Can I put off car payments and insurance premiums because of COVID-19? [Toronto Globe and Mail (Ontario, Canada)]
Toyota Motor Corporation (TM)
US:NYSE Investor Relations:
toyota-global.com/investors
Company Research
Source: Toronto Globe and Mail
Can I put off car payments and insurance premiums because of COVID-19? I’ve lost some income because of everything happening with COVID-19. What happens if I can’t make my car payments right now? If you have to miss a payment because of COVID-19, don’t put off asking for help. “Typically a missed payment would result in a default, but these are unprecedented times,” says Michelle Pommells, CEO of Credit Counselling Canada. “If somebody has already missed a payment or expects to, I would recommend contacting your loan provider or insurance company immediately to ask if you can reduce payments.” Many companies, including the major banks, might let you reduce or delay payments if you don’t have a steady paycheque because of the pandemic. But the policies aren’t always advertised. They’re not automatic, either – you’ve got to let companies know what’s going on. “It’s always better to be pro-active than to wait for the company to call you,” Pommells says. Let’s look at what normally happ
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