Does Late Car Payment affect credit?

Question

well my dad gave me a car payment to mail and i misplaced it and i found it in my car 2 weeks later and i recently mailed it in without telling him ( yea im screwed ) but how will it affect his credit? will he get charged

Answer 1

Late payments are a major score killer.
And they remain on a persons reports for 7 years from the date of the late.

Not only will his scores suffer but he will probably be also charged a late fee.

You should tell him about it so he won't be confused when the late fee shows up on his next statement. Plus, he should contact them, explain the situation and request goodwill in them not reporting the late.

Answer 2

It depends. If the payment was received 30 days after the due date, it will be reported as late to the credit bureaus.

If it was received before 30 days after the due date, then it will be whats called a internal late and your dad will be hit with a late fee but not a reported late payment.

It will however establish whats called a internal late profile which could result in your dad having problems getting additional loans in the future from this lender.

Answer 3

Tell him immediately, and have him contact the lender right away. If he has made many payments and none were late before, they will generally forgive the late fee and payment. If this has happened before, then probably not. Suggest to your dad to sign up with payments on line, or maybe even billpay from his bank. Save a stamp, and time! Yes, late payments can report to his credit and damage his credit profile with the current lender.

Answer 4

Yes and Yes assuming it didn't make it to the company by the due date.

He will likely be charged for late payment if it didn't make it by the due date. If such is the case, it will SLIGHTLY lower his credit rating, assuming this is the first offense.

What you can do is to tell your father and have the father call the credit company. Sometimes, for first time offender (late payment), they can give you a break if the reason is sound. Never hurts to try.

Answer 5

Finance companies usually report late payments to the credit reporting agencies, yes. In addition, there will most likely be a late fee from the finance company on his next bill.

'Fess up now so he's prepared before the bill arrives, and offer to pay whatever the late fee is.

Answer 6

the credit shouldnt be hurt too bad, at least you got it mailed!

Answer 7

Pay regularly next time onwards.

Answer 8

Yes to all of it.

Answer 9

no, not unless you go into defualt