I'm behind on paying my car payment. I don't know what happened, but somewhere down the road I've gotten a month behind. I pay every month, but it goes towards the previous month and I don't have the money to pay 2 months. I spoke with the bank and they said I could defer 2 months and then get the late fees caught up. I'm going to do that, but I'm worried they won't approve it. The lady said that it has to be approved once it's turned in. I really want to get caught up, but am worried they won't approve it and then I'll be in a big hole at the end of the lease. Any suggestions?
Why Would a Bank Not Defer a Payment?
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:yeah: There's no sense getting worked up over something that may really be nothing.
I worry because I have a medical procedure I have to do at the end of July and if they don't approve the defferment then I either A) not have the money for the car or B) not have money for the medical procedure which keeps me in quite a bit of pain. But I don't want to get anymore behind because I don't want to loose my car.
I can't sell it since it's a lease. It's not stress...it's just a matter of how to prioritize things. Just a matter of trying to figure out if I need to prolong the medical procedure.
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Yep...Greebo hit it right on the nose.
Just go for it and see what happens. Did you say lease?
Just go for it and see what happens. Did you say lease?
I would say that the "approval" is just a double check for any serious issues...you have a habit of doing this etc.
Since you explained that you have realized you are a month behind it should be okay, but I would try to trace the payments, so you can keep it from happening again.
Since you explained that you have realized you are a month behind it should be okay, but I would try to trace the payments, so you can keep it from happening again.
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I worked for an auto lender (although not in collections) and usually the person on the phone reviews your account to make sure you even qualify for such a deal. Once you want to do it they fill out the necessary forms and someone in management reviews & approves it.
It's also personal experience that if you don't qualify the person on the phone would have told you that. When 2 hurricanes hit in 2 or 3 months last year we were having trouble because my husband's truck broke down. I called for a deferment and was told they only did that if we were going through a natural disaster (I wasn't). I asked why and she said "because they only happen once in awhile." Like 2 hurricanes in 2 months, I asked? :huh:
Good luck to you! Once you get past this you should look into an emergency fund, we don't have to worry anymore since we're prepared now.
It's also personal experience that if you don't qualify the person on the phone would have told you that. When 2 hurricanes hit in 2 or 3 months last year we were having trouble because my husband's truck broke down. I called for a deferment and was told they only did that if we were going through a natural disaster (I wasn't). I asked why and she said "because they only happen once in awhile." Like 2 hurricanes in 2 months, I asked? :huh:
Good luck to you! Once you get past this you should look into an emergency fund, we don't have to worry anymore since we're prepared now.
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I worked as a loan officer in a credit union and deferred payments for people all the time. However, I did not have the authority to "approve" deferrments. It had to go through my supervisor. It's just a checks and balances thing. Plus, you can only defer payments so many times in a loan (usually once, but some places have different policies). So, the approval on the deferrment is most likely, just to review paperwork and make sure you haven't done it previously on the loan.
Don't sweat it. I would bet you have no trouble getting it deferred. It's one of the few "nice" things that banks do for good customers. They really don't want to see you default on the loan, becuase that will cost them more in the long run, so they are going to try to help you with what they can.
Don't worry about it, and you'll know soon enough!
Don't sweat it. I would bet you have no trouble getting it deferred. It's one of the few "nice" things that banks do for good customers. They really don't want to see you default on the loan, becuase that will cost them more in the long run, so they are going to try to help you with what they can.
Don't worry about it, and you'll know soon enough!
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I second this motion.
But be aware, depending on how long the US Gvt let's the cash-for-clunkers program ride, you might have slight difficulties finding a really cheap car.
My wife and I are in a similar position (of wanting to buy a used car). We're moving to Germany in a month's time. The German government were the first to introduce such a scheme and the result is that the second hand car market is cleaned out - well at least the really cheap ones.
Thank goodness we'll be able to get by without a car if absolutely necessary (although public transport costs might be higher than car maintenance and running costs), so we're in a strong position there and can afford to wait for a good deal instead of being a good deal for someone else...
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I agree with maybe trying to sell the car and maybe buy a used one, 1 less payment per month. Also, the bank offered you a solution, think positive, I am sure they wouldnt offer an option if it wasn't available to you.
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Just want to point out that a medical problem is not something to put off and your doctor/hospital should be willing to set up a payment plan. As long as you are making an honest attempt to pay them monthly there should be no problem. :hug2:
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