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Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Final Payments to CapOne Auto...Questions

[ Edited ]

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. 

Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: Final Payments to CapOne Auto...Questions

Anybody? Guess it's a weird question. I called and spoke to a more confident rep who basically said they report at the end of the month and if I paid before then I'd be fine. Sounds good to me. I'm just excited to pay my first entire car note off! Woohoo!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Senior Contributor
DaBears
Posts: 3,923
Registered: ‎10-26-2012

Re: Final Payments to CapOne Auto...Questions

 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.

Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: Final Payments to CapOne Auto...Questions

Thank you for the response. I will pay the whole loan off by Jan 24-14 days after the maturity date so I should be safe I think. The lates are actually from 4 years ago almost 5 now so thankfully they don't affect our credit much anymore. We actually just closed on a new home 2 months ago and those old lates were a non issue. After loan is completely closed I will be goodwilling Capital One for the lates just to try, although they will be removed in late 2015.
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Final Payments to CapOne Auto...Questions

I think you are good to go. Congrats on the new home and paying off your car loan!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Regular Contributor
scmami
Posts: 195
Registered: ‎01-05-2012

Re: Final Payments to CapOne Auto...Questions

Thanks! Once CapOne updates my credit reports next month, , I will make sure to post back how it worked out for anyone in a similar situation!
Starting FICOs (2/2012): EQ 559 TU 558
Current FICOs (EX and TU Lender pulled 10/6/12): EQ 652 TU 635 EX 647
Matthew 7:1 KJV
Judge not, that ye be not judged.

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