Deferred payments due to COVID-19

[coreyb80]

I received 2 months with Nissan.  Quick phone call as he took some notes and the next morning I woke up to an approved request.

[joy1979]

I received a deferred payment for April and May from US Bank. No fees but interest will still accrue. The missed payments will be added to the end of the loan, which will extend it by 2 months. It was an easy process. Just a quick phone call with a verbal agreement to the terms offered.

[Anonymous]

Does anyone know if the deferral will negatively impact ur Fico.  I have seen horror stories of people complaining on Facebook about it but I think something else had to contribute to that.  Ally swears it won't be a negative credit situation for me.  

[Duke_Nukem]

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@Anonymous wrote:

Does anyone know if the deferral will negatively impact ur Fico.  I have seen horror stories of people complaining on Facebook about it but I think something else had to contribute to that.  Ally swears it won't be a negative credit situation for me.  

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I used CapOne's offer to delay our auto loan by 2 months.  Received docs from them that stated they will just add those 2 months to the end of our loan (pushing the payoff date out be 2 months).  The next payment due date changed on our account, effectively making our loan appear as if it was paid in advance.

CapOne updated to the CRA's and my latest Credit Karma report shows no negative from this deferment.  The loan term duration went from 60 months to 62 months.  Payment status still shows as "Current".

Not sure if all banks would handle it the same way, and this was the only account we deferred.  CapOne has at least performed excellent service concerning deferment, hopefully others will as well.

[Anonymous]

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@Anonymous wrote:

Does anyone know if the deferral will negatively impact ur Fico.  I have seen horror stories of people complaining on Facebook about it but I think something else had to contribute to that.  Ally swears it won't be a negative credit situation for me.  

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If you keep a copy of the signed contract of deferred payments between the two parties, i dont see why this would be an issue. It should and would state that the payment from X month has been moved to XX month.

That is sufficient evidence to have any reported delinquincies by the lenders, to the bureaus, removed, per the FCRA.

[Gladius]

So are these auto companies asking for "proof of financial burden" due to COVID-19 or are they just granting deferrments to anyone who asks?  I don't need one, was just wondering.

[Anonymous]

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@Gladius wrote:

So are these auto companies asking for "proof of financial burden" due to COVID-19 or are they just granting deferrments to anyone who asks?  I don't need one, was just wondering.

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Granting to all. Just have to say it's due to Covid-19.

[Anonymous]

I called Bridgecrest this morning to tell them my hours were cut and ask for a deferment. The customer service rep talked me out of the deferment. She was very skilled. I am sure she will receives some sort of credit for the number of people she talks out of deferring. 

[Anonymous]

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@Anonymous wrote:

Does anyone know if the deferral will negatively impact ur Fico.  I have seen horror stories of people complaining on Facebook about it but I think something else had to contribute to that.  Ally swears it won't be a negative credit situation for me.  

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While it doesnt affect my scoring. I can confirm that while i am shoping for a new loan i was "automatically denied" because i had an auto loan in deferment. When they asked why it was in deferment, i simple told them .. "because they offered it and it allowed e to pay off higher interest credit cards". Now my new loan wont go thbrough till they update the terms and remove the "deferred" comment.

So although my score wasnt impacted, my ability to borrow was because of other lenders "screening process"