In a nutshell, this is the first time I've done this before, so I am unsure what to do. I traded in my old car yesterday when the second half of my payment was due today. I already had the money in the car loan account ready to be transferred and we decided to go ahead and get the new car yesterday instead, so now I have that.
However, my car loan is still listed as active for my old car (just assuming the dealership hasn't paid off the old car loan yet), and that I still have to pay the second half of my payment tomorrow. The second half of the payment is now past the grace period, but under the 30 days that would make it considered late and could affect my credit, I have never missed a payment.
If I decide to just ignore it and try to take my money back, I am worried that it will negatively affect my credit if the loan isn't paid off by the 1st of October (which would be the 30 day mark from the last payment due date), even though I don't drive or even own this vehicle anymore.
The only reason I would ignore it is because I am paying after the ten day grace period (I'd be invoking a fee, but it wouldn't be considered "late" on my credit), so my loan checking account dropped to -$150 because that was what I still owed on September's payment, according to the bank's customer support line. I transferred $150 over for the second payment (it was close to $300 total a month) and now I'm back up to $0 available but a $150 current balance? It didn't make sense.
I feel like something is wrong and I'll have to transfer ANOTHER $150 to have the money available to pay the payment, as it says I have $0 available when I try to pay the payment now, it won't let me use the $150 I transferred at all. I'm worried that altogether for September I would be giving this bank $450 instead of just $300 as normal, and I am absolutely not doing that. No late fee should be 50% of the payment, they informed me it was around 5%.
So basically my dilemma is this: pay the old car payment now and try to figure out the $150 situation, or just let it go since I don't own it anymore and focus on the new car now? I'd also have to try and get my $150 back if I did that.
Sorry if this was wordy or confusing, this is my first time posting here and also my first time dealing with buying a new car with an existing loan on another car. Thanks in advance though, I really appreciate any tips or replies!
Submitted September 18, 2019 at 08:29PM by ImmaculateEthereal https://ift.tt/301NDKY
