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Taking month off from truck payment. Consequences

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Old 11-09-2011, 01:27 AM   #1
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Taking month off from truck payment. Consequences

Had my truck 2 years now. Monthly payments are $390 but I've been paying $600 since I bought it to get ahead and pay it off in 3 years. I've had to take time off though this month from work for medical reasons and the extra $390 bucks would really help with other bills if I didn't make this months payment. Question is what are the consequences? Will i only pay the late fee on next months payment or will my credit take a big hit? Just wondering maybe you guys have some insight. Thanks
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Old 11-09-2011, 01:39 AM   #2
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Sometime they will defer a payment if you just give them a call and tell em your situation.
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Old 11-09-2011, 01:52 AM   #3
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Quote:
Originally Posted by wolfpack_5150 View Post
call ur bank/credit union.
if ur THAT far ahead, maybe nothing will happen and they will use ur extra payments as "credit" for this month?
I know some places do that.....err, did. Ya never know with this economy tho
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Originally Posted by OscarWholivich View Post
Sometime they will defer a payment if you just give them a call and tell em your situation.
Call and ask.
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Old 11-09-2011, 02:40 AM   #4
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I would call and let them know your situation. 30 days should not be a problem, if they know about it. They sometimes waive the late payment fee as well.
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Old 11-09-2011, 03:27 AM   #5
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Call them. Many banks will assist. They are so paranoid about defaults that they will most likely assist you when you call and ask instead of an "all of a sudden" missing payment. It could be bad credit wise if you don't let them know.
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Old 11-09-2011, 03:59 AM   #7
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your credit can, and likely will take a hit if you miss a payment without calling them. Most banks can defer a payment for a month or more depending on the circumstances. With you being so far ahead they will likely give you at least a month, possibly and probably more if you need it.
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Old 11-09-2011, 04:00 AM   #8
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If youre paying that much more each month like you say your next payment is likely zero anyways, probably more like your next 6-7 payments is likely zero.

All depends how your bank does it, I pay ahead on my truck every month as well and it comes off my next month due, pay ahead on that bill and the same thing. So eventually you have enought to cut a year of payments off the truck or whatever.

Just call your bank, you sound like your in great standing
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Old 11-09-2011, 04:02 AM   #9
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Quote:
Originally Posted by hookedontronics View Post
If youre paying that much more each month like you say your next payment is likely zero anyways, probably more like your next 6-7 payments is likely zero.
This ^
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Old 11-09-2011, 04:03 AM   #10
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Def call before you skip payment. I get offers to skip payments if i pay the monthly interest a lot. Never done it.
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Old 11-09-2011, 04:04 AM   #11
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probably depends what the extra money you've been paying has been going for. generally you want to apply extra payments to the principal not the interest to reduce the overall interest you'll pay. otherwise you're just paying off their interest faster and they don't care when you finish paying it. if you've just been paying more then you're probably ahead on payments and owe nothing. either way call the bank, better safe than sorry
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Old 11-09-2011, 04:10 AM   #12
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Quote:
Originally Posted by gov875 View Post
probably depends what the extra money you've been paying has been going for. generally you want to apply extra payments to the principal not the interest to reduce the overall interest you'll pay. otherwise you're just paying off their interest faster and they don't care when you finish paying it. if you've just been paying more then you're probably ahead on payments and owe nothing. either way call the bank, better safe than sorry
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Old 11-09-2011, 04:16 AM   #13
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Quote:
Originally Posted by TurfTaco View Post
If you have been paying $200+ over for 24 months nothing will happen if you skip a month because you are months ahead on your payments
Not if he's been doing it the right way.

Most creditors credit amount over minimum towards future payments to ensure they make all of their interest income...HOWEVER if the OP has been specifying that the extra he's paying go to principle (which will save him a lot of interest money in the long run), then he wouldn't be ahead on his payments at all.

It depends what he was doing. He should DEFINITELY call his creditor and see what he can work out with them to avoid any credit consequences.
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Old 11-09-2011, 04:23 AM   #14
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Quote:
Originally Posted by jandrews View Post
Not if he's been doing it the right way.

Most creditors credit amount over minimum towards future payments to ensure they make all of their interest income...HOWEVER if the OP has been specifying that the extra he's paying go to principle (which will save him a lot of interest money in the long run), then he wouldn't be ahead on his payments at all.

It depends what he was doing. He should DEFINITELY call his creditor and see what he can work out with them to avoid any credit consequences.
This. I have NEVER had a min balance due on a car payment of $0...but I pay nearly double every month. Applying it to the next months payment does not save you any money- It just gets the complete principle+interest paid off earlier. Paying against the principle reduces the amount that the interest is charged against, saving you money.

OP- Can you float on just keep the 210 extra that you pay for the next couple months?? Or do you need the whole 600?? Either way-before making any major changes or skipping a payment- Call the bank and let them know, see what they suggest, and go from there.
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Old 11-09-2011, 04:28 AM   #15
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As others said to call.
In the past, if I sent extra $$ to Toyota Finanacial Services without specifying, the extra money would go towards my next payment automatically. That is Toyota Financial Services.
It is always best to call and good luck with your medical situation too.
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Old 11-11-2011, 09:34 PM   #17
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Quote:
Originally Posted by OscarWholivich View Post
Sometime they will defer a payment if you just give them a call and tell em your situation.
X2 especially since you been doubling your payments
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Old 11-12-2011, 09:01 AM   #18
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I wouldn't assume it would be okay. Definitely call the bank. Don't miss a payment without calling them. You will take a credit rating hit if you're late.

If you have the ability to check your bill online, look and see if they show a payment due at your normal due date. That would tell you if your lender applies your extra payment to principle or future payments. You can also look in your loan documents and see if there is a prepayment clause.
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Old 11-12-2011, 06:10 PM   #19
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As everyone here as already said, call your bank/credit union and ask before you decide not to pay.

I was ahead on my last car, came to the due date, for got to mail the check. I called them and the rep told me not to worry. I was ahead four months and they could let it slide.

With any credit union, communication is the key to getting slack when you need it.
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