I have experienced a new kind of float when having one financial institution pull money from my bank account to pay a bill on a schedule.
The place that is going to pull the money lets me pick a date to pay the bill, I generally pick the date that the bill is due. On the specified date I see that I am credited with having paid the bill. But when checking at my credit union I see that it takes 1 to 3 more business days before the payment is deducted.
I have seen this with utility bills, credit card bills, IRA deposits, and loans. The only time both sides of the transaction took place on the same day was when the lender is the credit union.
Then saw that Ally Financial tried to take out the car payment, but
was $0 due to insufficient funds. Went on to Ally to make the payment
manually so I wouldn’t be late, which then realized my payment for
this month is completed and is pending for next month.
You may be in this period of float. On day X the payment was due, and the lender credited your account, on day X+3 the the bank denied the transfer. At some point the lender will realize the money didn't arrive. You will then face whatever penalties are in your contract.
You need to make sure you have plenty of money in the bank account. The lender may have some other requirements to make the late payment.
Double check the account information you gave the lender, just to make sure there isn't a typo. That happened to my son, a person transposed the digits of a bank account, and a car payment was pulled from his account even though he didn't have a loan.