topic Re: Royally screwed up car loan - middle of mortgage... in General Credit Topics

Royally screwed up car loan - middle of mortgage...

Anonymous — Sat, 20 Feb 2016 05:27:52 GMT

I am beyond humiliated to post about my incompetence as an adult, but here goes. My husband took out an auto loan in December 2014. I remember there was a period of the loan not being due of a few weeks, and the due date was the 14th. Since we don't get paper statements, somehow, I completely misunderstood when the first payment was due, and for the last 13 months, have been paying the payments LATE every single month by 1-20 days, thinking I was paying early for the next month, but was in fact paying late. As I look back, of course it has never been more than 2-3 weeks late (never past 30 days), but we are 6 weeks away from closing on a house with a conditional approval based on reports pulled in early November, and since we need a repull this month before closing, I am only now (idiot that I am) realizing what a stupid mess I've done. We have no late payments reported as of that November credit report. However, now I see that this month's payment was due February 14, and I planned to pay it this coming Friday, February 26 (thinking I was paying the payment due March 14th). There is no way I can make it earlier. Will I be ok if I pay it on the 26th, and get back on track from there on out? I am petrified we will get hit with a late payment and our mortgage will fall through. Please help!

Re: Royally screwed up car loan - middle of mortgage...

Anonymous — Sat, 20 Feb 2016 05:56:57 GMT

@Anonymous wrote:
I am beyond humiliated to post about my incompetence as an adult, but here goes. My husband took out an auto loan in December 2014. I remember there was a period of the loan not being due of a few weeks, and the due date was the 14th. Since we don't get paper statements, somehow, I completely misunderstood when the first payment was due, and for the last 13 months, have been paying the payments LATE every single month by 1-20 days, thinking I was paying early for the next month, but was in fact paying late. As I look back, of course it has never been more than 2-3 weeks late (never past 30 days), but we are 6 weeks away from closing on a house with a conditional approval based on reports pulled in early November, and since we need a repull this month before closing, I am only now (idiot that I am) realizing what a stupid mess I've done. We have no late payments reported as of that November credit report. However, now I see that this month's payment was due February 14, and I planned to pay it this coming Friday, February 26 (thinking I was paying the payment due March 14th). There is no way I can make it earlier. Will I be ok if I pay it on the 26th, and get back on track from there on out? I am petrified we will get hit with a late payment and our mortgage will fall through. Please help!

Welcome to the forums. Try not to feel too embarrassed. We all mistakes. As long as you aren't past 30 days the car loan won't show as being late on your credit reports. You may incur a late fee from the auto financing company (have they charged you in the other months?). The mortgage company unless they were to call the auto loan company (and they won't) won't know anything other than what shows on your credit report and you'll be be fine. Set up auto payments for the car loan for future payments to make sure you never go past 30 days late.

Enjoy your new home!

Re: Royally screwed up car loan - middle of mortgage...

907grown — Mon, 22 Feb 2016 04:53:50 GMT

ai would not worry about it at all. As long as it's paid as agreed and paid in the allotted period, I wouldn't worry about that. Easier said then done, I know, glad I'm done buying my house and won't have to do that again for many years!!

good luck, don't stress

Re: Royally screwed up car loan - middle of mortgage...

Anonymous — Mon, 22 Feb 2016 10:39:53 GMT

OP, if you have any doubts, you can always purchase your reports directly form CRAs or here at myFICO. It will clear any doubts you may have about late payments.

Re: Royally screwed up car loan - middle of mortgage...

VirusCredit13 — Mon, 22 Feb 2016 15:09:06 GMT

@Anonymous wrote:
OP, if you have any doubts, you can always purchase your reports directly form CRAs or here at myFICO. It will clear any doubts you may have about late payments.

No need to purchase reports, just get your free annual report. Before purchasing/closing on a home is a good time to use up the free report.