Skip a car payment

Discussion in 'Money Talk$' started by Salty, Oct 26, 2011.

  1. Salty

    Salty
    Expand Collapse
    20,000 Posts Club
    Moderator

    Joined:
    Apr 8, 2003
    Messages:
    22,113
    Likes Received:
    219
    I received a letter from my bank today. They are offering a nice little "Christmas present". I will be able to skip my December car note payment.
    Well there is just a very small processing fee -

    $35


    No thanks

    Salty
     
  2. annsni

    annsni
    Expand Collapse
    Administrator
    Administrator

    Joined:
    May 30, 2006
    Messages:
    20,181
    Likes Received:
    369
    Isn't that called a late payment fee?? Wow - they keep thinking up these newfangled things!! LOL
     
  3. Thousand Hills

    Thousand Hills
    Expand Collapse
    Active Member

    Joined:
    Oct 3, 2010
    Messages:
    1,488
    Likes Received:
    4
    I've been fortunate to not have a car payment for a few years. Although I have gotten those letters in the past when I did.

    True Story: I used to work with a guy who was taking about a month off, without pay to go on a hunting trip to South America. I think he said it was going to cost about $6K, maybe more. I can still remember him sitting in the next office over, hearing him on the phone with the bank, trying to convince the bank to let him skip a payment on his truck, because he was going out of the country. Obviously, the bank didn't have much pity on him. :BangHead::tonofbricks:
     
  4. billwald

    billwald
    Expand Collapse
    Banned

    Joined:
    Jun 28, 2000
    Messages:
    11,414
    Likes Received:
    0
    "If you have to choose, make the car payment and skip the house payment. You can sleep in a car but can't drive a house."
     
  5. SaggyWoman

    SaggyWoman
    Expand Collapse
    Administrator
    Administrator

    Joined:
    Dec 15, 2000
    Messages:
    17,933
    Likes Received:
    8
    Late payment fee.
     
  6. Salty

    Salty
    Expand Collapse
    20,000 Posts Club
    Moderator

    Joined:
    Apr 8, 2003
    Messages:
    22,113
    Likes Received:
    219
    Thats about it amounts to, but:

    1) It's not late for your credit report
    2) They get to keep charging you interest on that "missed payment"
     
  7. wtyson

    wtyson
    Expand Collapse
    New Member

    Joined:
    Mar 27, 2010
    Messages:
    14
    Likes Received:
    0
    The best way to sjkip the car payment is to pay it off then you won't have one... :)
     
  8. Bobby Hamilton

    Bobby Hamilton
    Expand Collapse
    New Member

    Joined:
    Oct 27, 2010
    Messages:
    569
    Likes Received:
    0
    Late payment fee isn't exactly accurate here.

    Essentially they are saying "Pay 35 bucks, and we'll bump the terms of your loan out one month without penalty"


    A lot of banks do this. I sell some banking products through my company and I know they do this too.

    I don't like it, but eh, it is what it is.

    Sidenote: I do know with our company, they will wave that 35 dollar fee if you are in good standing (I've seen them do it) with a phone call. But you have to get the offer. You can't just call in and ask if you didn't get the offer to skip a month.
     
  9. Salty

    Salty
    Expand Collapse
    20,000 Posts Club
    Moderator

    Joined:
    Apr 8, 2003
    Messages:
    22,113
    Likes Received:
    219
    Thanks for the info -
    Even if you dont get the offer, what would it hurt to ask - the worst is they would say no!
     
  10. mont974x4

    mont974x4
    Expand Collapse
    New Member

    Joined:
    Jan 6, 2012
    Messages:
    2,565
    Likes Received:
    1
    Several years ago I called my auto finance company to see about refinancing my loan on the truck I had at the time. I had always been paying extra so I was actually ahead of the game but I wanted to lower my payments to help during a period when I was unemployed. They said "No, we only refinance when you're at least 3 months behind."

    OY!
     
  11. Bobby Hamilton

    Bobby Hamilton
    Expand Collapse
    New Member

    Joined:
    Oct 27, 2010
    Messages:
    569
    Likes Received:
    0
    If I have learned one thing in my 30 years on the planet it is this: It almost never hurts to ask.

    Cell Bill, TV Bill, Car Bill, etc....
     

Share This Page

Loading...