no repayment grace period for car loans, which means that car loans cannot be repaid overdue. If there is not enough money in the bank card for the system to deduct after the repayment date, the It becomes overdue payment in two days. However, the problem is not serious for a few days overdue. Just pay it off in time. However, if it is overdue for more than three consecutive months, the car will be impounded and then auctioned, and personal credit will also be affected. . Don’t run away once your car loan is overdue. You must actively resolve the loan problem with the lending institution. You must know that a car loan is a mortgage of the vehicle, and the lending institution can recycle the mortgaged vehicle.
About Carl Finance
Carl Digital (formerly Carl Finance) is an automotive finance technology platform affiliated to Beijing Qusu Technology Development Co., Ltd. and was established in Beijing in 2016. The senior management team of Carl Digital comes from a number of licensed financial institutions, has more than ten years of experience in the industry, and controls a number of financial leasing companies. According to other public information, in August 2020, Li Peng, founder and CEO of Carl Digital, officially announced that the Carl Financial brand would be upgraded to Carl Digital. Carl Digital has always been an enterprise that relies on Internet technology and big data risk control to develop financial services business with automobiles as the carrier.