Failure to make payments on time may result in late fees and penalties being added to your account balance.
1. Late fees and penalties
2. Negative impact on credit score
Non-payment or delinquency can lead to a negative impact on your credit score. This can make it harder for you to qualify for loans, credit cards, or other forms of credit in the future.
3. Collection efforts
If you consistently fail to pay, RNR Tire may initiate collection efforts to recover the amount owed. This can include contacting you via phone calls, letters, or even engaging with a debt collection agency.
4. Repossession of leased tires/wheels
RNR Tire has the right to repossess their leased tires/wheels if you fail to make payments as agreed upon in the leasing agreement.
5. Legal action
In extreme cases where resolution cannot be reached through negotiation or collection efforts, RNR Tire may resort to legal action.