If you are, or are close to being late, you need to do something right away. Start with this video and then dig into the action items below.

If you find yourself in any of the following situations, don't panic. There are steps that you can take.

Having a clear plan and guidance can make all the difference in navigating your situation, reducing stress, and helping you take back control of your finances.

Start by reviewing your current financial situation

This will allow you to see where your money is going and how you might be able to reduce your expenses. To start, list all of your expenses and when they are due. Include your income by date and amount. You may want to use a spreadsheet or an app to help you keep track. Remember to include any expenses or income that occur less frequently than monthly such as quarterly or once a year.

Next, you'll need to talk to your lender following the appropriate plan below.

If you're only going to be late one time

If you know you'll only be late once on your car payment, don't skip it. Reach out to your lender as soon as possible to explain the situation. Many lenders offer grace periods or flexible options to help you avoid penalties or damage to your credit. Taking this step shows responsibility and keeps you in good standing, ensuring a single delay doesn't turn into a bigger issue.

If you're afraid you can't afford this car payment any more

If you're worried that keeping up with this car payment is becoming too much to handle, it's time to take action before the stress builds up. Explore your options—whether it's refinancing, adjusting your payment plan, or seeking assistance. Acting now can help you regain control and protect your financial stability, ensuring you stay on track without compromising your peace of mind.

If you're already behind on your car payment

If you're already behind on your car payment, it's important to act quickly. Contact your lender to discuss your options—they may offer solutions like a payment extension, refinancing, or restructuring your loan. Taking the initiative can help you avoid late fees, protect your credit score, and prevent the risk of repossession. The sooner you address it, the easier it will be to get back on track.

If you're late on payments for other items, too

If you're falling behind on payments for other items as well, it's a sign to take a step back and assess your finances. Start by prioritizing your essential bills, like housing, utilities, and transportation. Reach out to your creditors to discuss payment options, extensions, or reduced plans. Taking control now can help you avoid further stress, protect your credit score, and start building a plan to regain financial stability.

If your car has been repossessed

If your car has been repossessed, don't lose hope—there are still steps you can take. Contact your lender immediately to understand your options. You may be able to reclaim your vehicle by paying off past-due amounts or negotiating a repayment plan. If that's not possible, explore alternatives like refinancing or purchasing an affordable replacement. Taking action now can help you move forward and rebuild your financial footing.

If you need help in figuring out what to do

If you need help figuring out what to do, don't hesitate to seek support. Reach out to a trusted financial advisor, your lender, or organizations that specialize in debt management. Having a clear plan and guidance can make all the difference in navigating your situation, reducing stress, and helping you take back control of your finances.