Hello Cosmo, there is a 14 day rule in the industry that almost all lenders adhere to. If the payment is late but arrives within 14 days of the due date no record of that missed payment is recorded. However if the payment is late past 14 days there is a record kept on file which never disappears. This can be a problem if in the future you are looking to refinance with that lender and there are many lates on their file they may just decide that they are not going to take a risk. The good news is that mortgages in Canada are not reflected on your credit bureau so if there is a problem another lender will not have access to this info and your approval will be based on your credit bureau instead. One thing to remember that banks will send the file to their legal department if a payment is not made after 60-90 days. Any legal costs the bank incurs (even if you bring the mortgage up to date) will most likely be forwarded on to you. Call the bank today and make sure they know of the situation, they may be able to help with programs like skip a payment, or extending your amortization to lower your payments. If you or any reader would like more information please do not hesitate to give me a call at any time. Abraham Niyazi - Mortgage Agent - Lic# M08010640 - Centum One Financial Lic# 10758 - Cell: 416-993-4082 - Office: 1-866-RATE-708 x 115 http://www.centum.ca/abraham_niyazi/ I have access to many Banks/Lenders across Canada and 11 years experience in the industry.

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My car was stolen on the 6th of march, i had just purchased it a week before, and i had a 90 day same as cash plan. needless to say before my 1st payment it was stolen. the police found it a few days ago, but the front bumper is completely gone, its smashed in a little by the front left tire, the wires have been pulled out to hotwire it, the rearview mirror is gone, and they stole the radio. i havent been able to get it out of impound since i dont have the registration papers as they were in the glove box when the car was stolen, when i do the insurance company is going to go pick it up from impound. now i get calls from the dealership saying they know they found my car and i need to pay the money that i have owed up to this point, but should i have to pay for a car i cant drive and will more than likely be wrote up as a loss?

Your insurance company will pay for the value of the vehicle. You will be responsible for any difference between what you owe and the value of the vehicle. When you purchased the vehicle, the dealership or lender may have mentioned "Guaranteed Asset Protection" or GAP coverage. If you purchase GAP, it pays the difference between what you owe and what the vehicle was worth so you can walk away with no liability. Also remember that the amount the insurance company declared your vehicle is worth is negotiable, despite what they say. Make sure you check valuable resources sites like galves and blackbook to try to justify what you think your car is worth.

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Im 2 weeks late..on my car note..because i just moved. they put me on the repo list and i get paid this friday. im sick of the drama with a car note..insurance and paying 415 a month for a 2003 saturn..i feel like i was over charged. should i give it back and just go and buy a mini van out with cash..or keep this headache...

you can stop it anytime you wish....good luck but it might destroy your credit

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This is my situation. i purchased a new car and after a few months of having it i was in an accident which was not my fault. my car was banged up pretty bad and went to the shop 5 times before it was fixed and to date it still isn’t working correctly. anyways, i was pretty hurt. at the time i was working as a contractor for a staffing agency. i ended up having to be out of work for over a month. it should have been longer but i forced myself back because i wasn’t getting paid for any of the time off. so i went about a month and 2 weeks without pay. as soon as i returned to work a week later i lost my job. all of my bills were behind and i was late on my car note. it took me about 3 months to find a job. i was temping with various agencies here and there just to try and get some type of income but nothing full-time as it wasn’t available. and i also had to go to therapy and a chiropractor. ok well my case is just now going into settlement process. i still have yet to pay for my note but i was wondering if it is possible to write up an agreement and have my law office sign it as well that say’s i will give the finance company 50% of my settlement money towards my car loan and also start to resume monthly payments so that they will not repossess my car. i now have just accumulated 1 payment because i just started a job, full-time at the beginning of this month. i don’t have more than that because i have rent to pay. thanks in advance for your answers.

you should have your lawyer send a letter stating the facts you have outlined here and also add that you will resume payment upon receiving your settlement , also include any paperwork from your doctors stating that you were unable to work due to your injuries , that should keep them from repossesing your car............these types of things are why its always a good idea to get insurance on car loans ..........that way they will be making the payments while your out of work.....but anyways............... and yeah you can also tell them you are willing to send them a lump sum payment as soon as you get this settled , i dont think you need to tell them you'll send them any certain percentage though B.

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I just moved from new york to georgia w/ my hubby and 8 mo old. i bought a 2001 ford escort andit had 116,000 mi on it on 4/14/07.about 3 days later the car shuts off and the service engine soon light is on. i took it back for them to fix and when i got it back and was driving home it home it did the same thing. they said the car is $7000 but i put $800 down but it's really $1500 down. he sd i would hv to finish paying off the d/p before it can be financed.i got financed a week later b/c the buyers order clearly states i gv them $1500(basically lied) now they still wnt me to pay them this money they lied about anyway and i havent paid a cent to them. i still pay the note and all but when it came to them fixing my brakes the lot refused to fix it saying its nt my problem. i went to a mechanic and 2-p codes came up and he sd my back breaks are done.i took pics but the man sd i shouldve been in an accident already.and the wrg vin # is on emi test. what should i do? i found that the're were several reports aganist them unresolved. when i contacted them to fix the breaks,the manager who sold me the car hung up on me and the supervisor hung up on me as well. the only reason why i bought a car w/ so many miles on it b/c the said i can exchange it when im ready.on the buyers order the vin is wrg but on emi correct.i really dont think there's anyway i could have passed and emissons.i really just want my money back and im prepare to file suit. i got pulled ver 1 week ago for having an expired temp tag(it sd april 22) when i went back to get and update done they sd they cnt extend it and longer than may22 b/c i hvnt paid mynote.what does that have to do w/ them? i paid for my tag and title and its on the buyers order. why di have to go to tag office and pay 4 one when i already did?

A good place to start is with your state department or the police for forgery on the car if the Vin number is different then the car was never sent to emissions and if it was not legal to sell the company cannot sell it. they should have to take it back and make it pass or destroy the contract. Contact the better business bureau immediatly they can help you with the business! do not drive the car if it is not safe and find out what the codes are. if it is an O2 code the likely problem stems from elsewhere in the engine and not the sensor. fixing the problem could be costly and you don't want to get stuck with a lemon. SEND IT BACK if at all possible

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My new wife bought a car 2 years before we were married,well right after getting married i got laid off for 3 months we called and talked to the car dealer and honestly missed a few payments due to i had to wait a month for my unenployment to kick well i'm back to work now at in the last month i gave the car dealer over 1000$ playing catch up and making reg payments now cuz the job i have only pays once a month and we can't make a payment till the 15th of this month 2 weeks late on this payment hes threatening if he don't have 600$ by the 2nd of aug he will shut the car off through the gps and send a repo guy to get the car can he do this? if anyone knows of a webpage based on tote your note loan laws please post i think he's trying to scam us becuse we almost got the car paid off not saying we were not wrong for missing payments but i'm working on trying to catch up but seems hes not willing to work with us

Your only choice is to talk to a lawyer.

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When i first moved in this condo, the management company told me to park in "22". we left the note for the car parked in "22" to tell them move the car. then 2 weeks later management told us to use parking spot "24". the "24"spot was used by the same car which was parked in"22" before. and i decided not to bother. 2 and 1/2 month later, my car was towed from "22" and i contacted the property management company and they said it was their fault for towing my car. they promised us to reimburse the towing fee. and they told me my parking spot is "24". the day i went to get my car from the towing place and i parked my car in "24". next morning my car was towed again. i called the management company to release the car. the management company told me it was their fault again. i went to pick my car up again and i parked my car on "24". that night, i was not sure they organized the parking situation or not. so i was looking outside of my window and i saw my car is getting towed again. 3rd time. i ran to the downstairs and i explained to the towing guy what is going on. the towing guy released my car right then. can i ask some money to my property management company for this crazy situation? i and my wife was late for work for 2 days straight and we missed our meeting appointments.

Yes, you can sue them for lost time from work as well as the towing fees. However you may not be able to sue for pain and suffering just what actual damages were.

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Sorry about the length of my post, but if you have any knowledge of cars, please take the time to help out. thanks! ok i don't know much about cars, its my first one so i hope to learn through experience. ok so let me tell you everything that happened and if you have any ideas please let me know. the car itself is a rover 25 1.6il 2003 with about 55000 miles - one day i was driving through town and it was raining a lot (this may have nothing to do with it, you decide), when the engine started sounding a bit off, like higher in pitch and it felt a lot more delicate. i later noted that this seemed more obvious when the car was turning sharply. this was the only symptom and i continued making small drives with it (trying to flush out any problem). - about a week later, the car was sounding and feeling the same and i was driving at about 15mph down small road when the engine cut out completely! i wasnt accelerating, i wasnt breaking, i wasnt changing gears, it just stopped. the engine cut out but the power stayed on. i pulled over and tried to start the car again. nothing happened when i turned on the ignition. i left the car for about 2 minutes, tried again and it started without too much trouble. i drove back home. - the next day i tried to start it and it wouldnt start. you get a tack tack tack sound when you turn the key - not the engine sound. the battery still works. here are a few points that should be mentioned: when i try to open the car with the remote keys, it wont work. once inside the car and the power supply has been turned on, the keys start to work remotely. there doesnt seem to be any abnormalities when it comes to levels of liquids in the car. when you try and fail to start the engine, you then hear a ringing sound coming from somewhere for a few minutes afterwards. i think ive covered everything. if you've gotten this far please leave a comment with any thoughts. i will really appreciate any help you have to offer. i am new in town and im very stressed about finding a good garage that wont rip me off, so i need to know where i stand! thanks so much!

it may be dirty petrol causing a temporary blockage did you leave the car run out if you did when you get to the end of the tank all the dirt and sediment is being drawn into fuel system or you could have bought dirty fuel same problem dirt floating around ,blocks system stops the engine and the dirt settles allowing you a short run till it start floating around and problem starts again you need to flush the system clean the carburettor and plugs and you will be sorted

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sorry about the length of the post but its important that i give you all the details. please take the time to read time to read through it if you think you can help... thanks! ok i don't know much about cars, its my first one so i hope to learn through experience. ok so let me tell you everything that happened and if you have any ideas please let me know. the car itself is a rover 25 1.6il 2003 - one day i was driving through town and it was raining a lot (this may have nothing to do with it, you decide), when the engine started sounding a bit off, like higher in pitch and it felt a lot more delicate. i later noted that this seemed more obvious when the car was turning sharply. this was the only symptom and i continued making small drives with it (trying to flush out any problem). - about a week later, the car was sounding and feeling the same and i was driving at about 15mph down small road when the engine cut out completely! i wasnt accelerating, i wasnt breaking, i wasnt changing gears, it just stopped. the engine cut out but the power stayed on. i pulled over and tried to start the car again. nothing happened when i turned on the ignition. i left the car for about 2 minutes, tried again and it started without too much trouble. i drove back home. - the next day i tried to start it and it wouldnt start. you get a tack tack tack sound when you turn the key - not the engine sound. the battery still works. here are a few points that should be mentioned: when i try to open the car with the remote keys, it wont work. once inside the car and the power supply has been turned on, the keys start to work remotely. there doesnt seem to be any abnormalities when it comes to levels of liquids in the car. when you try and fail to start the engine, you then hear a ringing sound coming from somewhere for a few minutes afterwards. i think ive covered everything. if you've gotten this far please leave a comment with any thoughts. i will really appreciate any help you have to offer. i am new in town and im very stressed about finding a good garage that wont rip me off, so i need to know where i stand! thanks so much!

It sounds like an electrical issue....get the battery and alternator tested. If those are acting screwy it can affect sensors and parts that affect the engine.