Late payment

[squirrely2005]

I just bought a car. Well...I make the payments and made the down payment but it's under my gfs moms name and my gfs name. Anyway my first payment is coming up on the 12th but i don't get paid again until the 16th. I technically have the money but I'll be left with about 80 bucks to live off from now until the 16th.

On the little payment book they gave me it says an "on time payment" is on so and so date. My gf has her car under her moms name as well and we would sometimes wait up to a week or so after the payment date to pay it.

So all of this info might be overkill since all i really want to know is will my payment be late if I pay it 4 days later than when it is due? I'll most likely call the bank in the morning and just ask but I'm curious about everyone elses experience.

[Coldness]

Late is late as far as late fees and how the bank views it. 30 days late and it'll go on your (or your mom's) credit report, which I doubt she'd appreciate. I doubt they'll be willing to waive a fee on your very first payment...

In my particular case, I'd pay it on time and live low for those couple of days. Do you have anything in savings to help out? 

[Revelate]

I wouldn't take the chance, at all.  You're talking about a possible long-term detriment in your financial future, vs. a short-term uncomfortable living situation.

Hell if you're making the payments on the car for your chica and her mom, the least they can do is loan you $100 bucks to cover you till the 18th or whatever.

There are other options which don't include going late on a payment: this is what short-term loans are for.

[Anonymous]

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@Revelate wrote:

Hell if you're making the payments on the car for your chica and her mom, the least they can do is loan you $100 bucks to cover you till the 18th or whatever.

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I think you (or perhaps I?) may have misunderstood the OP.  I read it that his GF and her mom financed this car for him in their name, likely because he couldn't get it financed, or couldn't get a good rate.  Either way, if that is correct, they have already done a huge favor for him.  The absolute worst thing the OP could possibly do is ever be late on this bill.  Don't abuse the gesture of goodwill they made for you.  Pay it on time.  $80 is plenty to live on for a couple weeks.  Ramen, Kraft Mac & Cheese, and Tuna.  I lived on those for a few months earlier in life.  If it was in your name, I would say it is your risk to take.  Don't mess with someone else's credit though.  Very uncool.

[FrugalRican]

$80 buys you a lot of rice and beans, ramen, and other things.

I live on $40 -  $50 worth of food for two weeks.

It can be done. And the car isn't even in your name, so it's not like you are risking your neck, it's two OTHER peoples' credit on the line here.

[UpNComing]

Most auto lenders have a 10 day grace period before assessing a late fee.  Simply call them and ask.  But it's never a good idea to flirt with paying your first payment or any payment late.

[Revelate]

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@Anonymous wrote:

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@Revelate wrote:

Hell if you're making the payments on the car for your chica and her mom, the least they can do is loan you $100 bucks to cover you till the 18th or whatever.

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I think you (or perhaps I?) may have misunderstood the OP.  I read it that his GF and her mom financed this car for him in their name, likely because he couldn't get it financed, or couldn't get a good rate.  Either way, if that is correct, they have already done a huge favor for him.  The absolute worst thing the OP could possibly do is ever be late on this bill.  Don't abuse the gesture of goodwill they made for you.  Pay it on time.  $80 is plenty to live on for a couple weeks.  Ramen, Kraft Mac & Cheese, and Tuna.  I lived on those for a few months earlier in life.  If it was in your name, I would say it is your risk to take.  Don't mess with someone else's credit though.  Very uncool.

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You know, I think that I did misread it .  You're right on all counts.

[squirrely2005]

Yeah I would not want to put a late payment on my gfs moms credit. She's the kind of lady that gets mad at literally everything. I could land a job making 60,000 a year or something and be mad because it's in the wrong field or that I only get paid once a month or something ridiculous like that.

There's also a few other things that go into paying the loan. Like that we live in her rental house and owe her rent and she's real easy going about it but for whatever reason not this time.

But 80 bucks will be fine. The payment is due next Monday and I get paid that Friday four days later direct deposit. Also my dad is gonna help me out getting 50 bucks worth of groceries. I think I'm just stressing more than I should.

But I still need to call them and see how the bank feels about late payments anyway. Like for the future if I ever really need to stretch. This time around I just took 4 days off of work that I shouldn't have.

[FrugalRican]

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@squirrely2005 wrote:

I think I'm just stressing more than I should.

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I agree.

If you have the money to pay the payment, please, do it.

If you're dad is going to give you $50 for groceries, then this is most likely a dad that would have your back in case of an emergency.

Give them a call, ask them what their policy is on due dates and "late payments", but if you are on this board, it's because you're smart enough to know what could happen to this lady and your g/f if you already are going to be paying late.

And again, rice is great when you're hungry, broke, and want a million of something.

[Anonymous]

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@squirrely2005 wrote:

There's also a few other things that go into paying the loan. Like that we live in her rental house and owe her rent and she's real easy going about it but for whatever reason not this time.

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Just a guess on why this is, but when you are late on your rent, she can let it slide because it doesn't effect her, minus not having that $600 right away.  If you are late on this bill, it could effect her credit.  Sounds like you got a good plan though.  $80 is plenty to get by for 4 days.