Personal Finance

urgent help - Missed 2 car payments. Will this affect my mortgage loan?

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  • Feb 12th, 2019 7:32 pm
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[OP]
Newbie
Sep 29, 2018
39 posts
1 upvote

urgent help - Missed 2 car payments. Will this affect my mortgage loan?

HI, i just saw my credit report and found a court name and my car lease amount 28k. called my car finance company asked abt it. they said its showing coz i missed 2 payments in nov and dec. but i paid those 2 payments in dec it self. i have to go for my house mortgage loan in coming September. will it show effect on my loan chances?
Last edited by rooney8646 on Feb 8th, 2019 1:28 pm, edited 1 time in total.
Reason: Title edit
22 replies
Deal Addict
Nov 14, 2006
1217 posts
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GTA
You miss a payment let it be for credit card/car payment by one day then pay it all off the next day it will affect you.
Always pay on time........
Deal Guru
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Mar 9, 2007
10199 posts
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Toronto
Renewal loan or new loan? New loan, yeah it'll hurt ya, renewal if continuation of current loan amount, it ain't gonna hurt ya. But you got to clear that crap out.
rooney8646 wrote:
Feb 8th, 2019 1:28 pm
HI, i just saw my credit report and found a court name and my car lease amount 28k. called my car finance company asked abt it. they said its showing coz i missed 2 payments in nov and dec. but i paid those 2 payments in dec it self. i have to go for my house mortgage loan in coming September. will it show effect on my loan chances?

WOULD SOMEBODY THINK OF THE CHILDREN!!!
[OP]
Newbie
Sep 29, 2018
39 posts
1 upvote
lilmikey wrote:
Feb 8th, 2019 1:36 pm
You miss a payment let it be for credit card/car payment by one day then pay it all off the next day it will affect you.
Always pay on time........
why its showing in public record? this is my question. i didnt went for bankruptcy
[OP]
Newbie
Sep 29, 2018
39 posts
1 upvote
Cheapo-Findo wrote:
Feb 8th, 2019 1:37 pm
Renewal loan or new loan? New loan, yeah it'll hurt ya, renewal if continuation of current loan amount, it ain't gonna hurt ya. But you got to clear that crap out.
its new loan
Member
May 5, 2016
319 posts
310 upvotes
It sounds like you missed 2 payments and your creditor reporter them, they're not required to consider the fact that you made them up later.

It sucks but might not be catastrophic if those are the only hits. Are the other things that affect your score good? Like Utilization, age of accounts etc?

People tend to vastly overestimate the role credit scores play when it comes to securing loans, if you have a good income and have no red flags like recent bankruptcies you'll be fine.
Deal Guru
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Mar 9, 2007
10199 posts
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Toronto
ya...get that cleared up because you are going to have issues with that loan request.
rooney8646 wrote:
Feb 8th, 2019 1:38 pm
its new loan

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Member
May 5, 2016
319 posts
310 upvotes
rooney8646 wrote:
Feb 8th, 2019 1:37 pm
why its showing in public record? this is my question. i didnt went for bankruptcy
Creditors have the option of reporting missed monthly payments to the credit bureaus and most of them do it.
Deal Fanatic
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Mar 23, 2008
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rooney8646 wrote:
Feb 8th, 2019 1:38 pm
its new loan
By "new loan", I think they're referring to your mortgage, not your car loan. So is your mortgage a renewal, or is it a new mortgage?

And it's showing in your record because you were late. Making up those payments after being late doesn't wipe out the fact that you were late.

What range is your credit score in? You can check both Equifax and TransUnion for free through a few sources, like Borrowell, Mogo, CreditKarma, and a few banks offer TransUnion reports. You should check them both.

C
Newbie
May 17, 2018
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rooney8646 wrote:
Feb 8th, 2019 1:37 pm
why its showing in public record? this is my question. i didnt went for bankruptcy
If it's a secured loan, what you're likely seeing may just be the registration of the lien on the vehicle?

I've had the same done when I got the newer car. The financing was a secured loan, not a line of credit. It was unde public record and also shows as a beneficiary on my insurance.

Standard practice for some companies

If it shows as a default, then that's a different story and they may come for the car next
Deal Fanatic
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Feb 2, 2014
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rooney8646 wrote:
Feb 8th, 2019 1:28 pm
HI, i just saw my credit report and found a court name and my car lease amount 28k. called my car finance company asked abt it. they said its showing coz i missed 2 payments in nov and dec. but i paid those 2 payments in dec it self. i have to go for my house mortgage loan in coming September. will it show effect on my loan chances?
If that’s the only mark on your credit report, you should be fine OP.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
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Dec 27, 2009
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rooney8646 wrote:
Feb 8th, 2019 1:37 pm
why its showing in public record? this is my question. i didnt went for bankruptcy
Not sure what you mean. Everything you do credit-wise is available to be seen on your credit report. Bankruptcy is extreme, but everything from late payments to collections will show on your report.
Member
Aug 17, 2013
368 posts
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Toronto
rooney8646 wrote:
Feb 8th, 2019 1:37 pm
why its showing in public record? this is my question. i didnt went for bankruptcy
Why did you miss your payment? Most car loans are automatically debited usually. It's hard to miss a car payment.

It's a record log, you missed a payment. Just don't let it be a habit and you'll be fine.
Sr. Member
Sep 24, 2018
770 posts
385 upvotes
You hit two late payments so they registered it, soon it will show up as two late payments, the public item may or may not affect much, and it can take awhile to hit especially where you said it was "Court" related

Will you get declined for a mortgage, new mortgage you better believe it, they may cancel funding, they may increase rate but theyll ask for proof you made the payments, if its a renewal, they may not care.
Newbie
Jan 26, 2019
28 posts
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CdnRealEstateGuy wrote:
Feb 10th, 2019 3:17 pm
If that’s the only mark on your credit report, you should be fine OP.
Only person in the room that knows what he is talking about.

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