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.