I am going out of country for 3 months on a leave of absensce, which means i wont be paid in this time. Can i get payment holiday from my car finance company?
2006-11-09 05:40:05 · 8 answers · asked by sids000 1 in Business & Finance ➔ Credit
Absolutely.
You should call them and offer to make small nominal payments in advance (or even let them take small token payments directly from your checking account) while you are gone.
Your account will continue to accrue interest while you are gone, however, and your repayment schedule will be altered to be longer.
If you are going to be gone and not driving your car, you may want to contact your auto insurer and tell them to put your liability policy in abeyance while you are gone. They can probably halt the need for liability premiums and you'd likely get to extend your insurance coverage when you get back to make up for the time you didn't use it.
2006-11-09 05:44:17 · answer #1 · answered by markmywordz 5 · 0⤊ 0⤋
To be exact - you do not own the car, until you hold the title the auto is still owned by loan holder, they can not file the auto as stolen this is a civil contract, but they can though file the car under repose status and come and get it. At which point you will owe not only the car payments missed, tow charges, repo charges, and filing charges, if they decide to give the car back, you will also have this on your credit record for ten years. The best thing to do in this situation is to call the loan holder and find out what your rights and options are. Also no matter if the bank is excepting money for this car or not once it is in repo status you will still get the car repoed no matter what unless you call and make arrangements to pay said debt. If you are not willing to pay the debt in full then you should give the car back and stop payment intirely at this point.
2016-05-22 00:42:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are lots of companies that let you take a couple of months off, just ask. It also depends on your status with them and how much longer your loan is. Usually they take those payments and add them to the end of your loan- that makes your loan 2 months longer. Try it!
2006-11-09 05:52:30 · answer #3 · answered by jessigirl00781 5 · 0⤊ 0⤋
I'm not sure for that long of time. If you've had the payment for a while, say 2 years, they may let you. They did on mine once for two months I believe.
2006-11-09 05:44:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They will usually give you one month w/o payments a year, contact them to make an arrangment.
2006-11-09 05:47:45 · answer #5 · answered by Jody 6 · 0⤊ 0⤋
you can defer a car payment to the end of the loan and be charged the extra interest incurred.
2006-11-09 06:03:09 · answer #6 · answered by Janette 6 · 0⤊ 0⤋
probably not more than one month--call your finance company to find out their policy....
2006-11-09 05:53:01 · answer #7 · answered by phyllis_neel 5 · 0⤊ 0⤋
It doesn't hurt to ask.
2006-11-09 05:48:14 · answer #8 · answered by First Lady 7 · 0⤊ 0⤋