my loan is usually late but I always pay it.
2006-10-16 03:07:04 · 10 answers · asked by nashvillekat 6 in Business & Finance ➔ Credit
They won't repossess your car for making late payments, but they will report it to the credit agencies and it will reflect in your credit score. If you are having trouble paying it on time, contact your loan company and ask them if you can change your due date, most will let you do this if you explain the situation; your paycheck comes later or whatever your case is.
2006-10-16 03:24:20 · answer #1 · answered by GreeneyedCowgirl 5 · 0⤊ 0⤋
Well, its never good to pay late. Especially a loan with a bank. They may not repo your car but they will report your deliquencies to the credit bureau. This will affect you later in life when you may try to purchase a house, a new car, even trying to get a studen loan. If you know you're going to be late, at least call your bank and let them know. You don't have to give them a sob story or a full explanation, just let them know when you're sending it. If you're having problems paying in time, you may want to sit down and look where your money is going. If you do a lot of frivilous spending, its time you slow down and be a little more responsible. Some places aren't so leniat when it comes to you paying late, especially if you don't pick up the phone and tell them. The gesture may result in them working with you.
2006-10-16 03:16:23 · answer #2 · answered by KrisKarson 4 · 0⤊ 0⤋
as long as you pay it no they won't repossess it but it may show up on your credit report a late payments unless it's with in the grace period after your car note is due. if it's do on the 12th then you have until the 22 before it's would be considered late. do you pay late fees each month?
2006-10-16 03:16:42 · answer #3 · answered by snoopdizzal 3 · 0⤊ 0⤋
Your automobile loan can not be late. basically your money could be late. and that i heavily doubt that your automobile would be repossessed given which you pay late each month. Your credits background will in simple terms record you as a late payer. autos are oftentimes repossessed from people who do no longer pay in any respect. i do no longer think of you have something to rigidity approximately. different than for the little smear on your credits checklist.
2016-10-19 11:58:11 · answer #4 · answered by briscoe 4 · 0⤊ 0⤋
If your just late every month that will go in your credit report as a Late/slow pay mark against you. usually it takes 3 months of no paying for them to repo your car. I would try and talk to the lending institution and see if you could get your payment due date changed to where it might help you get the payment in on time
2006-10-16 03:18:32 · answer #5 · answered by regg 2 · 0⤊ 0⤋
Usually not because the cost to repo a car makes it not worth it. Most places will do it if you miss 3 payments. Then they will send you a notice of repossession.
2006-10-16 03:14:06 · answer #6 · answered by walkerhound03 5 · 0⤊ 0⤋
No, they wait until you miss three consecutive payments. Your credit report will show that you've been late though...and when you go to buy a house or car, that information will be on there, showing that you are notorious for late payments.
2006-10-16 03:17:02 · answer #7 · answered by 2Good4U 4 · 0⤊ 0⤋
They usually wait until you are three payments in arrears before they repossess your car
2006-10-16 03:14:54 · answer #8 · answered by tallerfella 7 · 0⤊ 0⤋
As long as you don't fall multiple months behind - probably not. You shouldn't pay late, though, it costs you more in fees and interest.
2006-10-16 03:15:10 · answer #9 · answered by DoNNy 2 · 0⤊ 0⤋
Not if the payment is there. They reposess it when no payments are sent
2006-10-16 04:37:51 · answer #10 · answered by Anonymous · 0⤊ 0⤋