Reporting to CB's

[Anonymous]

I have an auto loan that will be paid off this December. Wells Fargo financed and I spoke with a customer service rep today about a payoff amount that didn't add up. She informed me that I had 3 payments that were paid 30-60 days late and the difference in payoff amount was late charge fees on these 3 payment. My question is I pulled Transunion and Equifax and both show account as paid as agreed. When do the late payments get reported and, if reported, will this stay on my CR for 7 years from the date reported or 7 years from the date the payments were late. Thanks in advance for the help 

[MarineVietVet]

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@Anonymous wrote:

I have an auto loan that will be paid off this December. Wells Fargo financed and I spoke with a customer service rep today about a payoff amount that didn't add up. She informed me that I had 3 payments that were paid 30-60 days late and the difference in payoff amount was late charge fees on these 3 payment. My question is I pulled Transunion and Equifax and both show account as paid as agreed. When do the late payments get reported and, if reported, will this stay on my CR for 7 years from the date reported or 7 years from the date the payments were late. Thanks in advance for the help 

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Late payments will drop off at 7 years from each individual date of delinquency.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thanks Marinevietvet. Another question: On Nov 3rd I pulled Transunion and Equifax scoresand they were 719 and 692. If Wells Fargo reports this after the loan is paid off how much of a ding will this have on the scores. By the way I'm not buying a new car but may apply for home loan.

Thanks again

[MarineVietVet]

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@Anonymous wrote:

Thanks Marinevietvet. Another question: On Nov 3rd I pulled Transunion and Equifax scoresand they were 719 and 692. If Wells Fargo reports this after the loan is paid off how much of a ding will this have on the scores. By the way I'm not buying a new car but may apply for home loan.

Thanks again

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Any recent late payment will have an impact and several late payments in a row is even worse of course. Are the lates 30 days late, then 60 then 90? Or 3 separate 30 day lates? How long ago did this happen?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

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@Anonymous wrote:

Thanks Marinevietvet. Another question: On Nov 3rd I pulled Transunion and Equifax scoresand they were 719 and 692. If Wells Fargo reports this after the loan is paid off how much of a ding will this have on the scores. By the way I'm not buying a new car but may apply for home loan.

Thanks again

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Is Wells Fargo not reporting the lates now? 

[Anonymous]

Wells Fargo is NOT reporting the lates now. On the CR's pulled 11/3 both WF report paying as agreed. All 3 lates were 30 days-not 1 at 30, 1 at 60 and 1 at 90. I don't know the dates but they would have been 4 years ago I think. The customer service rep is mailing me a payment history report.

Thanks

[MarineVietVet]

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@Anonymous wrote:

Wells Fargo is NOT reporting the lates now. On the CR's pulled 11/3 both WF report paying as agreed. All 3 lates were 30 days-not 1 at 30, 1 at 60 and 1 at 90. I don't know the dates but they would have been 4 years ago I think. The customer service rep is mailing me a payment history report.

Thanks

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Are you sure these are late payments (>30 days past due date) or just fees charged because the payment was made after the due date? I ask because if these are truly three separate 30 day lates you are indeed fortunate they were not added long ago.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

That is what I was thinking Marinvietvet.

If they are lates and haven't reported I may have just been inclined to pay the additional money as a fee not to awake the sleeping bear. I tend to lean towards what you are thinking also as in they are penalty fees for being past the due date but before the 30 days. Also agree very fortunate. I hope it works out for you.

Good Luck

[llecs]

OP, in my not-so-smart credit days I was late on everything. I had one auto loan and I was consistently late on. Towards the end of the term and after finding myFICO and wising up, I requested a copy of my payment history and 3 deferred payments and I was a more than 30 days late on at least 20 of my payments with almost half being at 60 days or worse (why they didn't repo, I have no clue). Despite my record, they never reported me late on my CR. Now my other car loan on the other hand....

[Anonymous]

Car loans are simple interest loans contracted for a finite period of time.

Interest accrues daily.

Any time you do not make the payment by the due date, interest is accruing on a balance it should not be, so therefore there will be a difference in final payment. Conversely- payments made prior to the due date can lower your final payoff payment.

Late fees also add to this, not only to the amount of the fees, but to the interest applied to it.

If you know you were late, then you were late. Usually a  bank will not report you as late until you miss the Next payment (and some times until you are 2 payments plus late fee past as in you have 5 days to pay until a late fee accrues you may get 30 days first late then 6 days past the next due is when they report.)

CBs do not ask the companies you do business with if you were late, th ecompany you do business with reports their data to a CB. If they are not reporting you to the CB as late you are lucky and got a bonus.

If you know you are late then accept it. i would not rock the boat too much, the last thing you want is the bank to ask you- "so you are mad we did Not report you as late, we can fix that."