What happens if I miss a car payment?

You'll typically owe a late fee after the grace period, and if the payment is 30 or more days late, it may be reported to the credit bureaus and hurt your score. Continued missed payments can lead to default and repossession, with rules varying by state. If you're struggling, contact your lender early, since many offer deferrals or modified payment plans. The CFPB at consumerfinance.gov has resources on avoiding repossession.