Trying to set up autopay for my car loan

posted 3 years ago in Money
Post # 3
Member
1779 posts
Buzzing bee
  • Wedding: June 2014

@LadyBlackheart:  I have my car loan on autopay through Chase and I don’t think I’ve ever encountered this. I only get paid on the last day of the month, I’m the only employee. When I was financed they specifically asked when I got paid so they could make sure there would be no conflicts with the payments. Did they do that? Sorry that sucks so much.. could it be bank specific?

 

Post # 4
Member
9137 posts
Buzzing Beekeeper
  • Wedding: November 2013 - St. Augustine Beach, FL

@LadyBlackheart:  Instead of authorizing the bank to pay the bill, see if you can authorize the car loan company to charge your bank account.  That might even make you eligible for a small discount on your payments.

Post # 6
Member
7090 posts
Busy Beekeeper
  • Wedding: August 2012

A lot of banks require 24 hours to process deposits or transfers. So if you deposited the money on the 1st AND paid your car payment that same day, the money may not be available yet.

Can’t you just set it up to pay from your check on the 15th?

Post # 7
Member
1779 posts
Buzzing bee
  • Wedding: June 2014

@LadyBlackheart:  The only solution I can think of is sending the check in OR calling the loan financer and seeing if they can shimmy your payment date by a few days just so you have a buffer. They probably will if you explain to them that you want to make sure they receive their payments on time and reliably.

Post # 8
Member
6073 posts
Bee Keeper
  • Wedding: August 2012

I guess if you don’t have the money in the checking the day before it’s due, how will it magically appear in your checking the day it is due?  Even if you deposited a million dollars check the day of the due date, that value does not always show up immediately (aka it’s not accessible right away).

 

I think working with the bank and the car place to see if you can move the due date until like 6 days after your paycheck is deposited.  Then you know for sure that date will always be good, and a couple days of leeway in case you’re sick and cannot get to the bank.

 

I don’t think this is autopay’s issue! 🙂

Post # 9
Member
1327 posts
Bumble bee
  • Wedding: April 2014

A lot of autopays go through as soon as the date hits, like at 12:01 am.  They probably do that to avoid issues where a person puts money in there account at noon on the due date and then the payment still bounces because it was already processed.

Instead of setting up the auto pay through the loan company can you do it at your bank?  Many banks offer a service where you can set it up so they automatically send a set amount to someone on a certain date.  To the company that gets the payment they see it simiarly to as if you had sent a check (basically you are sending them an electronic check instead of paper each month).  You could pick a date that works best for you that way.

Post # 10
Member
2823 posts
Sugar bee
  • Wedding: December 2012

@LadyBlackheart:  Your car loan payment should have a grace period (usually its a week). So if your car note is due on the 15th, you can set it up to automatically come out on the 17th of each month (giving you two days). Check with your loan company to see how long your grace period is.

Post # 11
Member
3635 posts
Sugar bee
  • Wedding: May 2012

@LadyBlackheart:  Just call and ask if you can change the payment due date!  We’ve changed the date on pretty much all of our payments to be a few days after we get paid.  It makes things SO much easier. 

Post # 13
Member
3735 posts
Sugar bee
  • Wedding: September 2014

@LadyBlackheart:  I’ve changed my payment date before. Lots of time when they give you financing, they assign you a date. What you don’t know is that the lender has wiggle room in there. I’ve always paid my car note on the 15th and when I bought a car in January, they offered me the 1st. I have other big bills going out on the 1st so I asked for the 15th. Guess what? I got it. Now keep in mind that I did this before I accepted the financing. I’m not sure if you’ll have as many options but think about it. Otherwise, you can always split the bill into two payments a month or more and just send in multiple checks. Yes, it’s a pain but if it helps your budget a bit, it could be worth it.

 

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