If you are unable to make your car payment because your budget has become a little too tight, you can ask to have one or more payments postponed. However, the merchant is not required to agree to your request.

What should I know if I want to postpone one or more payments? i

Generally speaking, merchants are more inclined to agree to postpone one or more payments if there are no late payments at the time of the request. It is therefore recommended that you contact the merchant as soon as you anticipate any difficulties.

Cars that are leased or rented

Merchants are not required to agree to postpone payments. If they agree to do so, they may only ask that you pay the accrued interest. The contract usually provides for the interest rate that will be substituted to the legal rate of 5% per year. No other fees may be charged.

Cars that are purchased and financed through a dealership

Merchants are not required to agree to postpone payments. If they agree to do so, they can only ask that you pay the credit charges stemming from the application of the credit rate calculated in accordance with the law, which must be disclosed in the contract. No other fees may be charged.

What would happen if I simply stopped paying? i

The pages titled Difficulties Making Payment – Leased Automobile and Payment Difficulties and Financing – Purchased Automobile explain the various possible scenarios.

Furthermore, you should keep in mind that any late payments or forced repossession of the vehicle are very likely to be entered into your credit file.


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Last update : May 6, 2021

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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.