Generally, you cannot simply skip a car lease payment without facing consequences. A lease is a binding contract, and your payment schedule is non-negotiable after signing. Missing a payment will typically result in late fees, damage to your credit score, and could eventually lead to the leasing company repossessing the vehicle. However, most lessors offer some form of forbearance or payment extension program if you contact them proactively due to a genuine financial hardship, such as job loss or a medical emergency. These are not automatic and require formal approval.
The best course of action is to review your lease agreement for the specific policy on late payments and then contact your leasing company's customer service department directly. Be prepared to explain your situation honestly. They may offer a short-term payment plan, defer one payment to the end of the lease (which will still require payment later), or waive a late fee as a one-time courtesy. It is far better to seek a structured solution than to simply let a payment lapse.
| Potential Consequence of Skipping a Payment | Typical Impact |
|---|
| Late Fee | $25 - $50 or a percentage of the payment |
| Credit Score Damage | Can drop 60-110 points for a 30+ day late payment |
| Repossession Risk | Can begin after 30-90 days of non-payment |
| Lease Default | May trigger early termination clauses and fees |
| Difficulty Leasing/Buying in Future | Lenders see missed payments as high risk |
Exploring alternatives is crucial. If a long-term issue is anticipated, you might investigate a lease transfer or lease buyout, though these options come with their own costs and complexities. The key takeaway is that communication is your most powerful tool; silence will only worsen the situation.
