Does this hurt my score?

[Anonymous]

Hi all,

I got a 0% auto loan from Toyota Financial Services last year and, I've been paying on time. But past couple months I paid it late, not 30 days late but like couple weeks late. I specifically called them and asked them whether or not that will be ok because I need some time to catch up with my bills. They told me they have a 10 days grace period of no late fee. But after the 10 days, there will be a 15 dollars fee. However, if I pay it before the 30 days I will be ok and it won't report to my credit report.

Now my questions is, eventhough I'm not 30 days late. Will it effect me in the future If I want to get another Lexus/Toyota loan due to this couple weeks late payments?

Thank you in advance for your reply

[Anonymous]

Don't make it a habit... but as long as they receive the payment before 30 days, it will not be reported to the credit bureaus.  Note that it takes them some time to process the payment, especially if over the weekend, so i wouldn't push the 30 day envelope too close.

[Anonymous]

Would this hurt my chances of getting another loan with TFS for good rates in the future within their internal scoring system though? I know I would pay them on time If I could. Hopefully, this month will be the last month.

[Anonymous]

If you're a habitual slow payer, yes.  Though it's not documented on your credit report, it's well documented in their internal system.  I don't deal with Toyota Financial Services, but i deal with many others, and i've seen some not so favorable calls made because they were a slow pay.

[Anonymous]

Thanks Slipper. It's good to know. I guess I'll try to get back on track asap