what is the worst case senario if my car payment is late?

Question

say 2 weeks late?

im kind of embarrased to call and tell them it will be that late. i ran into a difficulty this month and something more urgent came up. i was trying to delay it till my next check in two weeks.

Answer 1

repo if you got it from a strict place like "tote the note".

Or it will be on your credit report.

Answer 2

The worst case scenario is you will get a couple of collection calls and maybe pay a late fee. It will NOT be reported to the credit bureau for being 2 weeks late. No reputable company would repo the car over the paymeny being 2 weeks late either. It is in their best interest for you to keep the car. I would however call & let them know you will be late ( To avoid the collection calls) and to set up a post dated check as payment if they allow it.

Answer 3

What you need to do is call and explain that you are going to be late and ask if they will add the payment on to the end of the loan. If you have a good pay history? They most likely will.

If not, the worst thing that will happen is a couple of phone calls and a late fee. You would have to be 30+ days late for then to report it to the credit bureaus.

Answer 4

First, contact the loan company; they may charge you a late payment fee, but they need to know the situation. These things will not go away. If you are more than a month late it gets reported to the credit bureau. Usually they don't repossess a car until you are at least 60 to 90 days late.

Answer 5

If you are two weeks from the due date, then you will have a late fee. You would need to be 30 days late to affect your credit. Don't wait the 30 days though, then you would have 2 payments to make.

Answer 6

It gets reported on your credit as a late payment. They aren't good to have, but not the end of the world.

Thats the worst case scenario. Best case is your lender is a 'kind reporter' and doesn't report it at all.

If you know you are going to be late, and there is no way out of it, call your lender and tell them you are going to be late. It might prevent them from reporting it if they otherwise would have.

Answer 7

As long as the payment is less than 30 days late, they won't report it to the credit bureau. They do, however, usually charge a late fee, which can be pretty high.

Answer 8

The worst case is repossession. For one late payment that is not the norm unless you have an extremely high risk loan. But if they report the late payment to the credit agencies, it will lower your credit score and make all future loans more expensive.

Answer 9

If its only 2 weeks, you'll get hit with a late fee and annoying "When are you going to pay us" calls. If it was 2 months, you can kiss your car goodbye.

Answer 10

Worst case, of course, would be repo

but usually will not repo until it is around 2 months overdue.

They will call and try to get you to pay first.

Call them and let them know you're going to pay. You'll be surprised, but usually they will make arrangements.

Answer 11

Enemy with a gun, I always keep my friends close, but my enemies closer. Or let the enemy walk out of the front door so that my Mom in law - if I had one, saw it and thought whatever she wanted to think.