No car payments for 3 months?

SirPaidALot

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Some people are now able to put off their car payments for several months just by calling their finance company.

Does anyone know how this works? Does the interest still catch up to you?

Let me know if anyone has done this.
 

Silver Surfer

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Some people are now able to put off their car payments for several months just by calling their finance company.

Does anyone know how this works? Does the interest still catch up to you?

Let me know if anyone has done this.
Yes, that seems to be right, but mainly if you bought a new car.
But there are options as well if you've financed a second hand car.

This video gives more info on how that works.


And here is a page with more information
 

NRG18

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Yeah, be very careful with this... they can still slap you with hefty payments and interest...
 

Silver Surfer

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Yeah, be very careful with this... they can still slap you with hefty payments and interest...
I think that in times likes this all fincance companies are reasonable and understand that there might be a delay in payments.

I would be very surprised if they misused the current crisis to slap on a lot of extra costs.
 

SirPaidALot

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Well, in the end they gave me a 2 month extension without having to pay anything in the meantime. The payment amount will stay the same after the 60 days. They said that basically, the missed payments will just be added on to the other side of the loan. No real disadvantages from what I can tell.
 

Silver Surfer

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Well, in the end they gave me a 2 month extension without having to pay anything in the meantime. The payment amount will stay the same after the 60 days. They said that basically, the missed payments will just be added on to the other side of the loan. No real disadvantages from what I can tell.
That seems like the senisble thing to do for a finance company. This way they might avoid a lot of contracts that are terminated and ofcourse a loss for everyone.

So, there are glimmers op hope here and there.
 

NRG18

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Glad it turned out for the best. Hope everyone got their stimulus money at least. But yeah if you can push the bills back, why not go for it I guess.
 

Silver Surfer

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Glad it turned out for the best. Hope everyone got their stimulus money at least. But yeah if you can push the bills back, why not go for it I guess.
Adding payments to the end of a contract is a good solutions. It helps people out now and if they have te pay a bit longer at the end is not really a big deal.

I think it's worse for people and companies that cannot pay the rent now, because that means that in the near future they have to start paying rent again and pay the backdated rent.
 

Sparhawk

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Good move. Take the help where you can get it right now. I wouldn't hesitate to do something like this if it bought me a little extra breathing room. But do make sure you are working ahead and can cover your expenses when they start back up again. You don't want to be spending what you do have on silly things.
 

Silver Surfer

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I am really curious how this whole virus thing will play out. This week I had a long conversation with a pathologist who has had more than 40 years experience and what he says is that virusses and bacteria are our friends and that we need to be exposed to them to build up a natural immunity. He calls this virus The Chinese flu, just like you had the Mexican flu and the Spanish flu.

The way things are going now they are well under way to destroy the whole economy
 

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