Auto Modification FAQs
FAQs
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Yes. To complete the modification setup, we'll need all buyers on the account to accept the terms of the agreement. This means if we don't receive a signature of acceptance from everyone by the date outlined, we won’t be able to process your modification, and you'll have to restart the process. We can't guarantee you'll see the same modification option again.
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Refinancing replaces your existing contract with a new one. Modifying, on the other hand, changes the terms of your current contract — in this case, the length of the contract and monthly payment amount.
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Going through the online payment assistance process isn't the only way to request a modification. Call 1-888-925-2559 or chat with us online if you want a modification but can't make an online payment, and we’ll try to help.
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Yes, and the modification won’t change your existing SCRA rate.
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No, once you set up a modification, you won’t be able to modify again, change your due date, or set up an extension.
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Assuming you pay according to the terms of the modification, you’ll pay more in finance charges, although you may not have to if you pay early or pay the account in full before the original term.
A modification can also affect your GAP, life or disability insurance policies. We’ll apply a prorated refund for canceled life or disability insurance policies in the following states: AL, CO, DC, ID, IA, KS, MD, MA, OK, SC and WY. This refund can’t be applied toward past-due payments or other amounts owed.
Modifying your account doesn’t change how we share info with credit reporting agencies, and won't change any payment performance history that already exists on your credit report.
There’s no penalty if you want to pay off your account after you've modified it.
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If you expect to face continued financial hardship, you can request a modification to lower your monthly payments. Keep in mind: a modification also lengthens the length of your contract, resulting in more finance charges due to the longer repayment period. To complete the modification, you’ll have to pay the amount of accrued unpaid finance charges or the new modified payment amount (whichever is lower).
A modification won’t forgive or waive any portion of your outstanding balance, and won’t affect your APR.
To find out if you qualify for a modification online, log in , select the vehicle account you want to modify, then go to Explore Payment Options. Or, give us a call at 1-888-925-2559 .