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What should I do if paperwork errors from the dealer caused a late payment on my car loan?
After a comedy of errors, I finally received my welcome packet and letter from my car loan lender about two months after I purchased the vehicle.The lender says that I'm two weeks late on my first payment although they have a 30-day grace period. I called the dealer and they said they'd make the first month's payment for me. A week later, I called the lender and they still haven't received payment. Should I trust the dealer or should I make the payment myself?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“You should go ahead and make the payment yourself. Doing this ensures that you won’t incur a hit on your
credit score
or late payment fees. It also buys you 30 days to work out the payment situation with the dealership. At the very least, the payment from the dealership will apply to next month’s payment.
However, be sure to stay on top of the situation. If the dealer said they’re making the payment as compensation for their errors, hold them accountable for their offer.
Call every day if you need to; they’ll likely make the payment to stop you from calling.
Insurance for your new car can be quite expensive. If you want to ensure you have found the best rate for your new vehicle, use the free
Jerry
app. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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