Auto Loan Payment; Postmarked by the Due Date? PLEASE READ!?

Question

My auto loan is due tommorow. I have the money, but I completely forgot to send it out and mail is really slow around here. I don't want to spend $30 to send it overnight. What I was wondering is if the check is postmarked on the due date (tommorow) will it be considered late? I called the bank and they're closed, and I have school tomorrow until 7pm. The bank is First State Bank if anyone is familiar with them. Should I send out a check? Or wait until tommorow to call? Do banks accept debit card payments for auto loans? I have no idea... Anyone with prior experience who wants 10pts please answer. Thanks in advance!

Answer 1

Firstly, don't worry. You're not going to compromise your credit by being 3 days late. Banks don't care what date is on the check. They're only concerned about when they receive payment. You have 3 options:

1. Find a First state bank location near your school and make the payment @ lunch hour, and miss a class if you have to.

2. Call the bank first thing in the morning, and ask if you can make the payment anywhere else that's more convenient.

3. Tell them you're putting it in the mail in the morning. 2 things will happen:
A. They'll be happy you contacted them first
B. Nothing bad will happen, you're generally allowed a 3 day grace.

Answer 2

1

Answer 3

Even if the check is postmarked for the due date the bank still has to receive the check BEFORE the due date to process it. Your best bet would be to call and ask if you can use your check or debit card over the phone to make the payment, If you don't you'll have a late fee tacked on and they are a bite. Just do what you can to get that payment in on the due date.

Answer 4

A bank will accept a debit card payment or an electronic check. Look on your billing statement for a telephone number to make an automated payment. Most of the time, it will be totally automated, you won't have to talk to anyone, and it should be accessible 24 hours a day. If this is your first late payment, usually there is a 5-7 day grace period on the due date. If you just contact your loan company and tell them that the check is in the mail, they won't have the guy with a wrecker looking for your car.

Answer 5

The date of the check and/or the posted date will not suffice.
It must be in the lender's hands on the due date.

The bank will no doubt accept a debit card for the payment.
A debit card is not considered a credit card, but the same as cash.
Call tomorrow with your debit card and all pertinent information.

Have you considered "online payments" ?
Those, however, may take 24-48 hours to be posted to your bank account.

Answer 6

Postmarked Check

Answer 7

It may be late, but depending on the auto company, you may not get charged for additional interest. The due date means the check has to be in their hands.
To pay bills easily, contact the bank to see if they have online banking. It's easy to do and you can schedule monthly payments on specific due dates.

Answer 8

First rule in paying bills:
Never wait until due date, to pay them. You may not have the
money anymore to pay them, when they are due. Get in a
habit of paying them when you recieve them. That way you
will find you have extra to "save" for your savings account.
Most Banks have a "grace period," that they don't tell you
about or you may get into the habit of waiting for the grace
period to end before paying your bills.
So, "calm down," and go to the bank after school with your
payment and check book and all should be fine. And this
should not effect your credit rating at all. <}:-})

Answer 9

Go to the lender's web site and see if they'll accept your payment electronically using a checking account or credit card.

You might consider using online banking to schedule payments automatically for recurring bills.

Answer 10

Just call the bank as soon as they open and tell them the situation. They may be able to take the payment on a debit card, electronic transfer, or waive the time period, or other options.