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Discussion in 'Credit Talk' started by eddunn1, Dec 11, 2003.
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From what I have read car loans don't generally come with a grace period.
Don't know how much it varies between lender but my Cap One Auto loan posts a late fee of $10.00 on day 11 after the due date. They also start calling every day until it is paid. A 30 day late is not reported until day 31.
Yep it depends on the lender; and every car loan I have had did have grace period. I do not believe ther is any law though.
i have experienced the same thing....10 day, then on the 11th the late fee kicks in, and reported to the cb on day 30....this was the norm the last three new cars i have owned over the years....that's why i thought this one seemed a little odd. thanks....ed
i asked my credit union. they said up to 14 days is fine, without penalty or derogatory marks past the due date.
On the 15th day, you'll be punished (in her own words).
I thought thats pretty cool. I Always pay the car loan in advance as is reduces the interest, but if i needed to ever pay at the last day, i could forward a full payday (due to my choosing the due date) late and it wouldn't be counted against me.
Choose a good lender, don't get GEORGE'D.
Funny thing is I know of a finance company who stated upfront they had no grace period. . .but after the 11th day that's when the calls started and the late fee got added to the account. Sounds like a grace period to me.
As a matter of fact I was told on one of the cars I owned the first year I had it that they had no grace period, and then after a year of having the car and paying on time she tells me they have a 15-day grace period.
I don't know if it's a legal requirement but my GMAC car loan allows a 10 day grace period before payments are considered late with a late penalty (payment coupon shows payment on the due date and then payment after 10 days of the due date). I verified this with them when I couldn't make the payment on the exact due date but mailed it and they received it within the 10 days grace period. They said it would not show up on my credit unless it was 30 days past due and that there is a 10 day grace on that loan.
I also have an auto loan with Chase and I don't know what their policies are as the loan is really new (just got it 2 months ago) and I make online payments so it's not late.
credit unions do not have to follow the same rules as banks, banks do not have to follow the same rules as finance companies (non-banks). you get the jist. credit unions can buy deeper, have better rates and grace periods, etc. and No, i do not work for one, i work for a bank.
I am not sure if all states are the same but in California you have 10 days from the due date before a late fee of 5%of the unpaid portion of the monthly amount due. True the banks wont report the account to the CRAs until the 31st day but keep in mind you are paying intrest daily on your loan so if you make your payment 9 days past the due date you wont be assessed a late fee but you will be paying intrest for the 30 days that the payment was due in addition to the additional 9 days that you were later. Further more you are still paying intrest on the days in the up coming months payment so essintially you are paying twice the intrest for every day that you are late. also what the banks wont tell you is that this will make your last payment a lot more than what your current monthly payments are. so if at all possible pay your account 10 days early and with an extra 50-100 dollars each month towards the end of the loan you will shave off a few months easy.
thanks for all the feedback.....looks like everybody has had the same experiences as me with new car loans.....i still haven't heard of one that doesn't give at least the 10 days after it's due....i even had one once thru one of the new car finance companies....i believe chrysler, i may be wrong tho...but they gave me 14 days....i'll ask the loan officer when i get a chance to call....i am curious now...lol....ed
make sure you pick out a good date too. Some places want to originate the loan due date on the day you sign the papers, with a 30 day grace (no payment) however most are also willing to move BACK the date of first payment to meet your budget (ie due the 17th,2nd paycheck).
If you dont specify they will just pick one out of the air or the day you sign. Which can be inconvenient if you get paid twice a month and have a (rent) huge payment on the first segment.
Re: Re: Auto Loan Grace Period
I agree. My bank gives a 10 day grace period. I have never gone past it so I don't know what the late fee is. I'm done paying for this car in 6 months! Yay
Re: Re: Auto Loan Grace Period
My credit union doesn't allow you to pick a date. All loans are due the first day of the month. However, they will transfer the payment from the savings account. So, to get around the problem, just put the money in your savings account whatever date you want the month prior, and leave your savings account alone.
My car payment is around $280. I put $300 (at least) in the savings every month. Eventually I'll have cushion there so that if something happens I won't have to put in the full amount to have the $280 there on the first.