Late car payment

[Altimus]

Quick question on credit reports...

My car loan is through Nissan, NMAC.

My loan was due on 12/15, a Saturday. I send my check via mail usually 3rd-5th. I noticed today on my bank account Nissan hasn't deducted money yet.

I call NMAC today to confirm and they said they haven't received it and I'm two days past due. They said in the state of IL there are no late fees and they don't report it to the credit bureaus unless it is 30 days past due. They just told me to wait 2-4 days and give them a call to see if they received it yet.

Now, it says on their website about the 30 days past due and the CSR told me the same thing but can they still notify the credit bureaus anyway? I read online that companies can report late payments to credit bureaus even if they are under 30 days late.

My credit is perfect and I'm worried this will go on my record and screw up my other loans interest rates and what not. Especially the mortgage loan I have.

Maybe I'm overreacting but I don't like being late when I owe money. I'll wait till tomorrow morning to see if it posted yet and if it didn't I'll make a online payment then. In essence I'll be three days late. I know they said they don't unless report unless its 30 days but want to be sure if there is anything else I should do.

From now on I'm making automatic payments.

[fistofrage]

Re: Late car payment

Quick question on credit reports...

My car loan is through Nissan, NMAC.

My loan was due on 12/15, a Saturday. I send my check via mail usually 3rd-5th. I noticed today on my bank account Nissan hasn't deducted money yet.

I call NMAC today to confirm and they said they haven't received it and I'm two days past due. They said in the state of IL there are no late fees and they don't report it to the credit bureaus unless it is 30 days past due. They just told me to wait 2-4 days and give them a call to see if they received it yet.

Now, it says on their website about the 30 days past due and the CSR told me the same thing but can they still notify the credit bureaus anyway? I read online that companies can report late payments to credit bureaus even if they are under 30 days late.

My credit is perfect and I'm worried this will go on my record and screw up my other loans interest rates and what not. Especially the mortgage loan I have.

Maybe I'm overreacting but I don't like being late when I owe money. I'll wait till tomorrow morning to see if it posted yet and if it didn't I'll make a online payment then. In essence I'll be three days late. I know they said they don't unless report unless its 30 days but want to be sure if there is anything else I should do.

From now on I'm making automatic payments.

If you read your contract, I am sure they have a 10 day grace period. If you have a good history of payment, they will not penalize you for 1 late payment if you blame it on the mail, etc. Now if it was an outside agency that was hired to collect payment on behalf of a Gym,etc. 1 late payment and they are notifying the 3 credit bureaus.

[The 24th Letter]

Re: Late car payment

I seriously doubt it AP.
Ive had my time in the risk dept, and from my experience they really arent checking for a 2-3 day late payment.....now I have seen where 5-7 days can be a problem so you really might want to keep your eyes on the bank- but that was a rare case due to prior negligence...but 2-3 for someone with good history? nah....

im sure your payment history on the loan will be "green" when you check your CBR

[nemesis04]

Re: Late car payment

Your fine don't worry! Nissan financing is one of the more lenient ones. My lease is through them. One time my payment got lost in the mail and they did not charge any fees or do any reporting. If your payments are consistent every month they will listen.

[Altimus]

Re: Late car payment

Your fine don't worry! Nissan financing is one of the more lenient ones. My lease is through them. One time my payment got lost in the mail and they did not charge any fees or do any reporting. If your payments are consistent every month they will listen.

Awesome, thanks man.

I myself was surprised when the CSR told me to wait a couple days to see if it comes in. I was expecting a pay now response.

[nemesis04]

Re: Late car payment

Awesome, thanks man.

I myself was surprised when the CSR told me to wait a couple days to see if it comes in. I was expecting a pay now response.

You would only get that response if your payment history was erratic.

[McLite]

Re: Late car payment

BofA online payment! I used to be late every now and then and credit companies are infamous for trying and screwing you anyway you can. Ever since I went to online bill pay it's so nice...pays it every month the same day without me even have to worry about it.

[Altimus]

Re: Late car payment

Just checked out my account online and they got it and posted today. (17th) I'll call tomorrow to confirm that everything is okay. When it comes to finances, I don't like to mess around.

[Kodiak33]

Re: Late car payment

Are you already paying installments for the GT-R?

[bluengold34_OS]

Re: Late car payment

Altimus, you are fine brother. I have worked with peoples credit and the big 3 credit bureaus for the last 10 years ( equifax,transunion, and experian ) They will not accept a late payment report unless it is considered 30 days plus delinquincy. They will not report it at all, keep in mind those 3 companys are not Government agencies. They are merely a third party reporting companys, and therefore are able to be sued by an individual or company for false reports. They will not in any case...and I stress any...report any type of delinquincy unless it has reached 30days late.

The credit bureaus report such accounts as 30/60/90 days late wether it be a revolving account( credit card/ open line of credit) or an installment loan ( house note/car loan/student loan ) 30 = 1 month past due, 60 = 2 months etc, etc.......hope this helps. In other words , you have no worries.

[Altimus]

Re: Late car payment

Altimus, you are fine brother. I have worked with peoples credit and the big 3 credit bureaus for the last 10 years ( equifax,transunion, and experian ) They will not accept a late payment report unless it is considered 30 days plus delinquincy. They will not report it at all, keep in mind those 3 companys are not Government agencies. They are merely a third party reporting companys, and therefore are able to be sued by an individual or company for false reports. They will not in any case...and I stress any...report any type of delinquincy unless it has reached 30days late.

The credit bureaus report such accounts as 30/60/90 days late wether it be a revolving account( credit card/ open line of credit) or an installment loan ( house note/car loan/student loan ) 30 = 1 month past due, 60 = 2 months etc, etc.......hope this helps. In other words , you have no worries.

Thanks man, I called Nissan today and they said everything is fine as well. I just got worried because I heard the horror stories of other accounts interest rates jumping hardcore if you are late on another account. But I guess that only has to be 30 days as you said right? Unless its a CC?

[bluengold34_OS]

Re: Late car payment

Thanks man, I called Nissan today and they said everything is fine as well. I just got worried because I heard the horror stories of other accounts interest rates jumping hardcore if you are late on another account. But I guess that only has to be 30 days as you said right? Unless its a CC?

the only time a credit card would jump if its less then 30 days, would be if the company that you are late with would decide to raise your rate because of periodoc lateness....no other company could find that information out. Glad we could all help. we have all been there before, and its an easy thing to get worried about.