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What happens if you miss a rent-to-own payment?
Short answer
It depends on the contract. Usually there is a short grace period, then late fees, and if payments stay behind the provider can immobilise or collect the vehicle, because they still own it. The most important step is to contact the provider before the payment fails and agree a plan.
What to do
- Tell the provider before the debit order fails.
- Ask for options: a short payment holiday, splitting the arrears or a lower amount for a few weeks.
- Get the agreement in writing.
What to check before you sign
- How many days’ grace before action
- Whether the car can be immobilised remotely
- The notice you get before collection
- Whether paid-up equity counts for anything if the contract ends
See the rent-to-own contract checklist.
Questions drivers ask
Do I lose everything I paid if the car is collected?
On many rent-to-own contracts, yes: the payments count as rental. Read the termination clause before you sign.