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Auto Loan Reinstated in less than 24hours

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Peter-Pan
New Visitor

Auto Loan Reinstated in less than 24hours

Hi all! 
So I previously have NEVER been late on an auto payment. I called my lender prior to my due date in October and asked for a payment extension in which they granted to me. To my surprise yesterday my vehicle was repossessed. I called my lender and they tried to call off the towing company but stated it was too late. Within less than 24hours I reinstated my loan, paid 3 months worth of car payments and any fees required and picked up my vehicle. Will this still show up on my credit? Or is this something I can work out with my lender to not report? Any advice? 

3 REPLIES 3
JoeRockhead
Senior Contributor

Re: Auto Loan Reinstated in less than 24hours

This is bit confusing... you state you've never been late on the car loan but after a missed payment they repossessed the car. Then you made three payments to get the car back. Lenders can certainly repo a vehicle after one 30 day late, but did you miss just one payment, or were you behind three payments?

 

Either way, although you got the loan reinstated and brought the loan current, they can still report the repossession on your reports. No harm in trying to get them to do a goodwill removal of the repo notation.

Message 2 of 4
pizzadude
Credit Mentor

Re: Auto Loan Reinstated in less than 24hours

Which lender is this, and is their credit reporting lagging a few months?

 

I'd assume these late payments will show up on your reports eventually, along with your repo. 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 4
KatzNDawgs
Contributor

Re: Auto Loan Reinstated in less than 24hours

Also confused about this situation. If you never had a late before, but anticipated a hardship in Oct, it would not even be a 30 day late at this point (or just at 30 day depending on date as its mid-Nov) to even report let alone repo. If you actually did have 3 months late as it seems that is what you owed, yes this will hit your report. You may be able to attempt a goodwill, but that depends on the lender and if you had lates before Oct and you first contact about hardship, may not bode well for you.

Message 4 of 4
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