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4 days late on car payment, should I worry?


almost_there
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I know for someone with credit experience this may sound like a dumb question :oops: but this month I paid my car payment 4 days late (due to all of the recent home buying commotion! xrainx ) It was due on the first, I called in my payment yesterday. The rep said it would show as a late but not on my credit :? I'm not sure what that means. If it doesn't show 30 days at the bureau, it won't affect my score, right? I wasn't even late enough to have a late fee.

I hate to be asking such a simple question, and it's been a LONG time now since I've been late on anything (which is a good thing) but now I've sort of forgotten what this could do to me. xheadscratchx I'm assuming I'm safe, but if anyone else could shed some light on this, I would be happy to breathe a sigh of relief :)%

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My experience with institutions who handle Auto Financing have a 5 day grace after the due date, which ours does. The purpose is to protect you if the mail is slow, Holiday, or some other possible cause for the payment to not arrive at the proper time. If our payment is not posted until after the 5 day period, then we are assessed a late fee. As to the reporting part, I am not sure. I would assume it is up to them if they want to do this. To me, if it is the 1st time or very seldom, they will overlook it, but, if it continues, they may do so. My advice would be for you to call them and explain why you were late. A CSR doesn't always have the option of waiving any issues that may arise and must be pursued through a Manager or Supervisor.

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Most finance companies don't report late to the credit bureaus unless you are 30 days late or more. Have you ever noticed that there is no 15 day late on your credit report? So you will be okay. The only bad thing about paying days late is that you pay extra interest. Depending on your rate you can be paying 8 dollars a day more so if you wait until the 20th to pay your not considered late, but you just piad a lot of interest.

I recommend paying your car note 2 weeks early and that way you pay less interest and if you need a couple of weeks you will end up paying on time instead of two weeks late. It is simple. If your note is due on the 30th every month just pay it on the 15th of every month. This will help you a lot.

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