If your auto loan is among those expenses—and you can’t afford your car payment this month—here are five steps to consider.

1. Contact Your Lender.
2. Request a Deferral.
3. Refinance Your Car Loan.
4. Trade In or Sell Your Vehicle.
5. Voluntarily Surrender It.
6. Instant Action to Take Now if You Can’t Afford Your Car Payment.

What happens to car finance if you lose your job?

If you find yourself in the unenviable position of losing your job, then it’s possible you won’t be able to keep up the repayments on your lease vehicle. If you find that you are unable to keep up the repayments on your vehicle then there are a few options open to you.

What to do when you find out you have lost your job?

Though you may be tempted to keep your status a secret, friends and family can’t begin to help if they’re not aware. Letting people know you’re available for new opportunities is the first step in getting your job search off the ground. (This email template will make it easier).

What to do when you can’t afford your car payment?

If your situation is dire and you can’t afford to make a payment, first and foremost call your lender. Explain the situation and, if possible, have a budget prepared that includes a dollar figure you can afford for a monthly payment.

How does losing a job make you feel better?

Her loved ones shared their own stories about losing a job and finding another, which made Gerrity feel hopeful and less alone. “Hearing their similar stories, or the stories of people they knew who were in the same situation, comforted me and made me feel like I was going to be OK,” she told HuffPost.

What happens if you miss a car payment?

Missed Payments. The alternative to not working with the lenders is not making your payments, which can snowball into multiple problems. Late payments or nonpayments will be reported to the credit bureaus and will severely impact your credit score.