Car Loan. who can answer my question?
Haze asked:
Hi.. i have a car loan from HSBC. Unfortunately i have not enough money last month and did not pay (so i skipped one month) but I will pay double at the end of this month. (as if, last month’s loan plus this month’s loan).
Hi.. i have a car loan from HSBC. Unfortunately i have not enough money last month and did not pay (so i skipped one month) but I will pay double at the end of this month. (as if, last month’s loan plus this month’s loan).
But i feel not so secure. I don’t know much about this. What do you think would happen?
Btw, i never skip any payment before- this is the first. Thank you in advance.
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It is a long process to reposess a car. You must be issued with a number of payment warnings and eventually HSBC will have to get a court order to sieze your vehicle.
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You should call HSBC and explain your situation. They are much more likely to work with you in this situation, if you play your cards face up.
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Contact HSBC before you do this again most banks are willing to work with there customers in such cases. You do need to remember there will be a late fee charged for the late payment. I would go ahead and call them and tell them the situation.
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You will be fine. They will not come after your car for one payment.
You can call and ask to get the payment put on the rear of the loan.
Or like you planned just double up next payment. You need to call and let them know so they will not bother you everyday. There will also be a late payment fee tacked on to the payment so you need to ask what it runs if not stated in your payment book.
They may also show a 30 day late mark on your credit report.
Do not lose sleep over it though , most companies do not start seeking your car out until you go past 90 days.
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You can call them and explain the situation. They are more understanding than you think and would much rather have a reason and a date that you plan on paying it than have no information or reason why you are late.
Most have a grace period, that at least with mine is 27 days after it is due. If I go past the 27 days than it gets reported to my credit report.
Your company will be able to explain all of this to you, and explain their grace period and their policies. Everyone goes through hard times and they will be willing to work with you as long as you keep them updated and informed of your situation. Good Luck!
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Mr. D’s answer is inaccurate. There are no court proceedings about repossessing a car. You’ll go out one morning and your car won’t be there. Car repo’s generally happen after no payment for 60 - 90 days. If it was purchased from a buy here/pay here lot they will often repo after only one payment was missed.
By paying double at the end of this month you’re very close to that 60 day late segment. If your next payment (the double payment you’re planning on) is only a couple days late you might find your car missing.
Don’t pay double at the end of this month. Send in your late payment as soon as possible and then pay your next payment on time. Be careful with late/missed payments. You’ll destroy your credit very quickly if you continue this path.
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You should always contact your lender when you are having a problem paying your loan. If you will be able to get caught up next month it should not be a problem, but always let them know. Also remember, when you are thirty days late that shows up on your credit report, so try to avoid this when you can.Good luck.