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Auto Loan Payment Deferment

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Auto Loan Payment Deferment

Does anybody know from experience if deferring one car payment negatively effects your credit score?  Im not even late but Im thinking about deferring my next car payment.

Message 1 of 4
3 REPLIES 3
203bravo
Established Contributor

Re: Auto Loan Payment Deferment

Normally, a deferment works as follows :: You pay the accrued interest and then they tack the deferred payment to the end of the the loan... They will report the current month paid as agreed - so there is no negative effect on credit profile.

Message 2 of 4
pizzadude
Credit Mentor

Re: Auto Loan Payment Deferment


@203bravo wrote:

Normally, a deferment works as follows :: You pay the accrued interest and then they tack the deferred payment to the end of the the loan... They will report the current month paid as agreed - so there is no negative effect on credit profile.


There may also charge a fee ~ I received a mailer from my CU asking if I wanted to defer one payment this summer.   They just extend the loan by one month as described and charge a $35 one~time fee.   

 

I passed on the offer...Cat Wink

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 4
203bravo
Established Contributor

Re: Auto Loan Payment Deferment

excellent piont

Message 4 of 4
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