Nissan Finance Late Payment Grace Period Explained in Plain Language

Nissan Finance Late Payment Grace Period

Nissan Finance’s late payment grace period varies by your location, customer service representatives said. The grace period can also vary by the type of contract you have; some states allow for a longer grace period on a lease (versus a purchase agreement). In most states, the grace period is between 10 and 15 days.

Your account will still incur interest during the grace period, but you will not be subject to a late fee until after the grace period ends. Late fees also vary by location. Representatives for Nissan were unable to give specific late fee amounts without account information. To get a general idea, we looked into late fees in Florida, Michigan, and Oregon and found that they are usually about 5% of the past-due amount.

You can find grace period and late fee details in your contract with Nissan Finance or by contacting Nissan Finance at (800) 456-6622. Our article on the Toyota Financial grace period has more information on how to find your state’s auto loan laws. (The information applies to Nissan Finance auto loans just the same.)

Late Payment Reporting

Nissan Finance will not report your payment as late during the grace period. And, at the end of the grace period, while Nissan Finance will consider your payment late and charge a late fee, it will not report it as late to the credit bureaus immediately. If your payment remains unpaid until your next statement — 30 days from its original due date — Nissan Finance will report it as late to all three credit bureaus, customer service representatives said. Late payment reports damage your credit score.

Avoiding Late Payments

The grace period is available monthly, but Nissan Finance representatives said customers should not make a habit of using the grace period. Instead, if you are having trouble making payments on your due date, you can change your due date to one that works better for you. To request a due date change, call Nissan Finance at (800) 456-6622.

Another way to avoid payment issues is to set up recurring payments from your savings or checking account. By linking your bank account, Nissan Finance can draw your payment automatically on its due date each month. If you sign up for automatic payments, you should continue to check your bank account each month to make sure the payment processes; if it does not, you will need to pay it before the grace period ends.

Deferred Payments

Some Nissan Finance installment loans for vehicle buyers allow deferred payments. You can call Nissan Finance at (800) 456-6622 to see if your account is eligible for this service. Deferred payments are not available on leases.

If your auto loan is eligible for deferred payments, deferring a payment will extend your final due date by the number of deferred months. Additional interest will accrue on your account and the total amount you end up paying will be more. However, if you are experiencing a temporary financial hardship, this feature can help you keep your account from defaulting.