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Where do you bank that being a week late on a mortgage or car payment is even a problem? I've literally forgotten a car payment for a month and my next stateme

Where do you bank that being a week late on a mortgage or car payment is even a problem? I've literally forgotten a car payment for a month and my next statement just had two payments worth. I've had my checking account zeroed, it took a 20 minute phone call and 1-2 business days to get fixed. I certainly did not have to take a week off work.

crysin 7y ago
So this is in the US, but I was looking at car loans just to see what the rates were compared to mine and there were reviews from people stating the bank repossessed their car a day after their first missed payment. Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks. So you mileage may vary with car loan lenders.
- cgriswald 7y ago
  > Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks It's not just only their side, the stories don't make a lick of sense. A bank doesn't want your car. The value of the loan is much higher than the value of the car, and without the car, you probably can't go to work to pay them the balance. If what those people claimed was true, they're probably leaving out the part about how they missed five payments in a row, and when they finally called the bank back the bank offered them a payment plan, which they also missed, and THEN the car was repossessed.
- cat199 7y ago
  > car loans Might have gotten results for 'auto title loans' mixed in? I could see this for those, but even then it would be a stretch - the cost of the repo and redelivery upon eventual payment for most of the cases would quickly overwhelm any benefit
maccard 7y ago
I had a "minor" issue with a transaction a few weeks back. My bank froze my card and wouldn't unfreeze it unless I called into a branch with photo ID. Said bank didn't have a branch on the right side of town, and the branches are only open 10-4 Monday through Friday, and the queues are 30+minutes. I took a half day, and it took them 5 days to send me out a replacement card (which I had to phone for, twice, because it's handled by a different department to the ID department). It's not quite week off work, but definitely worth the hassle of using a password manager to avoid simple breaches.

crysin 7y ago

So this is in the US, but I was looking at car loans just to see what the rates were compared to mine and there were reviews from people stating the bank repossessed their car a day after their first missed payment. Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks. So you mileage may vary with car loan lenders.

cgriswald 7y ago
> Now this is only their side and I don't remember which banks and credit unions were receiving those reviews but I know there were multiple accounts of people with similiar experiences and some of those lenders were nationally known banks It's not just only their side, the stories don't make a lick of sense. A bank doesn't want your car. The value of the loan is much higher than the value of the car, and without the car, you probably can't go to work to pay them the balance. If what those people claimed was true, they're probably leaving out the part about how they missed five payments in a row, and when they finally called the bank back the bank offered them a payment plan, which they also missed, and THEN the car was repossessed.
cat199 7y ago
> car loans Might have gotten results for 'auto title loans' mixed in? I could see this for those, but even then it would be a stretch - the cost of the repo and redelivery upon eventual payment for most of the cases would quickly overwhelm any benefit

maccard 7y ago

I had a "minor" issue with a transaction a few weeks back. My bank froze my card and wouldn't unfreeze it unless I called into a branch with photo ID. Said bank didn't have a branch on the right side of town, and the branches are only open 10-4 Monday through Friday, and the queues are 30+minutes. I took a half day, and it took them 5 days to send me out a replacement card (which I had to phone for, twice, because it's handled by a different department to the ID department). It's not quite week off work, but definitely worth the hassle of using a password manager to avoid simple breaches.