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What about holiday skip pay?Credit Reporting - Credit Reporting
| What about holiday skip pay? Around the holidays, my bank offers holiday skip pay (our vehicle is financed through them). We were able to skip our car payment for the month of December. I certainly hope that doesn't get reported!! |
| Why should it? If you are allowed to skip a payment then it's a legitimate thing and there is nothing wrong with it. You shouldn't have to worry about that. |
| You won't be reported as deliquent for skipping the payment... BUT you will pay more interest overall as you pay the principal down slower. |
| This is a gimmick to extend your overall loan. By extending your loan let’s say five months they are able to charge not five months interests but ten. Plus there’s a far better chance of you buying a new automobile and financing it through them. Think about it. |
| It only makes sense for us to try to make payments as quick as we possibly can. The main reason for such would be as bank are very smart institution, built based on tricking the public. Hence, credit had been created. As such, one should expect that the longer they take to make a payment, the more it is that they are going to spend, in the long run. |
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