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First you need to call your financing company. Once you call them they will let you know whether you qualify based on the company's guidelines and terms of your contract.
if you do qualify, they will let you know if you need to sign and agreement and pay a fee, on most cases with car loans they will mail/fax you an agreement that you need to sign and send back with a fee (some companies don't charge a fee).
after everything is completed one of your payments will be defer until the end of the loan, for example if you are due for November and your loan ends in october of 2010, after the deferment your next payment will be in December and your loan will end in November of 2010.
Also keep in mind with some loans only your regular payment is deferred not the interest, so your interest will continue to accrue so the next time you make a payment they will take the interest for your deferred payment plus the interest of the current payment, therefore less money will be applied to your principle. If you defer too many payments and don't pay more to make up for the interest you will have a balloon payment by the end of the loan. So don't defer payments unless you absolutely need it. and lastly on a car loan it will need affect your credit unless you go over 30 days past due.
I'm collector for a bank in Southern California.
Wiki User
∙ 12y ago
rachel reyna
can you defer payment on a car that has been repo and unable to pay other half do to covid
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Will wells Fargo defer a car payment?
yes
How many payment's can you defer a car payment?
Depends on the contract you signed when you borrowed the money. With most lenders they can reposes their car if you miss one payment.
What reasons can you give to defer a car loan?
You can defer a car payment for many reasons such as:Recent job lay offPayroll change dateincome changeMost lenders will allow 2-3 car payment deferments per year after you have made a minimum of 12 payments. Car payment help is available.Hope this helps
I need to defer payment, what form do I need?
I need to defer payment, what form do I need?
When is payment due after buying a car?
Generally a month. Sometimes if you ask your bank or finance company to defer the first payment for an additional month they will.
Can you defer a chapter 13 payment?
yes, if i can
If you defer a payment will you still have to make that payment?
yup, just at a later date - and typically a much higher amount
Pay No Money Down When might this be an example of a contango?
If you're paying a premium to defer payment
What is deferred payment price?
A deferred payment price may be different from a price of cash and carry. To pay later is to defer and is usually more expensive.
What situation can defer a student loan payment?
post secondary studyPeace Corps serviceeconomic hardshipchange in citizenship
How do you defer a payment?
Call your student loan servicing company and request a Deferment. If you are not eligible, then ask for a Forbearance.
If you defer a car payment to a later date does it hurt your credit in anyway?
It would depend upon the terms of the contract you signed and whether deferment is allowed. Deferring payment on a car loan is not a common occurrence. If it were me; I'd want written assurances that my credit would not be damaged. Deferring payment on student loans is very common. If the creditor is notified of the borrower's status, there is usually not a problem. Read your contract carefully to see if there would be any ramifications to postponing your payment(s).
