Those w/ Chrysler Financial . . .

[Roz]

Do they have a grace period?:dontknow:

Just curious, I've looked through my stuff and I couldn't find anything. Back when I had credit with *cough* Ford Credit, they had a 5 day grace period. It came in handy when I used snail mail to mail my payment in. Id like to know theres a little padding there IF I ever needed it. Any input is appreciated.

 

[Brat]

sorry bro bought my truck with cash..

 

[Roz]

You SUCK! I'm glad I purchased mine no where near sticker and put some $$ down. I can sell this thing anytime if need be and walk away with some cash in my pocket. Although I would still loved to have had one in '04 and know my production number etc. I heard horror stories where some of those guys paid over sticker! Yikes! To me, still worth it though.

 

[Brat]

yeah but i also paid 10,000 less then sticker price,sometimes it pays to shop around.

 

[RedRamRules]

10 days from due date. After that there is a fee. If you speak with a representative, they can give you more time without a fee. Very helpful folks there.

 

[Roz]

Cool, thanks for the reply. Hopefully I'll never need a single day of it but its good to know they'll help out in a pinch. Occasionally we all have unforeseen events happen to us.

 

[Silverback]

Do not use the "Grace Period" ever. A lot of companies still report this as late to the credit report companies.

 

[sirhc76]

I can assure you that they dont mind, They will call you everyday though and charge you a couple of bucks more. When I bought my SLT the dealer jacked it up. They let me take home an 05 that was in there computer as an 04. I drove it for the weekend and during make ready the sales person realized the owners manual said 05. She said this must be wrong and well they didnt let me sign the final papers. Then when they got me an 04 that was "exactly" like the 05 it didnt have all the options. They signed an IOU for everything they missed. I drove the truck off the lot got a mile down the road and the temp gauge pegged. They sent a salesperson who wanted to drive it back to the lot. One way access road trip back was over 5 miles. They left the truck on the side of the road all night. When the "fixed" it they cracked the headlight. When they "fixed" that they put a huge gouge in the trim under the light. They also scratched the shit out of the door. Long story short I called Chrysler and emailed them. I was contacted by a customer service manager who said all dealerships are independently owned and they could do nothing but put a note in their file. I made it a point to make my payment late every month for two years. I paid it two days before it was 30 days over so that it wouldnt go on my credit. When they called I would tell them exactly what I was doing and why I was doing it and how they could save themselves time by not calling me. It never went on my credit and when I bought the SRT they didnt care. I realize I paid more on every payment but it really did make me feel better knowing that they were going to call me.

 

[6pakattack]

Fortunately I did the same as Brat,NO payments to have to worry about !!!Didn't get as good a deal as he did,but I wanted a Yellow Fever so I paid just under Sticker !!!They weren't going to deal at all,so I said fine,I handed you a pic of the truck on ebay,there are 5 of them at the time and I can just do a Road Trip !!!Funny thing how they stated negotiating !!!

 

[Roz]

Do not use the "Grace Period" ever. A lot of companies still report this as late to the credit report companies.

Doesn't that defeat the purpose of a "grace period"?

 

[Big Perm]

I used to work for DC in the financial services division...

I think there was a 10 day grace not sure.....regardless, interest accrues based on the average daily balance of the loan, so if you start making late payments, even within the grace, you will accrue interest that could have a sizeable impact on your last payment......payments will not be reported late to your credit bureau unless they are over 30 days past due, and many agencies reporting is actually customer friendly....ie, they don't always report slows...

Extreme Example: Customer has a $40k loan at 10% interest......he makes every payment, but many are made between 20 and 50 days past due....after 6 years of payments, he comes to the end of his loan and the last payment is $3k because of all the accrued interest....and that doesn't include the late fees he's already paid....

Do whatever you can to pay on time, every month....

 

[azpyroguy]

Doesn't that defeat the purpose of a "grace period"?

According to the Fair Credit Reporting Act.. they are not allowed to ding your credit UNLESS you are 30 days late. You can pay on the 29th late day.. and as long as you have proof of payment they can not ding you...

That DOES NOT keep them from charging you late fees however...