Thanks !!

Before the car could be assessed by the other drivers claims adjustor Chase Auto sent a release and hold harmless to the towing company and had it towed to auction.

For whatever reason I failed to follow up after I was notified by the other drivers insurance that they weren't able to assess the damage and at this point had no idea the vehicle had been repossessed.

Fast forward 3 years:

I applied for a mortgage pre-approval 2 weeks ago without bothering to check my CR (dumb I know) and the lender comes back with nope, you've got a repo from Chase on your report, you'll have to fix that. I contacted the Probate department at Chase, they stated that the car was repossessed for being behind on my payments. I questioned that and asked her when the last payment was made and she said "July 15, 2022" (1 week after it was towed to IAA). Chase statements reflect payments made through 7/15/2022 but the credit report shows payments made through 08/2022.

The line on my credit reports payments made as agreed through Sept 2022, then in October 2022 it goes to R for 2 months and then charged off. ($13k charge off, $9400 balance due). Chase has not made any attempt to collect on the balance due, I did not get any kind of deficiency notice from them post-sale as required by Alabama law.

I have since taken all of my Chase statements and correlated them with  my bank statements from the inception of the loan to and can show where each payment was made and came out of my bank account. All of the Chase statements show "Your account is current" in the upper right. My statements show that all payments were made through June 2022. 

I've requested all the documentation from Chase I can think of (list follows) and I'm trying (with very limited success at this point) to find an attorney to get some advice.

Anyone have any thoughts on anything I'm missing I need to ask for to get this resolved and off my report?

Requested Documents:

1. Copy of the original loan contract signed by the account holder(s).
2. Complete Transaction and Payment History from account origination through the present, including payment dates, amounts, and method of payment.
3. Monthly Billing Statements for the full duration of the account.
4. All Notices and Communications addressed to me or my late wife, including:
   • Payment reminders or notices of default
   • Right-to-cure letters or delinquency warnings
   • Repossession notices
   • Post-repossession notices (e.g., notice of deficiency or charge-off)
5. Repossession Documentation, including:
   • Authorization/order for repossession
   • Internal repossession log or notes
   • Hold Harmless/Release submitted to the storage or auction facility
   • Condition or valuation reports prepared at time of repossession
6. Deficiency Balance or Settlement Records, including:
   • Any statements, demands, or collection letters issued post-repossession
   • Any record of charge-off or debt sale
7. Credit Reporting Data, specifically:
   • All Metro 2 or equivalent furnishing files submitted to Experian, Equifax, and TransUnion from January 2021 through present
   • Internal notes explaining any status changes in the account
8. Any internal communications or account notes that document your servicing actions, including probate processing if applicable.

TIA

I spent a lot of January in Hawaii, unconcerned with workaday things...

I email the salesman at the Chevy dealership in Eden Prairie MN asking when I'm going to receive the title.

(They ARE supposed to mail me the title, with "No Security Interest" showing, immediately upon the car being paid for, yes?)

No response to two emails.

I also (March sometime?) get a text from the dealership asking how it's all going and if there's anything they can do for me, I respond yeah; maybe tell me where the title is.

No response to my text; I send another one weeks later and also no response.

What's my move here?  Just keep on pestering them, or do I get to "turn them in" to the state for official punitive action...  (I like that idea  (devil emoji))

I'm currently in the market to trade in my vehicle for a new one and I'm looking for banks or credit unions that are flexible with their loan-to-value (LTV) ratios—specifically those that will allow 150% LTV or higher. I’m based in the DC/Maryland/Virginia (DMV) area, but I’m open to working with institutions outside the region if they offer the kind of flexibility I need.

If anyone has experience with banks or credit unions that cater to these situations, especially for people trading in a vehicle with negative equity, I’d really appreciate your recommendations.

Thanks in advance!

Looking to see if anyone has had any experience with Equifax only lenders for an auto loan in the state of Georgia. I have heard that Truist is Equifax only alongside a few smaller state credit unions (Heard Navy is TransUnion).

any help or guidance is appreciated.

When I called, the rep offered me 3 options, none of which worked for my situation, which she even commented on. She then said that I could skip my payment, then call on the next day during the grace period, where they would then offer me more choices, but she couldn't tell me what they were or if a deferral would be offered. I'm just wondering if anyone else has had this experience with them. 

Needless to say, it's very frustrating! I'm already worried about my health and losing 6 weeks of pay, only to feel like I have to play guessing games with my car loan. 

Well, the finance mgr told me they could take over the lease and put me into another car with lower payments.

I agreed and turned over my car to them. Problem: they only paid partial of what was owed and now I am being

dunned by the leasing co.

I sent a dispute to the leasing co and just heard back, by phone, that the dealership is not paying the rest that is owed.

The part they are hanging on me are the 2 extended lease payments plus the fees associated with that.

The only paperwork I have is the signed Odometer Statement showing date and mileage when I turned over the car to them.

Also, they took the amount that was owed on the car (at lease end) and added the difference to my new loan.

What in the world can I do????

Thank you for any and all help you can give.

Do your research before making a purchase but you might be able to get a good deal.

We're thinking about leasing because one, we don't drive many miles (I work from home and he is retired) and we like the idea of a new car every few years. A local Dodge dealer has a vehicle we are interested in and we were quoted a payment of $649 a month for 36 months. Having owned dozens of cars in my lifetime, I don't view them as an asset, hence the leasing consideration. Our current car right now is in the "sweet spot" where the KBB trade in value is just a little shy of what is owed, and the dealership has agreed to pay it off no issues. Yes, the payment is larger than what we have now, but I am viewing it in the sense that the term is shorter, and obviously, not being upside down with a purchased car (something we have lived with many times).

I'd love to get insight into leasing and whether we should go for it. I understand the basics, but am I missing anything big-picture that would make leasing not be viable? Thanks in advance for any advice!

This board suggested the United Senate Federal Credit Union for my car and it worked out great! Please advise.

Thank you, as usual.

Two months ago I went to pick up some brake pads and air filter for a friends car at a Mercedes Dealership, and 3 hours later drove out with a used G-Wagen for $120K w no money down. Everything was fine, and I could swing the 2 grand payment. It's also a Sec. 179 write-off.

Well, in those 2 months the *Admin and our Terms of Service prohibit profanity* hit the fan. I'll be good for another 3-6 months, but unless something happens quick, Im gonna have to give that vehicle back. 

Car is worth around $109k retail maybe 100K trade in .

Anyway to get out of this w out killing my credit? 

After a few weeks of my car sitting at the yard where it was towed to, the towing company apparently junked it. I figured they would have saw it was registered under a banks name and it would have gotten repossessed again but I’m not even sure what happened to it. 
 

Anyway, after I’ve gotten myself together now I’m trying to fix my credit. I noticed I’m still being charged as late on payments for that car. I owe $16,000 on it and it’s probably worth $3,000 and that was when it was running. 
 

What can I do about this? 

I am putting down 4K and finance 17K total on 2017 Tesla 75D wih 90k miles,

TIA!

So that means car shopping time. We’ve been looking. She wants another Versa. I’m fine with that. We are gonna buy new when the time comes. The price between new and something used with relatively low miles is minimal. It is what it is. 
 

Anyway. We were at one dealer. Naturally before we were barely out of my car, we were attacked with the usual dealership pleasantries. The look on the guys face when I told him to relax, and that our reports are on ice, was priceless. We are not desperate for a car. 
 

I may throw him a bone. Only because his finance manager is not a douche bag. 

My question is about the breakdown of payment. We can look at each payment we made and it tells us how much of the payment was applied to the principal amount and how much is applied to interest. I have often wondered why it is so different from month to month. Some months the majority will go toward the interest and some months more will go to the principal. Looking at it...there is no way to tell. I know with a high interest rate that a lot would go toward the interest first or that is my understanding...but being so significantly different from month to month is confusing to me. I figured I would see more of a flowing of gradually reducing and there is no way to tell from month to month.

Is it normal to have such an inconsistent applying of where each payment goes?

Currently have a 2018 Buick Enclave Premium (135K miles). Looking to get out of that this summer and into a 2024 Buick Envision Sport. 

Below I will include an "App for Marv" so you have all the relevant information. But my primary question (other than whether a loan would be approved) is whether a purchase or lease would have better approval odds and terms given the degree to which the current vehicle is underwater? 

Thank you in advance for any clarification. 

Your Equifax Credit Score: 640
Your Experian Credit Score: 645
Your TransUnion Credit Score: 640

How long have you been on file with the CRA?s? 22 years 10 months 

Previous Automotive Credit History: 6 paid/closed loans, one open loan. Only blemish is on a paid/closed loan from more the 24 months ago. There was a balance at the end of loan with Huntington Bank. This involved a few late fees (never 30-late) and a personal property tax bill on the vehicle from KY. By the time I paid it, they reported that balance as 60-days late.

Do you have an open auto loan? Yes
Will this loan be a trade-in? Yes
Number of late pays within the last 12 months on the currently open loan? 0
Number of late pays within the last 13-24 months on the currently open loan? 0
Current open auto loan is financed with? GM Financial
Current open auto loan payment is? $560 (Purchased in 2022. Previously leased same vehicle at $785 for 39 months through GM Financial and purchased at end of lease term)
Estimated amount you may be upside down in this vehicle? $9,000
Rate your payment history on this open auto loan from 1-10 (10=BEST) 10

I have read and understand the original pinned "No Credit Check Required" topic. Yes

Revolving Credit History:
Total number of revolving accounts? 7 open, 16 closed. In a debt management program.
Total percent utilization overall? 80-85%. Was close to or over 100% a year or so ago and have been pushing it down each month.

Your Information:
How long at residence? 5 years and 1 month
Rent/Homeowner/Live with relative? Own home, $280k estimated value, owe $160k
How long at current job? 2.5 years

Total Provable MONTHLY GROSS INCOME?
Provable via computerized paystub or what method? Paystub gross $192,000 annually

Your Downpayment in CASH: $ 3000
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record? No
Is so, please describe. 

Does any credit repository contain any Collection Account(s) 3
If so, please describe.  Two old collections from pet healthcare provider and one old collection from ATT for a Direct TV box. These are 4-5 years old and total under $1000.

 

New or Used Vehicle you are considering; please describe:
2024 Buick Envision Sport. Sticker is $43,000.
Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: 9.5
Revolving Credit History:   8.5

If anyone could share any insights or point me in the right direction, I would be immensely grateful. Additionally, if you have any advice on navigating the auto financing process in California, I would welcome any tips or suggestions you might have.

Thank you very much for your time and assistance. I truly appreciate any help you can offer.

I really don't understand what this "car buying service" is - AAA has one as well, so does American Express.  Unless I'm missing something big; these programs don't do anything but limit your choice of dealerships.  (FAQ: How does it work?  A: 1-2-3!!  1 - Shop for a car from a participating dealer; 2- Finance (apply online or at the dealership); 3 - Drive - finish up with the dealership and get on the road.  (This is different from the Sidewinder Car Buying Service how, exactly? ))

But the fine print that I don't understand from the Chase auto website is:

To finance a new or used car with JPMorgan Chase Bank, N.A. ("Chase"), you must purchase your car from a dealer in the Chase network. The dealer will be the original creditor and must assign the financing to Chase. All applications are subject to credit approval. Additional terms and conditions apply

To finance with Chase; the dealer is the original creditor?  Does Chase not originate car loans?  What does "assign the financing" mean; they have to sell the loan to Chase right after they originate it?  If so, what's in it for them, why sacrifice all of that interest revenue?

Also I'm eyeing a Mazda CX-5; as well-reviewed a model as it is I think $14,000 is an attractive price; it's high-mileage but from what I've read these Mazdae last from 200K to 250K. 

Go or no-go?  Haggle or offer the 14K?

I have read and understand the original pinned "No Credit Check Required" topic. Yes

Revolving Credit History:
Total number of revolving accounts? 3 4 credit cards/credit accounts,
Total percent utilization overall? 25% however everything is paid off, it just hasn't been reported to the credit agencies 

Your Information:
How long at residence? 22 years and 1 month 
Rent/Homeowner/Live with relative? own home 600k estimate, owe 250l
How long at current job? 22 years

Total Provable MONTHLY GROSS INCOME?
Provable via computerized paystub or what method?  paystub  gross 10,900  monthly  132,000 yearly

Your Downpayment in CASH: $ 5000
Rebates not considered; Trade Equity not considered: CASH ONLY PLEASE INPUT.

Does any credit repository contain any Public Record? no
Is so, please describe. 

Does any credit repository contain any Collection Account(s) 4
If so, please describe.  crap from 6 years ago

 

New or Used Vehicle you are considering; please describe:
2021 BMW 540i    dealer asking 33k  need loan for 29k for 24 months
Your creditworthiness on a scale of 1-10 with 10 being the best:
OVERALL credit:
Installment Credit History: 7
Revolving Credit History:   5

I paid off the car like two summers ago.

Was there something I was supposed to do to apprise the insurance company that the car is paid off; that there is no longer a lienholder?  (I mean there'd better not be a lienholder... though I'm three million years old, this is my first car.)

Outstanding Principal $11.326.64 outstanding interest $2288.26 Outstanding Fee's  $1557.81 Total Outstanding Balance $15.172.71

so i was told that having gap insurance difference will be sent to the lender , they gave me an invoice $33.59 refund . I need a way out  of this I'm so tired.

This question deals with “disputing accounts and applying for auto loan”.

Can lenders see you have an active account dispute, and does that hurt your chances to obtain a loan? Always wondered that. 

Prohibited Practices - Compliance - F&I and Showroom (fi-magazine.com)

p204800_cars_rule.pdf

That being the case where do you all think is the best place to get a loan from? credit union? if so which one? 

Thanks in advance 

I've made a HUUUGE stupid mistake and purchased a vehicle from JD Byrider, financed by Car Now Acceptance Corporation (CNAC). My total loan is around $12000 for a car that has a Blue Book value of only $3800. To add insult to injury, I'm having NUMEROUS problems with the vehicle that aren't covered by the warranty. All in all, I'm going to be stuck paying $400 a month for at least the next 3 years, unless I can get out of this loan. I've called CNAC to no avail, as they've told me that because they are not a traditional lender they do not refinance loans. Is there anything I can do? As it stands now, the payment is KILLING me...I literally don't have money for basic expenses. Any help is GREATLY appreciated...

Looking for a new car under $20,000? Good luck. Your choice has dwindled to just one vehicle

I've seen several second gen Toyota Sienna and Sequoia on FB marketplace but I'm unsure if I want to put IL plates on it,  or somehow get temp tags and just drive it back and then proceed with getting permanent plates. 

I'm not familiar with doing a private lumpsum cash deal. I just know that I need to look at the engine bay seal areas and other wear and tear areas such as suspension, or just take it to a mechanic to have it looked over. The title is important as well. 

He attempted to make the first payment online in August, but couldn't.  So his mom mailed a money order to Westlake, using an address she found online.  That payment has never been credited to his account.  

As of today, Westlake's website shows the following:

Amount Financed:  $6,315.00

Term:  48

Annual Percentage Rate:  25.99%

Payment Amount $159.83

Under "Transactions":

Payment  07/11/23

Amount:  $4,736.01

Balance:  $0.00

The Westlake website shows a balance of zero, and won't accept payments.

Back in August, Westlake reps were assuring them that everything would be okay because they had a record of attempting payments, but mentioned the possibility of the loan going back to the dealer in the event of default.  (I thought there might be an agreement that the dealer would be forced to eat the loan if the first payment wasn't made.)   Today, Westlake asked him for his address so they could mail the title.  The dealership says they have no idea what is going on.

The monthly payment amount on the note was $212 and change, which would correspond to the $6315.00 loan amount.  The payment amount shown on the Westlake website ($159.83) would correspond, within a few pennies, to the $4,736.01 shown as the 07/11/23 payment amount.

Does anyone know how to interpret this?  Why is an imaginary $4,736.01 payment (showing the date the loan was originated) paying off a $6,315.00 loan?  Did Westlake sell the loan or push it back on the dealer?  Did they apply someone else's payment to his account?  Should he be expecting a repo truck if he gives them his address, since there are now two missed payments?  

Thanks for any ideas or advice for him.

Typically for mortgages they add back a certain amount of PITI and depreciation from your schedule C to qualify for another mortgage. What does the process look like for cars?

Bonus question: If I have a 100k car on order that is 1 year out and I've always owned cars in cash, what are the chances I won't be able to be approved due to no auto loan history?

FICO 760, gross income 150+ (mostly W2), DTI would be in the 40% range with the new car (depending on what the solution is to the above issue)

It never occurred to me that the dealer never gave me the bill of sale, I was excited to get one. So fast forward to now, I still never bill of sale.

I called them and they said that, they changed systems and that I need to call the finance manager to send it.

I called her, and she never sent it.

Issues are, in October 2022 I had a lapse of coverage but the truck is barely driven.

Credit Union found out and now added a premium or $1,500 to cover for those months.

NOW my payment went up to $980.00 and now I have to pay interest  on that insurance they added.

I feel this was a predatory loan, Chrysler Capital never pulled that crap on me while switching isurances. 

Quote

The big reason for this 53-day average supply comes down to one thing: EVs. According to the outlet, those vehicles have a 103-day supply.

One thing I need for the new job is a 4x4 pickup.  The new job will frequently take me into muddy fields and up rough mountain roads, where high clearance is required.  (My current vehicle is a car that would get stuck in the mud and wouldn't make it up the mountain roads at all.)

My question is, should I buy the new truck before changing jobs, or does it even matter?  My credit score is around 775 currently, and income is around $135k.  Looking at $52k truck with trade-in valued at $16k.  

Do lenders look at length of employment if your credit is good?  If so, how much does it factor in?