cjg997

Thanks for your suggestions. After "showing" Honda that they were receiving large payments, they backed off and are reversing the negative info applied to my wife's credit report. Apparently, no one bothered to look this information up. CJ

Penalty - Nearly $5000.00 dollars Paid - $3400.00 over 4 months Balance - $1600 They are offering a $1200.00 payoff settlement. Taking this settlement would add a "Defaulted Loan" to our credit report. This is not an acceptable route for me. They also stated not taking the offer will force them to place our account with a collection agency. Thanks

We ourselves just started sending them payments to the account. We did not receive prior approval to make payments. The payments have been applied towards the balance.

Hi all, My wife just recently completed a lease on her automobile. Halfway through her use of the vehicle, her new job required many many miles. We expected a penalty as a result. We returned the vehicle and the penalty hit. We could not pay the entire balance, but decided to pay them a minimum of $500 per month. We have consistently made those payments each month (and more), and the payments have been accepted. Fast forward 3 months, I just received a notice in the mail stating that we are severely passed due on our account balance. The lease company is offering a settlement on the account, with a hit to our credit file. I have heard before that you should never accept a settlement. The lease company has apparently tried to connect with us over the last three months, but without success, until I received this letter. What course of action should I take that would prevent a major disruption in our good credit standing? Dispute the letter because the company has accepted our payments? Thanks for your help, CJ