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Maybe, it depends on the company.

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โˆ™ 2005-10-07 02:09:41
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Q: Is there a grace period for late payment?
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Can a creditor repossess a car when the payment is one day late?

Yes Usually they allow a grace period for an arears payment, but they do not have to.

Can mortgage company charge late fees if payment is received by grace period?

A mortgage company usually has a set date that mortgages are due, i.e. the first of the month. Anytime payment is not received by the first it is considered late. However, most MC's have a grace period of 15 days; if it's not received in this time frame a late charge is assessed. If you mail the check on the 6th and it doesn't get to the company until the 17th you will be charged a late fee. The mortgage company must receive the payment before the grace period expires. So in essence NO they can't charge you if they receive the payment by closing time of the last day of the grace period. They CAN charge you if you make the payment after business hours, because it is not considered received until the next day, there is no one to process your payment if the business is closed.

If a car payment is 5 days late can it be reported to the credit bureau?

Short answer, yes. If your lender has a grace period and you exceed it, it can be reported. If your loan doesn't have a grace period, it can be reported as late once received as late. It's at the discretion of the creditor and their policies, which should be spelled out on your contract.

Washington state auto insurance monthly payment grace period?

What is the WA state monthly payment grace period for auto insurance?

What is grace period on credit card payment?

You'd need to check with the credit card company; they are all different. The grace period is some period of time in which you can pay the balance due without accruing interest charges. However, there's typically NO "grace period" on a payment. If you don't have a payment posted on time, you're almost always going to be charged a late payment fee, and often your card's interest rate will be jacked up to the "penalty rate" of 29%.

What is grace period?

a grace period is a period of time just after a deadline that will be forgiven..its like being forgiven,not penalized for being late..for example you need to make a payment on the 15 but will not get penalized for it unless it goes to the 19th ...well you have a 4 day grace period A GRACE PERIOD MEANS A LOT OF THINGS , FOR INSTANCE , " POST-PONEMENT GRANTED " HOPE THIS HELPS YOU

If you have a 10 day grace period on your auto loan. The payment is originally due on the 9th and your grace period ends the 19th. You pay the payment on the 15th. Does it effect your credit at all?

It depends entirely on the company as to whether they report it or not. They can report any late payment, even if made during the grace period. If they don't report it, it will not affect your credit. If they do report it, it will show up in the credit reports.

Do mortgage payments due on the 1st but made before the grace period ends effect credit scores?

As long as your mortgage or other payment is received by the loan company within the grace period which is usually 15 is paid on time and does not show a late payment on your credit report.

If a loan payment is due on the 19th and late after the 29th would it be considered a form of harassment for the bank to call one of the borrowers on the 25th saying the loan payment is late?

No, You are late, the bank just gives you a 10 day grace period to make your payment. You should be happy that they offer you that and not complaining that they are harassing you.

If an insurance payment is late what is the grace period before being fined for not turning in your license plates in New York State?

Call and ask your agent

What does it mean if the due date for your house payment is on the 1st but you have a 15-day grace period?


What is Chase bank's mortgage payment grace period?

10 days

Does paying your mortgage 5 days late affect your credit score?

Normally there is a 15 day grace period that they give you before it is reflected as a late payment. They are the best when it comes to Loan Modification and Credit Repair.

What law is broken when a mortgage company charges a late fee when the payment was received within the grace period?

None ! It's up to the customer to read every part of the contract they're signing. If the company has made it clear in the contract what will happen if your payment is late, then you have no recourse for complaint.

Is there a grace period for late renewal of your license plates in California?


What is the time allowed for a payment called?

I would assume you are talking about the grace period?

If your insurance lapsed and you had an accident but then you paid it a half day late will they still cover the accident?

Maybe. Some insurance policies have a grace period. Therefore, depending on the circumstances you may be covered. You need to call your agent asap. Not if you are with Safe Auto. They dont care if you are 15 mins late with a payment. Most places have a grace period though.

Is there a grace period for paying auto insurance in Minnesota?

According to my agent, there used to be a ten day grace period from the policy payment due date to the receipt of payment. She said that was no longer the case. If payment is not received on the payment due date, you are considered un-insured. My auto debt form is in the mail!

What are the laws on reposession in the state of Colorado Pretaining to the time limit of seizure of a automobile due to late payment.?

Legally and according to the agreement you signed, there may be a grace period that is clearly spelled out in your contract. After that window of time, they can immediately seize your automobile due to non payment. Often if the first payment is late, they will seize the automobile immediately.

Is there an allowable grace period for auto insurance premiums to be late in Oklahoma?

In most cases, not. Insurers usually give you a 5-10 window to make payment and be re-instated. However during that time period you have no insurance.

If the payment is not made on the credit card by the end of the grace period will occur?

If you don't pay off the card by the end of the grace period - you'll pay interest on the outstanding balance.

Is there a late period for late rent?

It depends on your landlord's requirements. Some offer a "grace period" after the day rent is due. If you pay your rent late, they are usually allowed to charge a late fee.

Is there a grace period for expired tags in Virginia?

No, there is no grace period for expired tags in the state of Virginia. The DMV will add on a late fee to all expired tags.

When can an automobile be reposessed?

When the payment has not been made by the due date or within the grace period if there is one.

In Georgia can a car lot repossess a car if you're 1 day late on the payment when the contract states you have 10 days before paying a late fee?

Yes..that is true in any state. The late fee time is considered a grace period, which they do not have to do, and it has nothing to do with the actual "cures for delinquency".