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Has anyone used a Capital One Auto Loan extension? I'm looking at a tight summer and looking to this, which basicaly seems like a skip-payment, as a fallback. I've used skip-pays before back when I had a credit union loan and other than the additional interest there was nothing negative about it. Does Cap One work the same? Don't want to have any further credit issues.
At the start of the pandemic I had a CapOne Auto loan (it was subprime, I bought the car 6 months post BK7 discharge) and I asked what options they had. All they'd do was offer to modify the due date and let that give me cushion. They wouldn't do anything else.
It could be because I had a subprime "higher risk" loan, or they don't do that at all.
They offered payment arrangements but wouldn't stop the clock from counting the number of days past due and they said it would report 30 days past due if I missed 2 payments.
I used one at the beginning of the year when I changed jobs. They simply moved the current payment to the end. There is a link on the site that says "Impacted by coronavirus? Maybe we can help" Took a day to approve, but no negative impact and I ended up paying double the next payment anyways to pay off the extra interest. Was very painless. I have since traded that car in.