{"id":74,"date":"2017-02-20T12:00:00","date_gmt":"2017-02-20T12:00:00","guid":{"rendered":"http:\/\/www.consumerslaw.com\/blog\/how-find-out-if-your-auto-loan-account-current\/"},"modified":"2023-03-27T16:19:00","modified_gmt":"2023-03-27T20:19:00","slug":"how-find-out-if-your-auto-loan-account-current","status":"publish","type":"post","link":"https:\/\/www.consumerslaw.com\/blog\/how-find-out-if-your-auto-loan-account-current\/","title":{"rendered":"How to Find Out If Your Auto Loan Account is Current"},"content":{"rendered":"

\"\"A key aspect of financial wellness is to avoid spending above your means<\/a>. It may be tempting to apply for an auto loan to buy a more expensive vehicle, but keep in mind that falling behind on payments not only harms your credit, but also leaves your vehicle at risk for repossession.<\/p>\n

\"\"It\u2019s important to stay up to date on all payments. Be sure to pay in full and on time each month. Remember, if you are late or miss a couple payments there may be additional interest or late fees owed to bring your account current. Until these fees are paid, your account is still overdue, even if you pay your next payment in full and on time.<\/p>\n

Four steps to ensure your account is current<\/h2>\n

1) Request Payment History<\/h3>\n

Contact the lender and ask for a complete loan payment history. You may be able to access this information online, otherwise, you can write a letter<\/a>\u00a0to the lender.<\/p>\n

The lender\u2019s records will show the amount of each payment you have made, the date on which they were applied to the account, and any additional charges, such as interest or late fees. Review the records to ensure everything appears accurate. Address any overdue payments and late fees as soon as possible. If your account is delinquent, the lender can repossess the vehicle without prior notice.<\/p>\n

2) Keep a Record of Auto Loan Payment History<\/h3>\n

Moving forward, keep a detailed record<\/a> of your auto loan payments. Your personal records should include the payment date, amount, method of payment, and the date it was applied to the account. Detailed records will keep you on track with payments to ensure you don\u2019t fall behind, and are also useful in the event that the lender makes an error.<\/p>\n

3) What to Do if You Fall Behind on Payments<\/h3>\n

It\u2019s common to experience financial hardship, whether it\u2019s due to job loss, divorce, health issues, or a death in the family. If you\u2019re having difficulty making payments in full and on time, contact your lender. The lender may be willing to defer your payments and apply them to the end of the loan.<\/p>\n

Be sure to request the lender provide you with a letter that confirms any changes to the original loan agreement. For example, if the lender agrees to defer payments to the end of the loan,\u00a0additional costs associated with the deferment\u00a0will have to be paid to satisfy the loan.\u00a0It\u2019s important to have a record of any changes in terms and any additional charges you may endure due to deferment.<\/p>\n

4) Is your Vehicle at Risk of Repossession<\/h3>\n

If you determine that your account is past due and think your vehicle may be repossessed, follow these steps<\/a> and contact your lender. It may still be possible to avoid repossession if you\u2019re able to pay off some of the overdue balance.<\/p>\n

Seek Legal Advice<\/h2>\n

\"\"<\/p>\n

Contact Flitter Milz<\/strong><\/span><\/a>, an experienced consumer protection law firm, for a no cost consultation to discuss your rights if you believe your vehicle may be repossessed.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

A key aspect of financial wellness is to avoid spending above your means. It may be tempting to apply for an auto loan to buy a more expensive vehicle, but keep in mind that falling behind on payments not only harms your credit, but also leaves your vehicle at risk for repossession. It\u2019s important to … <\/p>\n

Continue reading How to Find Out If Your Auto Loan Account is Current<\/span> →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[40],"_links":{"self":[{"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/posts\/74"}],"collection":[{"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/comments?post=74"}],"version-history":[{"count":11,"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/posts\/74\/revisions"}],"predecessor-version":[{"id":3146,"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/posts\/74\/revisions\/3146"}],"wp:attachment":[{"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/media?parent=74"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/categories?post=74"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.consumerslaw.com\/blog\/wp-json\/wp\/v2\/tags?post=74"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}