Financial Hardship & Support version 2

Struggling with your repayments? Talk to us early.

Life happens. Job changes, health issues, family stuff, cost of living… it can all make it harder to keep up with repayments.

If you’re finding it tough, please reach out before things snowball. We’d much rather work with you on a plan than have your arrears and stress levels keep climbing.

What do we mean by “financial hardship”?

You might be in financial hardship if:

• You’re behind on your repayments, or know you’re about to fall behind
• Your income has dropped, or your expenses have jumped
• You’re dealing with illness, injury, separation, caring responsibilities or other major life changes
• You’re experiencing family or domestic violence, or other vulnerabilities

If that sounds like you, it’s completely okay to ask for help. That’s what this page is for.

How CarCoop may be able to help

We look at each situation individually. Once we understand what’s going on, we’ll assess your circumstances and may be able to offer options such as:

• Temporarily reducing repayments Short-term breathing space while you work through a change in income or expenses.
• Short-term payment arrangement to catch up A structured plan to help you reduce your arrears over time, while keeping repayments realistic.
• Returning the vehicle to minimise further debt If keeping the vehicle is no longer workable, we can talk about surrendering it to prevent the debt from increasing. We’ll explain what that means for your balance and work closely with you on the process and steps following.
• Other tailored options In some cases we may suggest something different based on your circumstances and contract.

Whatever we propose, we’ll explain:

• What you’ll pay
• How often
• What happens to your arrears
• Whether your contract term changes so you can make an informed decision.

How to ask for hardship help

You can fill in the short form below, or if you’d rather talk it through, email our Payments Team or give us a call — whichever you’re more comfortable with.

Email – Payments Team: payments@carcoop.com.au
Phone – Payments Team: 1300 614 299

Our Payments Team handles hardship discussions every day and can resolve most situations directly with you. If your situation needs a deeper review, they’ll work with our Compliance Manager to find the best solution.