'What about holiday skip pay?'

Tara from Somewhere cold -

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!!

Comment #1 Jess from New York -

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.

Comment #2 George from Montana -

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.

Comment #3 PATRICK from HOUSTON, TEXAS -

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.

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