topic LATE PAYMENTS in Auto Loans

LATE PAYMENTS

sectionals — Sun, 19 Jun 2022 07:31:05 GMT

I just want to confirm that I'll pretty much have to eat these lates for another 3 years correct? Is there ANYTHING I can do to lighten the hit to my payment history aside from what I'm doing now which is paying my bills on time?

Re: LATE PAYMENTS

sectionals — Sun, 19 Jun 2022 09:31:31 GMT

Same thing here @FireMedic1 , time for the lates?

Re: LATE PAYMENTS

Credit4Growth — Sun, 19 Jun 2022 13:23:21 GMT

Going by the dates in screenshot along with the verbiage in the status row, I am assuming the auto loan is closed.

So, just a short FYI story, my SO had 1 30Day late on an auto loan just 2 years back. I recommend calling customer service, asking for grace and forgiveness as well as explaining why and how it occurred while mentioning that the loan had been paid ahead (sometimes months at a time) pretty much since second month.

Their (CSR) response was that since the loans was still open/active, even though there was only about 5 months worth of payments remaining, to call back after 3 or 4 months to make the same request. They usually do not forgive late payments without seeing the following 6 months made on time.

Anyway, 4 months later the loan was still open/active with additional on time payments. Together we called again. After about 20 minutes on the phone they granted a (good will) forgiveness for the 30Day late payment.

Re: LATE PAYMENTS

Shooting-For-800 — Sun, 19 Jun 2022 15:55:07 GMT

The longer it's been, the less it impacts your score...

Re: LATE PAYMENTS

sectionals — Sun, 19 Jun 2022 22:24:26 GMT

@Credit4Growth wrote:
Going by the dates in screenshot along with the verbiage in the status row, I am assuming the auto loan is closed.

So, just a short FYI story, my SO had 1 30Day late on an auto loan just 2 years back. I recommend calling customer service, asking for grace and forgiveness as well as explaining why and how it occurred while mentioning that the loan had been paid ahead (sometimes months at a time) pretty much since second month.

Their (CSR) response was that since the loans was still open/active, even though there was only about 5 months worth of payments remaining, to call back after 3 or 4 months to make the same request. They usually do not forgive late payments without seeing the following 6 months made on time.

Anyway, 4 months later the loan was still open/active with additional on time payments. Together we called again. After about 20 minutes on the phone they granted a (good will) forgiveness for the 30Day late payment.

Thanks @Credit4Growth I'll call them Tuesday morning and see if they work with me. Will update thread as well.

Re: LATE PAYMENTS

Credit4Growth — Sun, 19 Jun 2022 22:41:31 GMT

@sectionals wrote:
@Credit4Growth wrote:
Going by the dates in screenshot along with the verbiage in the status row, I am assuming the auto loan is closed. ...

Thanks @Credit4Growth I'll call them Tuesday morning and see if they work with me. Will update thread as well.

I really do hope they will work with you. My fingers are crossed! 🤞

Re: LATE PAYMENTS

sectionals — Sun, 19 Jun 2022 22:51:51 GMT

@Credit4Growth wrote:
@sectionals wrote:
@Credit4Growth wrote:
Going by the dates in screenshot along with the verbiage in the status row, I am assuming the auto loan is closed. ...

Thanks @Credit4Growth I'll call them Tuesday morning and see if they work with me. Will update thread as well.

I really do hope they will work with you. My fingers are crossed! 🤞

I appreciate it @Credit4Growth. I have a total of 5 lates, 1 CO, and 1 Collection (both PIF, 2016 and 2017) all of which are just destroying me. NFCU has been so awesome though and it's almost as if they wanna see my scores improve. Just gave me a 4500 CLI and approved me for another card at the beginning of this month with a SL of $11.2K. The baddies...they sting and they suck lol but I'm rebuilding. FICO 8s EX 657 TU 637 EQ 633; FICO 9s EX 698 TU 698 EQ 716. Hoping scores will boost if late payment forgiveness is granted.

Re: LATE PAYMENTS

Credit4Growth — Sun, 19 Jun 2022 23:02:13 GMT

What you have done with Navy sounds amazing!

Happy to hear that!
Also, I hope you do call your auto lender!

I do not wish near a negative tone upon you , I just want to stress from the story above that if the auto loan is open then they may be able to help (all be it at an escalated level above the regular CSR).

I am thinking if the loan is closed and paid then your only recourse may be good will letters.

Re: LATE PAYMENTS

sectionals — Sun, 19 Jun 2022 23:51:27 GMT

@Credit4Growth wrote:
What you have done with Navy sounds amazing!

Happy to hear that!
Also, I hope you do call your auto lender!

I do not wish near a negative tone upon you , I just want to stress from the story above that if the auto loan is open then they may be able to help (all be it at an escalated level above the regular CSR).

I am thinking if the loan is closed and paid then your only recourse may be good will letters.

Understood @Credit4Growth. Trust me the last thing I want is to hear some fairy tale sugar coated solution. Typing the GW letter now. Do you recall the point increase you saw after having your late changed to on-time? Just curious.

Re: LATE PAYMENTS

Credit4Growth — Mon, 20 Jun 2022 00:06:23 GMT

😞 No I do not... that was for my SO, not my reports.
I never asked how much of an increase was seen. I just wanted to help improve the chance of getting a travel card at the time, a recent late payment would have atleast affected the SL if not the approval itself.