topic Re: WIll CapOne let me go a few days with missing payment? in Auto Loans

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

Ortz33__ — Tue, 07 Feb 2012 18:57:34 GMT

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?

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

Anonymous — Tue, 07 Feb 2012 19:04:47 GMT

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

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

Ortz33__ — Tue, 07 Feb 2012 19:05:17 GMT

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

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

pipeguy — Tue, 07 Feb 2012 20:47:06 GMT

@Ortz33__ wrote:
I dunno. Read my contract pretty closely and it said a default could happen by being as late as 1 day! eek!!

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.

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

Anonymous — Tue, 07 Feb 2012 19:33:45 GMT

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.

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

pizzadude — Wed, 08 Feb 2012 00:59:57 GMT

@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?

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 ??

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

Anonymous — Wed, 08 Feb 2012 04:15:18 GMT

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.

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

pizzadude — Wed, 08 Feb 2012 13:35:55 GMT

@Anonymous 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.

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

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

Ortz33__ — Wed, 08 Feb 2012 15:30:19 GMT

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???

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

pipeguy — Wed, 08 Feb 2012 16:37:28 GMT

@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???

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

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

pizzadude — Wed, 08 Feb 2012 18:27:48 GMT

@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???

they won't repo you, but as has been stated you will very likely be in default. It would behoove you to read your contract to see exactly what this will mean.....late fees, changes in how they apply payments, etc... It's not going to be good to do this.

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

pritchardhallhokie — Thu, 09 Feb 2012 21:29:57 GMT

If your due date is Jan 5th, you can pay up to 29 days late without the account showing a "30 day late" on your credit report with capital one. Your due date is the due date, the 30 days after that are what make up the 30 day late. Trust me.