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if you defer a car payment does it hurt your credit?

Posted by on Jun. 1, 2009 at 3:50 PM
  • 14 Replies

My mom says it doesn't. i say it does. She wants to defer a payment with USAA because of some unexpected bills that came up. I told her to not do it and talk with the hospital (the bills that came up). She said usaa allows up to 2 deferments over the life of the loan. I still told her its not a good idea.

So does it hurt your credit? My parents have amazing credit. My dad had surgery to remove some polyps and the bill was a little larger than they expected.

I really would hate to see them hurt their excellent credit over a hospital bill. I am sure the hospital would be willing to work with them on it.

 

by on Jun. 1, 2009 at 3:50 PM
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Replies (1-10):
Jademom07
by on Jun. 1, 2009 at 3:51 PM

No, it just extends the length of the loan...they may expect the amount of interest owed but the principal will just be added on to the end. 

sparkyskitten
by on Jun. 1, 2009 at 3:52 PM

call the company and reread the contract.. really any late payments on a big purchase like a car is a bad idea unless you have writing and verbal agreement with a name attached saying you defering and it won't hurt anything

Don't complain about life if you're not willing to get off your ass and do something to change it.

Freedom is NOT free!! It must be fought for and EARNED. So STOP putting your hand out and put it to work.


Group Admin Breastfeeding Moms Uncensored

momma2-3boys
by on Jun. 1, 2009 at 3:53 PM

This is correct!

Quoting sparkyskitten:

call the company and reread the contract.. really any late payments on a big purchase like a car is a bad idea unless you have writing and verbal agreement with a name attached saying you defering and it won't hurt anything


Nicole114
by on Jun. 1, 2009 at 3:53 PM

Nope, it does not hurt your credit.

jjessers
by Gold Member on Jun. 1, 2009 at 3:54 PM

 They are better off paying the car note over the hospital bills.

My Dh has hospital bills in the astronomical amount.....yet...because we pay our credit cards .....car payment.....and other bills on time....we are still in an ok situation w/ our credit....if we did it the other way around...we would have the crappiest credit. We even verified all this through my husbands team of lawyers.

aapye
by on Jun. 1, 2009 at 3:54 PM
I've had to do it a lot and my car company always sends me paper work. It does not hurt your credit as long as there is written agreement
rockinmomof2boy
by on Jun. 1, 2009 at 3:57 PM

 It does not hurt your credit.  How ever I would pay the car and not the hospital, hospitals are usually lucky to get paid & will work with you.

crwspringer
by Platinum Member on Jun. 1, 2009 at 4:01 PM

I don't think it would hurt her credit, but I am going to bet that the interest compounds daily and she will end up paying even more for the car than expected.

I agree that she should pay more attention the her long term commitemnt revolving credit (car, house, etc).  You can always call the hospital and negotiate your amount and payments.

Amberfire82
by on Jun. 1, 2009 at 4:02 PM

No as far as I know it doesn't. We had to deferr a payment on my DH's truck last year right after Hurricane Ike. They don't count it as a late payment, its just tacked onto the end. Check with your car company to make sure though. Ours was Nissan.




marina069
by on Jun. 1, 2009 at 4:03 PM

no it doesn't, in fact i just did my once a year skip a payment on my auto loan, the credit union did a modification agreement just skipping the June payment and making the next payment due July, they just tack it on to the end of the loan, i usually do it in December but really needed it this month

Lauri, mommy to 2 princesses

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