What To Do if You Miss a Mercedes-Benz Lease Payment

If you’re searching for a Mercedes-Benz lease, Keyes European has you covered. We’re sharing all you need to know about qualifying for a lease and best practices for when you take a lease out. Here’s a closer look at the next steps if you miss a lease payment and how to get back on track.

Pay the Late Fee

It’s crucial to keep up with all your lease payments, but if you only miss one after a strong payment history, don’t worry just yet. Typically, you’ll see a late fee after the first missed payment. Most leases have a grace period of 30 days, so you have time after the late lease payment before any late fees kick into effect.

Watch for Termination Fees

If you go too long without making any payment toward your lease or the late fees, you may see early termination costs associated with the lease. When you return a vehicle early, there is often a termination fee. In the case of late or missed payments, the contract is considered broken, and the car is deemed returned, which triggers termination costs.

Check Your Credit

To lease a vehicle, you typically need to have very high credit. When you miss a payment and fail to pay back any accrued costs or expenses, it can have a negative effect on that credit score. Throughout the repayment process, you want to be sure to check your credit so that you can take the proper steps.

You can learn all about the vehicle leasing and financing processes at our Van Nuys Mercedes-Benz dealership. The expert financing team at Keyes European will ensure you have all the information you need to find the best car for your needs, plus financing tailored to your situation. Call or visit today to find out more.