Capital One Auto loan deferral

[SueHunny]

I was recently diagnosed with cancer and need to take 6 weeks off work for surgery and treatment (no pay). I tried calling Capital One to see if I could do a deferral for April and possibly May. I've done this in the past with no issues with other lenders. 

 

When I called, the rep offered me 3 options, none of which worked for my situation, which she even commented on. She then said that I could skip my payment, then call on the next day during the grace period, where they would then offer me more choices, but she couldn't tell me what they were or if a deferral would be offered. I'm just wondering if anyone else has had this experience with them. 

 

Needless to say, it's very frustrating! I'm already worried about my health and losing 6 weeks of pay, only to feel like I have to play guessing games with my car loan. 

[hdporter]

There's a bit of information online re Capital One and deferral of loan payments.

 

It's suggested thst you can request a deferral via online account manager.  It's described as being relatively straightforward.  Deferred payments and accrued interest are added to the back end of your payment stream.

 

It sound like approvals might be granted one month at a time, and that it's necessary to return each month for an extension, as necessary.

 

I encourage you to search on the terms "Capital One auto payment deferral" to assess this info first hand.

[MarvBear]

A Capital One auto payment deferral, also known as a loan extension, allows you to temporarily postpone your monthly payments. Here's how it typically works:

• Skipped Payments: You get a break from making your regular monthly payment for a set period, usually one or two months.
• Extended Loan Term: The deferred payments are added to the end of your loan term. This means your loan will take longer to repay entirely.
• Accruing Interest: It's crucial to understand that interest still accumulates on your loan balance during the deferral period. You'll end up paying more interest overall because the interest gets added to the principal balance, increasing the amount you owe interest on.

Here are some additional things to consider:

• Eligibility: Capital One might not offer deferrals automatically. You may need to contact them and explain your financial situation.
• Alternatives: Explore other options Capital One might offer for temporary financial hardship, such as a loan modification.
• Impact on Credit Score: Deferrals themselves typically don't harm your credit score. However, late payments after the deferral period can negatively impact your score.

Reaching Capital One:

• Check your online account for deferral options.
• Call Capital One Auto Finance at 1-800-633-3434 to discuss your situation.

 

 

[Cookie4253]

They are the worst bank to deal with. 

They tell you to miss your payment then see what options you have after that. 

I fell for this tactic and ended up in chapt 13 because of it. 

Everytime I would try through the app it said the same thing "your only options are....."

I would call and they would say the same thing. 

 

Yes it is frustrating! 

I have a paid auto loan with them from 2018 and NEVER had a problem with them until recently. 

 

I would find the CEO'S email and send him an email detailing your situation and see what his office comes up with. (Which is what I should have done).