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Taking month off from truck payment. Consequences

Discussion in 'Off-Topic Discussion' started by 808Raider, Nov 9, 2011.

  1. Nov 9, 2011 at 1:27 AM
    #1
    808Raider

    808Raider [OP] State of Mind

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    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
     
  2. Nov 9, 2011 at 1:39 AM
    #2
    OscarWholivich

    OscarWholivich Well-Known Member

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    Sometime they will defer a payment if you just give them a call and tell em your situation.
     
  3. Nov 9, 2011 at 1:52 AM
    #3
    4Wheelin4Banger

    4Wheelin4Banger Longtime Toyman

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  4. Nov 9, 2011 at 2:40 AM
    #4
    chich2000

    chich2000 Well-Known Member

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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.
     
  5. Nov 9, 2011 at 3:27 AM
    #5
    hogeyphenogey

    hogeyphenogey Baby on the way and I have an access cab! Yikes!

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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.
     
  6. Nov 9, 2011 at 3:33 AM
    #6
    TurfTaco

    TurfTaco Is there a long john silvers on the island?

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    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
     
  7. Nov 9, 2011 at 3:59 AM
    #7
    2008taco

    2008taco Well-Known Member

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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.
     
  8. Nov 9, 2011 at 4:00 AM
    #8
    hookedontronics

    hookedontronics Well-Known Member

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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
     
  9. Nov 9, 2011 at 4:02 AM
    #9
    TurfTaco

    TurfTaco Is there a long john silvers on the island?

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    This ^
     
  10. Nov 9, 2011 at 4:03 AM
    #10
    05 TRD Sport

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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.
     
  11. Nov 9, 2011 at 4:04 AM
    #11
    gov875

    gov875 WahooTaco

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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
     
  12. Nov 9, 2011 at 4:10 AM
    #12
    TurfTaco

    TurfTaco Is there a long john silvers on the island?

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    Hey Matt, long time no talk. Glad to see you got the lift installed.
     
  13. Nov 9, 2011 at 4:16 AM
    #13
    jandrews

    jandrews Carolina Alliance Southwest Region Ambassador

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    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.
     
  14. Nov 9, 2011 at 4:23 AM
    #14
    Brunes

    Brunes abides. Staff Member

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    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.
     
  15. Nov 9, 2011 at 4:28 AM
    #15
    Simon's Mom

    Simon's Mom Wag More Bark Less

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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.
     
  16. Nov 11, 2011 at 8:03 PM
    #16
    TurfTaco

    TurfTaco Is there a long john silvers on the island?

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    So what did the bank say?
     
  17. Nov 11, 2011 at 9:34 PM
    #17
    Tigahshark

    Tigahshark Senior NEWBIE

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    X2 especially since you been doubling your payments
     
  18. Nov 12, 2011 at 9:01 AM
    #18
    Evil Monkey

    Evil Monkey There's an evil monkey in my truck

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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.
     
  19. Nov 12, 2011 at 6:10 PM
    #19
    LTE

    LTE NRA Benefactor Member

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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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