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This actually regarding a finance auto loan. Is it too late…

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Hi. This actually regarding...

Hi. This actually regarding a finance auto loan.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Is it too late to start making payments for a vehicle again after not paying for over a year? I have already received a letter regarding the outstanding balance I owe.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The letter has also stated that if full payment is not received by a certain date, which has already passed, futher actions will be taking place (including legal proceedings)

Submitted: 4 months ago.Category: Finance
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Answered in 3 minutes by:
3/15/2018
Financial Professional: Stephen G., Sr Financial Expert replied 4 months ago
Stephen G.
Stephen G., Sr Financial Expert
Category: Finance
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Financial Professional: Stephen G., Sr Financial Expert replied 4 months ago

Yes, it is now too late to resume the payments you were making.

You should contact (call) the lender immediately, explain your situation, and ask for a payment schedule to be reinstated.

It is very possible that they will respond affirmatively to that request.

Let me know if you have any follow-up questions.

Please remember to rate my response as that is the only way the SITE will credit me for assisting you today.

Thanks very much,

Steve G.

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Financial Professional: Stephen G., Sr Financial Expert replied 4 months ago

Note:

Failure to resolve this matter will result in repossession of the vehicle, have a significant adverse affect on your credit rating and will stay on your credit file for 7 years.

A defaulted auto loan is particularly bad as auto loans are among the easiest to obtain, have very low default rates, so if that's on your credit file it is often a key factor for any other loans you might seek, housing options (rentals), etc.

Steve G.

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