conversation: User (ForgotMyPass__Again): "I'm in the military and when our 2nd paycheck came in at the mid month I payed on my auto loan and insurance twice thinking I'd have enough money left over to cover the car payment coming at the end of the month. What I didn't account for was the leap day and our paycheck coming on Monday instead of this Friday and now my dealership is going to reposses my car unless I can come up with 600 dollars by Friday. What are my options.\n\nEDIT: It's not a month to month payment, the 600 dollars is the remainder from the loan my bank gave me vs the price I paid for the car."
  Self: "Nobody is going to start a repossession for a 1 day late payment. If that is really all there is to it, quit worrying. You'll probably have to pay a late payment charge but that's it.\n\nObviously repos do happen but you need to be 2-3 months behind before that comes into consideration.\n\nGenerally speaking, if you are under 30 days (yes, 30) you'll have to deal with two penalties - 1) a late fee of under $100 2) (less often but it happens) a substantial boost to your interest rate.\n\nIf that didn't get your attention (and it should have), when you are 60 days late or more it gets more serious.  Keep in mind that the car does not belong to you until you pay off the loan. It is just being loaned to you."
  