WIll CapOne let me go a few days with missing payment?

[Ortz33__]

Leaving my employer  and my last check will not be direct deposit. Don't have the funds before then..  Thinking it will take a few days for live check to clear. Do you think if I call CapOne they will extend my due date by 5 -6 days?  Has anyone ever tried working with them on something like this? 

[Anonymous]

From what I understand it is not late until 30 days AFTER the due date. Call them to make sure as I could be mistaken.

TBC

[Ortz33__]

I dunno.  Read my contract pretty closely and it said a default could happen by being as late as 1 day!  eek!! 

[pipeguy]

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@Ortz33__ wrote:

I dunno.  Read my contract pretty closely and it said a default could happen by being as late as 1 day!  eek!! 

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Really? That's hard line as most installment loans have a due date and a grace period of 10-15 days (including mortgages). In either case, just call them and explain the situation and I'd give you a pretty good shot at a 7-10 day "grace period" even if its a one shot good will allowance. Then again, with a default after 1 day, I don't know that's hard nosed.... Call them and ask would be my first thought.

[FrugalRican]

Call and find out, usually in these institutions, your DUE date doesn't match their LATE date.

At worst, it's usually about 5 to 10 days. Definitely give them a call and find out.

[pizzadude]

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@Ortz33__ wrote:

Leaving my employer  and my last check will not be direct deposit. Don't have the funds before then..  Thinking it will take a few days for live check to clear. Do you think if I call CapOne they will extend my due date by 5 -6 days?  Has anyone ever tried working with them on something like this? 

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I would be reeeeallllyy careful with this.   Even if you get someone one the phone who agrees to either not report you late, or not charge a late fee, etc.... the odds of this working out with no damage aren't great at all.    Add to the fact that this is Cap1 and it get worse.

My auto loan allowed me to do a one~time adjustment to the payment due date, back when it was new.  But even that took a statement cycle or two before it was moved over.

Is there someone who could float you a few hundred bucks for a week to get you through the switchover ??

[Hammer23]

You will be considered late (and thereby in default) the day after your due date. Most auto loan contracts contain a "grace period" of 5-15 days before you are charged a late fee. 

It is best if you are going to be late to call. You may ask for a deferrment. This would prevent default altogether if granted. 

[pizzadude]

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@Hammer23 wrote:

You will be considered late (and thereby in default) the day after your due date. Most auto loan contracts contain a "grace period" of 5-15 days before you are charged a late fee. 

It is best if you are going to be late to call. You may ask for a deferrment. This would prevent default altogether if granted. 

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+1.  and if they agree to a deferrment make sure that you get them to send it in writing !

[Ortz33__]

thanks everyone.  i will let you know how it goes.  what are the odds that i call and they say, ok, and then wake up 4 days after my missed payment to a repo???

[pipeguy]

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@Ortz33__ wrote:

thanks everyone.  i will let you know how it goes.  what are the odds that i call and they say, ok, and then wake up 4 days after my missed payment to a repo???

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I'd say zero. Maybe 30 days, but 4 days? Not going to happen.....