topic Re: Late payment in Auto Loans

Late payment

Anonymous — Sun, 12 Feb 2012 14:09:45 GMT

I was dealing with a family illness and forgot to make my payment to Ford on 1/13. Late week I scheduled my payment through my chase online banking and included the late fee as well. I verified that Ford received the payment yesterday (Saturday) through Chase on 2/11. I called Ford to double-confirm and they told me payments received on the weekend are processed on Monday, which will make my payment 30 days late. They accepted the payment prior to it being 30 days, so is this legal? Anybody have advice or been in a similar situation? Thank you

Re: Late payment

webhopper — Sun, 12 Feb 2012 14:33:08 GMT

Call today and make your current payment, talk to the rep and ask them if they intend to report the previous payment as 30 days late to the bureaus. If they are, ask them not to out of the goodness of their heart and tell them how you were sick etc. They will likely cut you some slack if this is the first time. If you are late often then they may not.

Re: Late payment

Anonymous — Sun, 12 Feb 2012 14:49:41 GMT

Thank you. Yes I made February's payment yesterday but it won't post until Wednesday, which is the problem. Even though they got the payment yesterday, it won't post until tomorrow. Just because they don't process payments on the weekend really doesn't seem fair.

Re: Late payment

Anonymous — Sun, 12 Feb 2012 15:19:07 GMT

I am not sure how Ford works, but at the bank I work for, we report to the CBRs once a month on the last day of every month. If your account is 30 DPD on the 14th for instance, we would not report you as 30dpd as long as it was paid by the last day of the month. This works well for people with early in the month due dates, if your due date is on the first or second you would not be reported as past due until you are almost 60 DPD.

Re: Late payment

pizzadude — Sun, 12 Feb 2012 15:54:03 GMT

I also recommend that you call them and request that they not report you as 30 days late. Some companies will report you 30 days late even if you miss your due date by a single day; this isn't right or even accurate but it does happen sometimes.

Re: Late payment

Anonymous — Sun, 12 Feb 2012 16:46:36 GMT

Thank you- I have never missed a payment. My daughter was in the hospital and it threw me off. After researching a bit it seems that ford doesn't care when they receive the payment, it's when it posts. I really hope it works out, because like I said they have the funds- which is why this is so frustrating. They are closed today and yesterday when I called nobody could give me a straight answer.