75 mo term when would last payment be due?

[kittywitty]

i had 75 month term auto loan with wells fargo and my contract says first payment due aug 22, 2007 so when would my last payment be due? i would think november 22, 2013. wells fargo sent me a detailed payment history after months of disputes and they have my last payment being due october 22, 2013 if the date is really supose to be november 22, 2014 then i was never 90 days late and they are showing two 90 day late's and have verified them. also means i paid late fee's that i should not of had to pay.  i took a second look at their detailed history after i read they just lost a law suit for incorrect credit reporting on morgage loans.

[sccredit]

It doesn't matter when the last payment would be due but how far behind on payments you were.  

[kittywitty]

well it matters because that determines how late i was. my contract say payments beginning aug 22 2007 so 75 payments should have 75 months to pay. also matter because they were not my orginal lender and i believe that is when the change occured. you can't sell me a car telling me i will have 75 months to pay 75 payments and end up with only 74 months to pay 75 payments. i want the orginal terms. not sure why they ended up with my loan but they did.

[StartingOver10]

What the other poster is referring to is this:  your loan has per-diem interest. If you pay on time each and every time during the term of the loan, then the loan will be paid per the agreement you signed (75 months in your case). However, even if you pay one day late there is extra interest for that time period - unless you make an amount on one of your payments to cover the extra interest.

If you paid several days or weeks late, it will extend out the period of the loan or you will have a much larger balance due for the final payment to pay that extra interest incurred with the late payments.

You can reconstruct your loan by putting together an amortization schedule using the terms from the loan (use Bankrate.com auto calculator or something similar) and compare your actual payments to the scheduled payments. Then you can see where the exceptions, if any, occurred. Should be easy enough for you to trace all of your past payments through your bank statements if you pay with ACH or check.

[kittywitty]

i have a detailed payment history from wells fargo and they are telling me my 75 months started the day i bought the car even though my first payment wasn't due till a month later. my contract states 75 payments beginning aug 22 2007   so my loan should had matured nov 22, 2013. they are showing it matured in october 2013 so leaving me 90 day lates that were not really 90 days late. after calling 3 times yesterday they gave me the presidents office phone number and he opened a case for me and said it should take 5 days. i have scanned my contract and sent it to lexington law so hopefully that will help get the late's removed. i have noticed that after a dispute the bureau will delete the account and wells fargo adds it back under a different spelling of their names which tells me they haven't verifed anything. getting very annoyed i know what i was told when i bought the car my friend is the finance mgr at the dealership. i called him yesterday and he said i should have 75 months to pay 75 payments and they only gave me 74 months.

[Hoya08]

You did make 75 payments, which started on Aug 22, 2007 and ended on Oct 22, 2013, not Nov 22, 2013.

If you count 12-months, you do not end at the month you started with, but the month prior to the month you started with.  For example: January to December is 12-months.  If your first payment was in January, your 12th payment would be in December, not the following January. If you had a 36 month payment plan and the 1st payment occurred in Jan 2000, your final payment would be Dec 2002, not January 2003.

Your payments started in Aug 2007, the 72nd month is July 2013, not Aug 2013... so your 75th payment was Oct 2013.

Hopefully the late payment reportings were erroneous, but it's not uncommon to have late payments and still pay off the note on time with the agreed number of payments.

[kittywitty]

ok i get it now but things just still don't add up. it was late for sure and was not paid in 75 months. but the late's seem a bit much. they also added 4 late fee's on the last payment and it wasn't 4 months late. as of dec 1st 2013 i only owed about half of the last payment which was due oct 22, 2013 so on dec 22 i was 2 payments past due to the day so where is my 10 grace period? they reported 60 days late so do you not get a grace period as far as reporting is concered? i'm just really looking for an error somewhere and i don't trust them because they just lost a lawsuit for incorrect credit reporting. if they don't remove them it will take me forever to get my score up i'm about 630-640ish right now. my orginal loan was with wachovia dealer services and then the name changed to wells fargo dealer services and seems something else changed but i can't remember what. maybe it was the reporting date and that is why things don't add up

[Hoya08]

Compare your bank statements (what you actually remitted) with the monthly lender bill.

It's possible the lender did not process the payment on time (which has happened to me a few times on my 1st car note), which incurrs a late penalty in interest.  The incurred interest is added to your next payment.  If your next payment does not include the additional interest, and it's processed on-time, the lender may record it as late since you did not payoff the requisite balance (the regular payment with the additional interest).

[kittywitty]

well i paid nearly $1,000 total in november which covered all past due payments except for the last one october so on dec 22 i was 60 days due not past due. also in nov 11 they added a cpi adjustment which was removed on jan 6 2011 and a refund late payment on jan 28 so i think it is causing a 30 day late in january 2011 they are checking into it. i'll be happy to even get a 30 day late removed at this point. the cpi adjustment was them trying to tack on auto insurance even though my insurance company faxed over my policy multiple times. there was no lapse in coverage.

[kittywitty]

payment shows paid 11/30 on their list but my bank account says 12/3 they did it as a check i paid over the phone  on 11/30 and paid an extra $10 to pay over the phone. usually i could pay on the last day of the month and not get a late fee but they were actually due on the 22nd and i think they update to bureau's on the due date but i'm not sure. i think my statement date was around the 1st or 2nd of the month. so confusing