FINANCE Q&A: What Happens If I Can’t Make My Payments On Time?

Posted on January 6, 2010

Expert Don Coolbaugh of Advantage Funding continues a weekly series of questions and answers for chauffeured transportation operators on all matters related to financing and leasing fleet vehicles.

QUESTION: What happens if I can't make my payments on time? 

ANSWER: If for any reason your company experiences a cash flow issue, you must immediately contact your financial institution and keep them in the loop. No one knows your business like you do so only you can assume when cash flow will improve.

Lenders are willing to work with those that are forthcoming and have many tools to assist. The worst thing you can do is stop communicating as this always come with dire consequences.

Source: Don Coolbaugh, vice president of sales, Advantage Funding Inc.

E-mail finance and leasing questions to: Martin@LCTmag.com

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