Hey all- I was talking with a friend at work about financial problems, and my co-worker stated that one of the things she was going to do with her tax rebate check was "catch up on her car payment" because she was two months behind. I asked her if she meant she hadn't paid for 2 whole months, and she said no, her monthly payment is $320, but she has only paid $100 the past two months that it has been due. She said that as long as she pays even a portion each due date, they can't report her as late to the credit bureaus, and they aren't calling or harassing her about it, either.
My question is- does anyone know this to be true? Or maybe it's just the policies of her particular creditor that she has her car financed through? My car payment of $350 is due, but my second income check and my tax rebate check won't show up for another 2 weeks. But I am loathe to take out a payday loan to make the car payment, as I am trying to get OUT of the PDL cycle. However, I'm afraid if I wait until two weeks to make my car payment, they'll report me late, and I have NEVER had a late on my credit report before. What about her method? Could I pay, say, the $100 I have to put towards my car payment now, and possibly pay the rest plus the new past due balance next month? I'm afraid that if I call my creditor that finances my car and ask, they won't give me a truthful answer, as of course, they would rather me pay my full payment on time.