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Hi MyFico Fam! I am making the last 2 payments on my Capital One Auto Loan.
During the course of the loan we have deferred 2 or three payments due to economic hardships. This has resulted in the loan ending 1/2013 instead of 11/2012. I got a letter that said something along the lines of "your loan matures January 10, 2013...the remaining fees,etc then become due immediately"
Does this mean I will be reported late to the credit bureaus if the rolled over late fees and the last rolled payment are also not paid by January 10 (or February 9 for credit reporting purposes I guess)? For the record, our only 30 day lates on this account are 2 30 days back in 2008, but there have been several late fees of $10 over the years.
Does this mean I don't have the 10 day "grace period" (yes, I know interest accrues during this period...just asking)
I can realistically have this whole loan paid off by February 9th and likely prior to this, but I just wanted to know if there are any impacts to my credit for not paying the entire balance by the final due date.
I did contact CapOne CS, and they said basically pay your regular bill and you have 90 days to pay the rest of the fees; then we will send you the title. Sounded a little too good to be true, so I thought I'd ask your opinions.
Also, for the record and if anyone cares, the company has been great to my husband and I over these last 5 years and with much better Fico scores next time we shop, we would consider them again.
deferred payments won't affect your credit report. However if you do have lates reporting on your CR from Capital One, see if you can goodwill them to have the lates removed. Adverse info remains on your CR for 10 yrs.