Auto loan won't be paid off when statement reports

[Kartel34]

I have a auto loan with a remaining balance of  11k. My statements is reporting that this Oct is my last payment due date. But when I do the math I still have four months worth of payments. What will happen? Will I be asked to pay the remaining balance in full in Oct. or will my payment date be extended?

[MovingForward_2012]

I would call the auto loan company and find out but you will have to pay the full amount owed so your payment date will probably move out. I think the payment date is the date your loan would be paid in full if you didn't miss any payments, so it sounds like you will have to pay those four missed payments over an additional 4 months.

[Revelate]

MF beat me to it.

[StartingOver10]

Is there any way you can save up additional funds so you can make a large lump sum at the end?

[Kartel34]

So they would just extend my loan by four months instead of asking for full payment in Oct.

[StartingOver10]

As posted, you will have to ask the lender. Not all lenders will automatically extend.

I have seen many reports on rip off report (dot) com where the lender repo'ed the vehicle and didn't extend the loan. Get your paperwork out and make arrangements with the lender if you don't have the funds and you don't think you will have the funds when the payment is due in October.