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If you have been late on a car payment can u still trade it in and get a new one?

im asking mainly because a friend has been considering it. i know when summer hits her husbands checks are good and there never a proublm maken her car payment on time. but sometimes in winter her dhs checks are a lil smaller. now she makes her car payments i beleave the longest was 15 days past due but she makes them. she has considerd trading in her car for a new one but asked me if i think its possible due to her late payments i dont have an answer so i figured why not ask my cafemom's out there. least anything i can give her an idea. thanks in advance from me and her :)

Answer Question

Asked by Anonymous at 1:38 PM on Mar. 28, 2011 in Shopping

Answers (6)
  • my parents never had a problem and they were BAD about missing payments.. just depends who the loan in through and if they are willing or if they can find someone else to pay off the old loan and add the price of the new car to it.

    Answer by zoejains_momma at 1:40 PM on Mar. 28, 2011

  • she goes threw capital one.. her car is 1 yr shy of being paid off, she has considerd just keeping it and be done with payments but at the same time i can tell u she hates her car. her dh financed it only to give himself credit which did work they just bought a house. but shes worried about the late payments.

    Comment by Anonymous (original poster) at 1:45 PM on Mar. 28, 2011

  • We go through our local bank for vehicle loans, almost every payment is late, and we've never had a problem trading. We call our favorite banker, tell him the issues we're having with the current vehicle, tell him we'd like to trade, ask how much we can look at spending to keep our payments the same or less, and off we go. We trade every 2 years, seems like every vehicle we get has a major problem right around the 2-year mark! But late payments have never made them say no, because at least we are paying them.

    Answer by Anonymous at 3:41 PM on Mar. 28, 2011

  • When you do, they will take into consideration if you paid on time, trust me I know. My brother did the same thing, and him not paying on time pretty much screwed the whole deal.

    Answer by ambr2006 at 6:25 PM on Mar. 28, 2011

  • His credit is a little off though, I guess if your credit is good, then you're okay, but I still have to ask. Not paying on time can lower your credit score correct? Why impact a good score by paying late?

    Answer by ambr2006 at 6:26 PM on Mar. 28, 2011

  • As long as your not default with your company, meaning you are still in good standing. Otherwise, no. They will condemn you or give you a rediculous interest rate.

    Answer by TwilightMack at 6:31 PM on Mar. 31, 2011

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