topic Re: Carmax Panic in Auto Loans

Panic about Carmax

ccpat — Thu, 18 Feb 2016 12:27:55 GMT

I have a car loan through Carmax and paid OK until this month. I got a little behind and was waiting on my check this week. The due date was yesterday to avoid a 30 day late. I paid this morning. Due on the 17th and I paid at 6:20am on the 18th. Just too much going on. I meant to try to pay last night and hope it didn't hit my bank but missed the cut off.

My question is will Carmax report the 30 day late or is there anything I can do or call someone to prevent it? I'm working so hard to rebuild and this will set me back and cause a huge score drop.

Carmax Panic

ccpat — Thu, 18 Feb 2016 13:03:39 GMT

I have posted this in two spots. In the Auto forum and Credit Card forum. That's how much of a panic I am in. I posted this in the Credit Card forum because it will affect all of my work with my cards plus I think this forum may get more traffic and hopefully there is a chance to keep the 30 day late from appearing.

I have a car loan through Carmax and paid OK until this month. I got a little behind and was waiting on my check this week. The due date was yesterday to avoid a 30 day late. I paid this morning. Due on the 17th and I paid at 6:20am on the 18th. Just have too much going on. I meant to try to pay last night and hope it didn't hit my bank but missed the cut off.

My question is will Carmax report the 30 day late or is there anything I can do or call someone to prevent it? I'm working so hard to rebuild and this will set me back and cause a huge score drop. I appreciate any advise I can get.

Re: Carmax Panic

Anonymous — Thu, 18 Feb 2016 13:11:24 GMT

@ccpat wrote:
I have posted this in two spots. In the Auto forum and Credit Card forum. That's how much of a panic I am in. I posted this in the Credit Card forum because it will affect all of my work with my cards plus I think this forum may get more traffic and hopefully there is a chance to keep the 30 day late from appearing.

I have a car loan through Carmax and paid OK until this month. I got a little behind and was waiting on my check this week. The due date was yesterday to avoid a 30 day late. I paid this morning. Due on the 17th and I paid at 6:20am on the 18th. Just have too much going on. I meant to try to pay last night and hope it didn't hit my bank but missed the cut off.

My question is will Carmax report the 30 day late or is there anything I can do or call someone to prevent it? I'm working so hard to rebuild and this will set me back and cause a huge score drop. I appreciate any advise I can get.

What is defined as "paid OK"? I am asking because of the choice of words. Anyway, if you have established a good track record with them I would call and simply inquire.

Re: Carmax Panic

Anonymous — Thu, 18 Feb 2016 13:12:31 GMT

@ccpat wrote:
I have posted this in two spots. In the Auto forum and Credit Card forum. That's how much of a panic I am in. I posted this in the Credit Card forum because it will affect all of my work with my cards plus I think this forum may get more traffic and hopefully there is a chance to keep the 30 day late from appearing.

I have a car loan through Carmax and paid OK until this month. I got a little behind and was waiting on my check this week. The due date was yesterday to avoid a 30 day late. I paid this morning. Due on the 17th and I paid at 6:20am on the 18th. Just have too much going on. I meant to try to pay last night and hope it didn't hit my bank but missed the cut off.

My question is will Carmax report the 30 day late or is there anything I can do or call someone to prevent it? I'm working so hard to rebuild and this will set me back and cause a huge score drop. I appreciate any advise I can get.

Just as an FYI, as a general rule, you aren't permitted to cross-post. This board gets a lot more traffic than the auto board, so I understand your urge to post in both places, especially as the FICO knowledge is probably greater here.

If you're thirty days late, they can file it with your report. Your best bet is to call them and explain what happened. You want to get in front of this and talk to customer service. If you haven't been late before, they might even waive the fees before. It will also be helpful if you offer to pay to be current (assuming that you only paid last month's bill and not this month's).

Re: Carmax Panic

baller4life — Thu, 18 Feb 2016 13:14:38 GMT

If your due date was the 17th and you paid on the 18th, you're not 30 days late. No need to panic. If you paid it MARCH 18th you would be 30 days late. I know for me Toyota Financial has a 15 day grace period before they even access late fee. Carmax may have something similar. Worse case scenario is you MAY get charged a late fee, which I highly doubt. But you would have actually had to pay over a month late before they report you to the bureaus. You're fine.

ETA: Wait. Are you saying the note was actually due January 17th?

Re: Carmax Panic

ccpat — Thu, 18 Feb 2016 13:19:14 GMT

Thanks all. Yes Baller, it was due Jan 17th.

Re: Carmax Panic

takeshi74 — Thu, 18 Feb 2016 13:28:55 GMT

@ccpat wrote:
My question is will Carmax report the 30 day late or is there anything I can do or call someone to prevent it? I'm working so hard to rebuild and this will set me back and cause a huge score drop. I appreciate any advise I can get.

No idea. You'd need to contact Carmax. If you are 30+ days late it is accurate and I'd assume that they're going to report it. Definitely do what you can to avoid lates and other derogs.

@ccpat wrote:
I have posted this in two spots. In the Auto forum and Credit Card forum. That's how much of a panic I am in.

Crossposting is bad etiquette on any discussion forum site regardless of the rules. Don't do it. Post in the appropriate subforum. Don't pick a subforum based on traffic. If you need an immediate repsonse then a discussion forum is the wrong tool for the job. As I said, Carmax is who you need to ask.

Re: Carmax Panic

manyquestions — Thu, 18 Feb 2016 13:36:40 GMT

@ccpat wrote:
Thanks all. Yes Baller, it was due Jan 17th.

I'd be calling and very politely asking if they can see if their system will report a 30 day late based on my last payment and if so is there anything I can do about it to have it not report that way.

Re: Carmax Panic

ccpat — Thu, 18 Feb 2016 13:45:28 GMT

I'm sick!!! Called Credit Maintain at Carmax and they said there is nothing they can do. In 30-60 days there will be a late reporting. All of my hard work in the toilet. TU is 655, EX is 630 and EQ is 625. Should I app for what I can now and just garden after it hits? I have Synchrony cards at $5K (WM, ON, Amazon and Lowe's). Cap Ones at $750 and $1500. Comenity VS and Express at $1900. Just got Discover secured. Can't apply yet for Barclaycard because of inqs. Credit one is at $1300.

Re: Carmax Panic

Shooting-For-800 — Thu, 18 Feb 2016 13:57:56 GMT

Carmax has grace period of like 7 daysbefore you even get a late fee. You are not late.

4. What is a grace period?
It’s the time after a payment is due and before a late charge is assessed. Grace periods vary based on applicable law, which in turn depends on where you purchased your vehicle and signed your retail installment contract. We recommend mailing your payment 7-10 days in advance to allow for timely receipt. Despite grace periods, your monthly payment is still due by the due date.

If you fail to make a payment within the grace period, a late charge will be assessed. If we receive a payment near the end of the grace period, allow 1-2 business days for the payment to be processed and credited to your account. If, in such a case, a late charge is assessed, it will automatically be removed upon our processing and crediting your payment.

Re: Carmax Panic

Anonymous — Thu, 18 Feb 2016 13:55:29 GMT

I understand that you're concerned but please do not double post. This has nothing to do with credit cards and cross posting is a violation of forum rules.

Re: Carmax Panic

myjourney — Thu, 18 Feb 2016 14:05:23 GMT

Technically if it was due on Jan. 17th and you paid Feb. 18th you are over the grace period and late

That being said asking the forum won't help sorry

What you need to do is contact the lender in a respectful and apologetic tone and hope for the best

Good luck

Also to add: cross posting is against the TOS of the forum and should be refrained from

Post should be placed in the proper forum and not posted where you feel the traffic is for responses ..

Moving to auto

Re: Carmax Panic

myjourney — Thu, 18 Feb 2016 14:06:09 GMT

@Anonymous wrote:
I understand that you're concerned but please do not double post. This has nothing to do with credit cards and cross posting is a violation of forum rules.

You beat me while I was typing and paperwork ...Lol

Re: Carmax Panic

ccpat — Thu, 18 Feb 2016 14:10:35 GMT

Sorry. Didn't mean to be in violation. I thought I would get advice on placing apps for credit cards now or if any of my limits will drop because of this. I understand the topic is not about credit cards but I think it affects my credit cards. I apologize.

Re: Panic about Carmax

Anonymous — Thu, 18 Feb 2016 14:28:32 GMT

@ccpat wrote:
I have a car loan through Carmax and paid OK until this month. I got a little behind and was waiting on my check this week. The due date was yesterday to avoid a 30 day late. I paid this morning. Due on the 17th and I paid at 6:20am on the 18th. Just too much going on. I meant to try to pay last night and hope it didn't hit my bank but missed the cut off.
My question is will Carmax report the 30 day late or is there anything I can do or call someone to prevent it? I'm working so hard to rebuild and this will set me back and cause a huge score drop.

I'm assuming 2/17 would have marked the 30th day of being past due on the account.
The cut off is 5pm on the due date, at least for Credit Cards maybe someone knows what it is for Auto Loans.
Paying on the 31st day is 30 days past due. So it will likely be reported as much on your credit.

Re: Carmax Panic

Anonymous — Thu, 18 Feb 2016 16:52:46 GMT

@ccpat wrote:
I'm sick!!! Called Credit Maintain at Carmax and they said there is nothing they can do. In 30-60 days there will be a late reporting. All of my hard work in the toilet. TU is 655, EX is 630 and EQ is 625. Should I app for what I can now and just garden after it hits?

I feel your pain. You are trying so hard to make the best of your credit & one mishap sometimes can ruin the whole thing. But you've got to understand the position you're in & look for ways to make it better. We are going to make mistakes. We are going to sometimes fall because on EVERY journey there will be points that get us down. But we have to remember that we won't stay down forever, if we try.

You've got to come up with a plan to figure out what happened. You've got to figure out WHY you were 30 days late this month. Think of the unexpected expenses that came up. Think of ways to get CLIs on your credit cards so in case of an emergency like this, you can place the charge on your card & pay later - so you WON'T EVER be late agin. I understand your frustration, but we as people have got to take responsibility for our own actions. If Carmax reports a 30 day late, then you've got to bite the bullet & deal with it because it isn't their fault. Think of ways to overcome this & you WILL succeed.

If you apply for more cards, that's totally up to you. But you have to be aware to take the risk of bringing your score down even FURTHER if for some reason you end up getting denied & you add more inquiries. If I were in your shoes ... (which I'd love to be back in the 600s again) ... I would just garden with the cards I already have for a good 3-6 months. I wouldn't want to waste an inquiry or risk getting denied.

Best Wishes.

Re: Panic about Carmax

Appleman — Thu, 18 Feb 2016 15:02:43 GMT

This is a tough one. I am not sure how Carmax is about forgiving a 30 day late? If your loan has been paid on time and this is the first late, maybe they will work with you.

Do you have enough to pay this months payment? I understand this must be incredibly stressful for you, positive thoughts your way.

Re: Carmax Panic

Shooting-For-800 — Fri, 19 Feb 2016 01:22:51 GMT

OP beg and beg and beg.

for the future, if you call them they will let you skip payment and add to end of the loan.

Re: Panic about Carmax

diocco — Mon, 04 Jul 2016 23:23:18 GMT

If they mark you late They WILL NOT Remove. I had same situation you had. Paid 1 day late and they marked my report. After the car was paid off, I paid it off 1 year early. I emailed the CFO and he redirected me to his secratary. She had me call her. I told her I was shopping for a house and was wondering if she could take the late payment off my credit report, myself and my family would be grateful. She said NO. I said thank you and I will never buy a car from your company again.

CARMAX SUCKS

Re: Panic about Carmax

StartingOver10 — Mon, 04 Jul 2016 23:59:37 GMT

@diocco wrote:
If they mark you late They WILL NOT Remove. I had same situation you had. Paid 1 day late and they marked my report. After the car was paid off, I paid it off 1 year early. I emailed the CFO and he redirected me to his secratary. She had me call her. I told her I was shopping for a house and was wondering if she could take the late payment off my credit report, myself and my family would be grateful. She said NO. I said thank you and I will never buy a car from your company again.

CARMAX SUCKS

^^^No, you paid more than 30 days late - you paid on day 31 if they reported your late pay to the CRB's.

You have to change your thinking about due dates. Thinking that it is okay to pay 29 days late and just skate by is not the solution. If you have a payment due Jan 17th, the time to make that payment is all the time you have between Jan 1st to Jan 17th, not Feb 17th.

You would be amazed at how much less stress you feel when you make that payment days or even weeks ahead of the due date. Sit down and make a budget. You will find more money available to you when you don't have late fees and other penalties to pay during the month. If there is more month than money - then get a temporary second job until you get your budget under control. One late payment will hurt, but it isn't the end of the world and as time goes along it will impact you less and less. The over riding issue you have right now is to figure out your actual monthly budget so you aren't using the grace period to make your payment.