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About Beastkilla78

  • Birthday 11/05/1978

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  1. Yeah I didn't send them anything to dispute and didn't think they disputed accounts but normally they include language that the consumer has disputed the account. I'll call them to see if they will remove hopefully it's that easy. Thanks Shifter,
  2. So I need a little advice here. I have a closed account with Lexus/Toyota Financial which has been closed for about 3 months now. Last Thursday I get a ding that my report with Transunion has been updated. When i check to see what the update is I find that my account is now in Dispute. I did not trigger the dispute so can only figure the Creditor (Lexus) did. However the only notes state that the Dispute has met the FCRA Guidelines. I'm not sure what they would dispute, the account was closed in good standings. There was no missed payments, no late's and balance paid in full. Even made an extra payment when they did not received the Lease payoff in time and they returned the money except the few bucks for the extra interest that wasn't calculated because they received the check after the 10 day estimate for payoff. So being that they are the actual reporter why would they file a dispute and not just update what they wanted too? I'm unclear what to do, should I do anything? The dispute actually raised my FICO 8 score by 10 Points. LOL Guess FICO didn't like that I have had so many installment loans.
  3. I really think their telling you this because Toyota Financial is well known for forgiving extra mileage and giving the dealer incentives which they can use towards extra mileage for return customers... A little over two years ago Toyota/Lexus Financial sent me a targeted incentive promo to trade in my Lexus for a new one and they would forgive up to (3) months of payments the excess wear and tear and mileage up to 10K miles. It took the dealer to pull out their back end dealer only incentives to get all my mileage forgiven before i purchased a new Lexus but they pulled it off and i walked away from that lease free and clear with 30K miles over the contract mileage. However I had been leasing with Toyota for well over 10 years and that is the most they had ever forgiven normally it was under 10K miles. The rest would be rolled into the new lease. So i would never count on it plus it would mean you could only drive a Toyota till you break the cycle by paying out of pocket or actually not going over on mileage.
  4. My dealer actually told me to due the financing and than refinance because there was no pre-payment penalty. I just never did it, so I guess the answer is yes you could have the best of both worlds. If you have another bank that has a better rate. by refinancing.
  5. Not sure what your exact offer is but I purchased a GMC Truck back in June and they were giving an additional rebate if financed with GM Financial but the rebate actually came from the manufacture General Motors. They were most likely pushing for people to finance with their captive lender instead of finding outside finance with a Credit union who's rates are a lot lower since GMF Advertised rate A Tier was 5.9% at the time. The additional rebate if deducted from the finance charges made the actual interest rate more competitive.. So in your case if you have cash this would be a win win for you.
  6. Finance Charges for the new loan plus most likely a 300 dollar doc fee to process the loan and DMV paper work. Loan amount16,385 $Interest rate (%)5.1 Loan period (months)60 Total cost of car loan$ 18,597 Monthly payments$ 310
  7. Probate is not always true or needed, it depends on the amount of assets and what state you live in. Most Banks will release any available funds to the next of kin with a death certificate which shows you as the next of kin and a Affidavit.. You did not break any laws by transferring funds although it is always better to just withdrawal the funds. Under the Federal Law and most State Laws the next of kin if no will is available becomes the Executor of the Estate and therefore has every right to the assets. Now what you do with those Assets is what can come in to question down the road if there is money owed to creditors. The creditors have the right to sue for those funds and if you spent them you will personally become liable. I have had to settle (3) Estates over the last few Years for my Father and Uncles all in different states and I had no issues getting the money out of the bank so long as they do not owe the particular bank any money for outstanding loans, credit cards, etc... I have read up on most State Laws and all of them have a minimal amount to start Probate. There is also a lot of basic assets that are exempt from probate like a primary residence if your the spouse residing in that residence regardless if your on the deed or not. I would read up on your states law for probate exemptions and simplified probate processes. Also what is the maximal amount of assets for a small estate. If your dealing with a large Estate get an attorney for unchallenged probate most attorney charge between $3500 to $5000. However challenged Estates can get super expensive. Sorry for your loss, my prayers are with you during this difficult time.
  8. Those student loan payments will count towards your DTI (Debt to Income) even if they are not due at this time. So it will effect your overall approval amount also remember your most likely paying a way higher interest rate on your student loans than on a mortgage so I would think paying off the student loans would be financially smarter than using it for a down payment. However it is all up to your overall picture when it comes to buying your house. Can you get financing for the amount of money you need with the student loan payments showing? Does the bank want 5% 10% or 20% to approve a conventional loan?(So will you need the money to make the down payment to get approved) Are you financing with only 3% down for a FHA loan ? (This would mean Mortgage insurance each month) so you would need to calculate that too compared to paying off the student loans. But all in all I would say paying off the student loans would be the smartest thing here. It would most likely save you money by paying less interest down the line and make your DTI look a lot better (which can help interest rates and underwriting process) along with maybe raising your credit score a little. Maybe some seniors can way in though.
  9. @OP .. Sorry I was out of town. So getting back to you late. However it looks like everyone already answered your questions. My original post was related to the first questions and I'm not sure how you got that the bank actually owed you money out of my original post. Anyways how you closed out the loan was correct and there is no money owed to either side. Now that I know you had wells fargo dealer services, i would not bother sending any good will letter and or contacting the bank at this point they are not good with helping out customers. I have had hands on experience with them when helping a friend try to clear a bK'd account and they were not nice at all. However review your report carefully I was able to clear his account because they violated federal law by reporting an update to CRA after the BK was discharged. An i have heard they make a lot of those mistakes all the time. That would be your best chance and like Mendel said your better off removing the account.
  10. Almost forgot you did not have to return any money to the bank after selling the car. You owned the car and had the title it was yours to sell you paid for it. An if you traded it in an had equity that is OK too it's your money to keep.
  11. OK so you filed chapter 7 and did not reaffirm the loan. Scenario 1: Did you exempt your vehicle from the BK? Some states allow for a vehicle asset exemption if its your only vehicle. If you did exempt it I would dispute the loan as paid as agreed per original contract with bank. I would also include a print out of all your monthly payments from your lenders website to reflect you made all your payments on time. Along with the final payment showing you brought the balance to 0. Hopefully they will update the account to paid as agreed and remove the bankruptcy inclusion. Scenario 2: Now if you did discharge the debt in your BK but continued payments on a verbal agreement there isn't much you can do. The bank would have stopped reporting the day of discharge, showing a zero balance. Than as a courtesy to you and frankly themselves so they didn't lose money they let you keep the car and make payments unfortunately those payments technically don't apply to the BK'ed account since the original debt was discharged. So if this is the case I would contact the bank and request very nicely if they could report the new payments as a new or continued account for the car to the CRA. If they do that should help you a little with score and bank underwriter for the new car not sure on the interest rate, MarvBear would know a lot more about that. (Technically depending on wording you might be able to dispute using the first scenario either way but be careful cause you don't want to document something that is not true at all it could be illegal. I would make sure to not include any wording about BK at all if it was in fact included in your BK.) An if that fails you can try scenario number 2 next. Hope that helps a little.
  12. Need a little more info to give a clear answer on how to handle this. So when you filed Bankruptcy which Chapter? Was the loan still active when you filed (Open Balance) on the car? Did you "Reaffirm" the loan with the lender during BK? Not normally recommended.
  13. It really depends on the bank. I know of (2) Banks that will do it no problem as long as you call them immediately. Once you know that it is up for repo, I know because i have family and friends in the car business who work for a few of the major captive lenders and handle these type of accounts everyday. Their guideline is 3 to 4 months as long as you communicate have a good reason for the lates (Any Sad Story) an can promise to make future payments and to stay in contact with the lender if your going to be late again. So it is very possible but not contacting them is a real bad move, they will use the court system (depending on the state) to get their car back and they will find the car and contact everyone you know to let them know their looking for you. Skip Trace Software is pretty exact and very informative of all your movements.
  14. I don't get it why don't you call the lender? Call the bank and request a contract extension for 4 months and be super nice with a sad story why you have not responded to their calls, emails or letters. This is your best bet if you truly want to keep your car. If you haven't been this behind before every lender usually allows for a onetime contract extension (Roll To Back of Contract) for a small fee this will save you a ton on late fees and bring your account current along with your credit report. I known lenders to do up to 4 months of payments to the end of your original contract for a few hundred bucks. This would at least start the clock over and may give you enough time to start making your payment on time. So if you don't call them they cant work with you, an they want the money not the car but they have guidelines and when you don't respond you get put in the screw you pile and they just take the car and never give it back they auction it and their done with you.
  15. DarkHorseCA, How old was your mom's BK and did she have any other baddies or active accounts? I'm asking because I have a friend who may have access to NFCU and needs a car loan with a (2) year old BK and has (2) active capital one accounts about a year old with a 605 EQ score. The dealer hit her at 16.99%.

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