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If you've missed a car payment or two recently -- or you think you might have to skip an upcoming one -- you're not alone. Due to the coronavirus recession and record levels of unemployment, nearly 3 million auto loans are currently in some sort of deferment program, according to a recent data released by credit reporting agency TransUnion.
Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. However, in the wake of the recent economic turmoil brought on by the coronavirus pandemic, most lenders have streamlined their financial hardship programs and are willing to be a bit forgiving if you just ask for http://hsprint.com/xe/?document_srl=367889 help.
But just like the help available with rent payments and unemployment benefits, you do have to ask. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. (Scroll to the end for what else you should absolutely not do.)
Here's a look at the most current information and resources we could locate to help you deal with your car payment. We'll continue to update this story as new details emerge.