60 days late on a trade in

[threetime]

What is the name of your state (only U.S. law)Alaska

I traded my car in around April this year. Deal went smooth. I got exactly what I wanted for my car and paid what I wanted for the truck. Anywho, after I traded vehicle in, approximately 60 plus days later, I had a friend in touch me telling me that my car loan company called my old place of employment for an urgent matter. So I called the number and they tell me my car payment was 60 days late. I told them that was crazy as I traded that car in a couple months prior. So after several conversations later, I am doing everything this place is asking of me by giving them all the information of the dealership, the date of trade in, and so on. I even call the dealer and lay into them about this. After about a week of this over and over, the dealership admitted they made a mistake and next day aired the payoff check. So I call the loan company to make sure they received the check, sure enough they did, but also told me I had a 60 day late on my credit now. I was like wait a minute, this wasn't my fault and I did every thing you ask to help solve this problem. They said thanks but there was nothing they could do. Instead of loosing it on them, I called the dealership and explained to them what they did to my credit. They apologized and said, "What do you want us to do about it."

I have tried to use the credit bureaus to remove this and the loan company stands strong. What can I do to remove this or any other option. Is this even legal.

Thanks for any help in advance

 

[swalsh411]

Your credit report is accurate. The loan payment was made late. Ultimately the loan is your responsibility. But what are your damages? Have you been denied credit elsewhere due to this single 60-day late payment?

 

[davew128]

Your credit report is accurate. The loan payment was made late. Ultimately the loan is your responsibility. But what are your damages? Have you been denied credit elsewhere due to this single 60-day late payment?

If the OP has credit cards this is almost a guarantee that the rates on those cards will go to a penalty rate.

 

[threetime]

Your credit report is accurate. The loan payment was made late. Ultimately the loan is your responsibility. But what are your damages? Have you been denied credit elsewhere due to this single 60-day late payment?

I haven't been denied anything, just fixing to buy a house and trying to get all my ducks in a row.

I know the credit report is accurate, hense why I explained the story. My question was, how can I get this removed or what is my course of actions towards the dealership.

This may not hurt my credit enough to matter, the point is, I don't want it on me at all. I did everything that was ask of me.

I understand they want their money, but for friggin sakes, work with your customers. I could understand if I was giving them a hard time, but I was doing everything they ask. I live in Alaska with a 4 hour time difference and they were calling me at five and six in the morning. I didn't even complain, I just tried to work with them.

 

[LdiJ]

What is the name of your state (only U.S. law)Alaska

I traded my car in around April this year. Deal went smooth. I got exactly what I wanted for my car and paid what I wanted for the truck. Anywho, after I traded vehicle in, approximately 60 plus days later, I had a friend in touch me telling me that my car loan company called my old place of employment for an urgent matter. So I called the number and they tell me my car payment was 60 days late. I told them that was crazy as I traded that car in a couple months prior. So after several conversations later, I am doing everything this place is asking of me by giving them all the information of the dealership, the date of trade in, and so on. I even call the dealer and lay into them about this. After about a week of this over and over, the dealership admitted they made a mistake and next day aired the payoff check. So I call the loan company to make sure they received the check, sure enough they did, but also told me I had a 60 day late on my credit now. I was like wait a minute, this wasn't my fault and I did every thing you ask to help solve this problem. They said thanks but there was nothing they could do. Instead of loosing it on them, I called the dealership and explained to them what they did to my credit. They apologized and said, "What do you want us to do about it."

I have tried to use the credit bureaus to remove this and the loan company stands strong. What can I do to remove this or any other option. Is this even legal.

Thanks for any help in advance

Only the loan company can remove it. The dealership cannot. I am actually surprised that the loan company is not being more accomodating about this. I would approach them again and work your way up the corporate ladder. I cannot guarantee that you will get any results, but its your only option.

 

[Bosco]

File a complaint with the Consumer Financial Protection Bureau. They don't screw around and they get results. I bet that will get the issue resolved in a week.

Personally, I'm 4 for 4 with them, with everything being resolved in about 3-4 days.

 

[threetime]

Only the loan company can remove it. The dealership cannot. I am actually surprised that the loan company is not being more accommodating about this. I would approach them again and work your way up the corporate ladder. I cannot guarantee that you will get any results, but its your only option.

I am surprised aswell. We did a three way call and the dealership admitted it to them and still nothing.

 

[threetime]

File a complaint with the Consumer Financial Protection Bureau. They don't screw around and they get results. I bet that will get the issue resolved in a week.

Personally, I'm 4 for 4 with them, with everything being resolved in about 3-4 days.

Who do I file it against, the dealership or the lender.

Thanks

 

[Bosco]

The loan holder is the one you want to file the complaint against. You could, if you wanted, file one against the dealership, but since they already did what they could on their end to resolve the issue, it would do nothing more than get the complaint on record. It's up to you if you want to do that.

Filing a complaint against the bank should get some results though.

 

[threetime]

Thanks man, I will give it a shot.

 

[Proseguru]

All bad advice.

Contact the credit bureaus .. this delinquency is not your fault. They should consider removing the mark.

Provide them with your contact showing that it was the dealer's responsibility and that the dealer actually did clear the loan.

This should clear the mark.

 

[Zigner]

All bad advice.

Contact the credit bureaus .. this delinquency is not your fault. They should consider removing the mark.

Provide them with your contact showing that it was the dealer's responsibility and that the dealer actually did clear the loan.

This should clear the mark.

Wrong - the reporting of the debt is proper. The OP owed his loan company money and the loan company didn't get paid. The loan company was not a party to the OP's contract with the new dealer.

 

[LdiJ]

Wrong - the reporting of the debt is proper. The OP owed his loan company money and the loan company didn't get paid. The loan company was not a party to the OP's contract with the new dealer.

While that is true, its still perfectly legitimate for the OP to add a note to his file for each credit bureau, explaining the circumstances.

I would still head of the chain of command at the lender however, because its not in the best PR interest of the lender for something like this to happen.

 

[Zigner]

While that is true, its still perfectly legitimate for the OP to add a note to his file for each credit bureau, explaining the circumstances.

Yes, I would agree. But that's not what proseguru suggested

I would still head of the chain of command at the lender however, because its not in the best PR interest of the lender for something like this to happen.

See above.

 

[Bosco]

Thanks man, I will give it a shot.

Have you filed the complaint yet?