6 days late on car payments
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I’ve completely forgot to pay my last car payment because of my girlfriend’s illness. I’ve paid it online 4 days after the due date, and it says it takes 2 more days to process which makes it 6 days late in total. I’m worried that it will affect my credit score. Can it? P.S. It’s Wells Fargo if it makes any difference…
Nothing to worry about
First, all payments have a 5 days grace period, where companies cannot legally report you as being late.
Second, All online payments have a time stamp on them. Although it may take 2 days to process your payment, by law it must be posted with the date you’ve paid it (i.e. only 4 days late).
Third, Wells Fargo Dealer Services in particular wait 30 days from a missed payment before reporting you delinquent.
You don’t need to worry about your score. Only thing you can expect is an extra $10 late payment fee.
You’re luck that you remembered to pay this time. My advice to people is to put it in their calendar, or switch to automatic payments if they can.
Good luck.
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