topic Re: Late payment in Auto Loans

Late payment

Anonymous — Mon, 05 Mar 2012 04:05:37 GMT

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.

Re: Late payment

Coldness — Mon, 05 Mar 2012 05:32:03 GMT

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?

Re: Late payment

Revelate — Mon, 05 Mar 2012 05:32:18 GMT

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.

Re: Late payment

Anonymous — Tue, 06 Mar 2012 15:34:49 GMT

@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.

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.

Re: Late payment

Anonymous — Tue, 06 Mar 2012 15:46:24 GMT

$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.

Re: Late payment

UpNComing — Tue, 06 Mar 2012 16:05:00 GMT

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.

Re: Late payment

Revelate — Tue, 06 Mar 2012 18:45:30 GMT

@Anonymous wrote:
@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.
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.

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

Re: Late payment

Anonymous — Tue, 06 Mar 2012 19:14:03 GMT

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.

Re: Late payment

Anonymous — Tue, 06 Mar 2012 19:17:44 GMT

@Anonymous wrote:
I think I'm just stressing more than I should.

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.

Re: Late payment

Anonymous — Tue, 06 Mar 2012 19:17:57 GMT

@Anonymous 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.

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.

Re: Late payment

Anonymous — Tue, 06 Mar 2012 19:20:09 GMT

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

Never heard this before, but love it. If you want some variety, add in a few beans!

Re: Late payment

Anonymous — Thu, 08 Mar 2012 05:00:20 GMT

Listen i am in no way trying to denigrate you here, but you and the girl friend need to inrease your income. Both get part time jobs doing anything. I know that it is tough, but you two are living way way to close to the edge financially.

I have been there and it is a stressful scary place to be. When a couple days means being late on rent or car payments, well, there is no way out other than to reduce expenses or increase income. Without doing one of those two things, you are going to be pushed into a really bad place, with limited options to get out of it.,

Just my opinion of course. I really hope it all works out for you both. Hang in there.

Re: Late payment

webhopper — Thu, 08 Mar 2012 15:13:23 GMT

This seems like a weird sort of co-dependency thing happening with your gf and your gfs mom... Seriously you guys need to cut the umbilical cord, try to get the car into your name... and like another poster said... increase your income Just my opinion.

You should have never let the gf and the mom get you the car... Technically they own it. Even if you pay it off completely, who's to say they ever transfer the title to you... what if you and the gf break up? suddenly her mom comes and gets the car that is technically hers, but you've paid for! Super bad situation here....

Re: Late payment

Anonymous — Mon, 12 Mar 2012 04:15:53 GMT

Thanks for all the advice. I've thought about getting a new job trust me. I have like 6 different pay rate where I work now. Averages to maybe about 10.5/h. I know of a job I'm sure I could get fairly easy that pays 13.4 and another I think about 12.5(this place is way too far though. The extra money would just go to gas.)

The problems comes in that I'm in school. I can't get a second job. I'd love a second job and more income but I just don't have the time. I'm 20. I make more than any of my peers and go to school full time. I do have one friend who make like 14/hr(the place I'd get 12.5. A chase call center) but he doesn't go to school and lives at home. I take on a lot. Me and my gf make 2800 a month together. Our bills are about 1400. Gas and food are maybe another 300. Our problems is a matter of our budget. We don't stick to. We've been able to open a amex savings. I have 100 in there no and wasn't available for me to take out until yesterday so to me it was even a thought to me for my car payment. So I understand you only mean it in a nice way but it is a little upsetting. I'm not going to cry or thing though. haha It's not that I'm not trying.

I have for sure been thinking about finding somewhere else to work. I'd like to find a job where I make at least 30,000/yr by January. But until I take get my asociates this summer and take a break this fall I can't find another job to accomodate my school schedule. The problem is the training schedule is during the day during school for hte 13.4/hr job and the chase job.

And yeah I know what you mean about the car but her mom constantly complains about she doesnt have money when it's clear that she does. Say we did break up and tried to take the car she couldnt afford to pay for it. I won't say that'll never happen though because I'm sure that everybody it has happened to has said that. And also I don't see why parents can't help. My parents can't. I made more than both of my parents combined. And I didn't ask for her mom to do it. My gf did.

But really thanks forthe advice. I know y'all mean well. I hope. Oh and if anybody knows of a good budget program or anything that'd be great.

Re: Late payment

Anonymous — Mon, 12 Mar 2012 04:17:36 GMT

Oh and yeah I do plan on trying to get the car in my name. The bank the car is financed through sucks soooo bad.

Re: Late payment

Anonymous — Mon, 12 Mar 2012 11:40:19 GMT

Right now your sole focus should be school.

The situation you describe is putting two things into your overall economic and budgetary situation:

- You can't raise your income just YET.

- You aren't following your budget.

Since there's technically nothing you can do about your income yet, then you have to go with the budget option.

Even at 31, I am in your same position. I have a job, but I am a student as well because I want to have better options to increase my income. Realistically, that won't happen til 2013, so in the meantime, there are certain things I need to slash.

So maybe I can give you some hints on what I did:

I took it upon myself to save the receipts for EVERYTHING I bought (since I don't use a card for everything) and compiled them into an envelope. At the end of the month, I took out all the receipts and went over the items that were expendable. You'll start to notice quickly how much money is expensed on unnecessary things. It takes a bit of discipline, but you'll probably see $2 or $4 items popping up randomly that add up. You just need to sit down with your GF and be strict and disciplinary about your budgets. Since you can't increase income yet, you have to decrease your expenses to make it work.

And if you follow through, she'll (hopefully) follow through as well. My gf is a master of credit, I've been a master of budgeting, so we've actually come to mimic each other's styles.

The common things I'd review off-hand first are:

- Food purchases

- Cell-phone bills

- TV expenses (cable packages, etc...)

Those three things seem to be places where people sometimes overpay for services or products they don't really need.

Hope this helps somewhat.

Re: Late payment

LS2982 — Mon, 12 Mar 2012 12:44:47 GMT

+1 FP

Re: Late payment

StartingOver10 — Mon, 12 Mar 2012 13:08:06 GMT

@Anonymous wrote:
Right now your sole focus should be school.
The situation you describe is putting two things into your overall economic and budgetary situation:
- You can't raise your income just YET.
- You aren't following your budget.

Since there's technically nothing you can do about your income yet, then you have to go with the budget option.
Even at 31, I am in your same position. I have a job, but I am a student as well because I want to have better options to increase my income. Realistically, that won't happen til 2013, so in the meantime, there are certain things I need to slash.

So maybe I can give you some hints on what I did:

I took it upon myself to save the receipts for EVERYTHING I bought (since I don't use a card for everything) and compiled them into an envelope. At the end of the month, I took out all the receipts and went over the items that were expendable. You'll start to notice quickly how much money is expensed on unnecessary things. It takes a bit of discipline, but you'll probably see $2 or $4 items popping up randomly that add up. You just need to sit down with your GF and be strict and disciplinary about your budgets. Since you can't increase income yet, you have to decrease your expenses to make it work.

And if you follow through, she'll (hopefully) follow through as well. My gf is a master of credit, I've been a master of budgeting, so we've actually come to mimic each other's styles.

The common things I'd review off-hand first are:
- Food purchases
- Cell-phone bills
- TV expenses (cable packages, etc...)

Those three things seem to be places where people sometimes overpay for services or products they don't really need.
Hope this helps somewhat.

FrugalRican is exactly right!

Another little tip to track your funds is to use a check register for each and every transaction into and out of your account - not just checks. Record your debit card expenses, your ach transfers, checks (if you use them), deposits etc. Go through and catagorize each expense - you will see that gas, food, misc debits eat up a bunch of funds $2 to $5 at a time. (I did this with my daughter and totalled the funds - she was amazed/dumbfounded on how much money was going to coffee/soda etc). Once you track your funds you can then see where the budget busters are and change it - FR named the one's that are common. Just the act of recording the expenses at the time you spend the $$ will slow down your spending.

Read Dave Ramsey. Here are his budgeting tools.http://www.daveramsey.com/tools/budget-forms/

Good luck!

Re: Late payment

Repo-ed — Mon, 12 Mar 2012 13:15:16 GMT

I can live off $5 footlongs from subway for 3 weeks with $80.

I suggest you do the same. You DO NOT want to negatively impact yours or anyone elses credit that is trying to help YOU out. Trust me, Been there, done that. Was NOT a good feeling at all.

Re: Late payment

LS2982 — Mon, 12 Mar 2012 14:25:37 GMT

@StartingOver +1 Im going to look into that Dave Ramsey budgeting tools I need to better lay out my budgets!