What happens if you are late with your car payment?

If you are late on your car payment, you may incur fees and credit implications.

Key points

• Continued delays may also lead to procedures related to the car's warranty, as per the contract.

• Contact the bank as soon as you know you're going to be late and inquire about a formal solution before the payments accumulate.

• Don't assume that owning the car prevents the bank from taking action on the financing.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• Central Bank of Egypt — Consumer Protection

• Banque Misr — Auto Loan