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Auto Loan Credit Reporting


kidd082000
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The last post in this topic was posted 3981 days ago. 

 

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Does anyone know of specific laws and information pertaining to Auto Loans and the FCRA, something similar to the Credit Card Act of 2009.

 

Basically my payment was due to Nissan on 9/10/11, which was a Saturday. My wife made the payment through their automated system on 10/8/11, which they have confirmed and is not 30 days late. However, 10/8/11 was the Saturday of Columbus Day weekend, so the payment was not applied until 10/11/11, making it 31 days late.

 

Is this legal? I know that if this was a credit card I would be protected under the Credit Card Act because the due dates shift to the next Business Day and you protected by holidays and such. But what about Auto Loans? This does not seem right?

 

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I'm pretty sure its legal... But you do know it doesn't have to be 30 days late to be reported that way. It depends on the bank,some will report it late the day after the due date and some will report it at the 30 day mark so it all depends.

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I don't think auto loans have to follow the same rules as credit cards. My auto is thru Ally and they state on the site payments made after 6pm on Friday will not be posted until the following business day and they will also tell you on the phone when talking to them that payments don't post on weekends or holidays. Their daily cut off time used to be 2pm and they have recently changed it to 6pm. Its the only payment I have that still has "bankers hours".

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Regardless of the rules I always assume that it will take up to five days for any payment to post. Whether you are in the right or not, if something gets posted late it's a bigger headache to try to reverse than just adjusting all of the payments backward by a few days... IMHO, anyway. Works for me...

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Brndnh721 - well that's not true at all. You cannot report a late payment to the credit bureaus until 30 days after the due date. Some banks may tell you that their reporting goes from the "cycle" date, meaning that they only report at 60 days once two billing cycles are missed, but in effect, this is still 30 days late. If you ever get reported for any payment that was made less than 30 days after the due date, it CANNOT legally be on your credit report and you must call the creditor to have them remove it. They can charge you late fees the day after a due date, but they absolutely cannot credit report you.

 

jak2136 - yes thank you, that is true, however that doesn't necessarily apply to the FCRA which has special provisions for payments applied late. I am just not sure what they are for auto loans specifically.

 

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I would suggest simply seeking a "goodwill" clear of the delinquency. Although I'm not familiar with the practices of this creditor, if you other payments have been timely, I would expect that a brief letter, citing the reason for the late payment and requesting consideration, would be successful.

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Thank you all for you help, not to sound like a self righteous jerk, but this is what I do for a living. I have never encountered this exact situation before and I was hoping rather than having to comb through a couple hundred pages of the NCLC's Fair Credit Reporting legal practices journal that someone would just be able to point me in the right direction or clarify the relation to section COC 4.6.4.5 of the NCLC's Consumer Credit Practice Series. I know how to go about getting it removed, I was looking for legal grounds to file a lawsuit against Nissan for refusing to remove this late payment on the first contact. I will update the chain if I am able to find the answer should anyone else ever need it.

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