Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


  • Content Count

  • Joined

  • Last visited

Recent Profile Visitors

295 profile views
  1. Our loan was purchased from another Lender about 15-18 months ago. We have a high interest rate and we can't refinance b/c we owe more than the vehicle is worth or at least that has been what we were told when we considered doing that. 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?
  2. Thanks for the help everyone. Her account has been charged off...but we will reach out to Cap1 to see what needs to be done from here. I was just a little suspicious of the email. I think it might be from Cap1...but don't want to take any chances.
  3. I am an AU on my Mom's Capital One account. She was unable to pay the payment after several years with them and the account ended falling behind and it eventually ended up closing. She started getting these emails from Capital One after the account was closed about trying to work with her and set up a payment plan. She found a payment plan that would work for her...but I wanted to find out how to tell if this email is from Capital One. The email address from Capital One has "takechargemail.capitalone" in the address line. She wants to pay the bill...but I want to be sure this was Capital One before she proceeds. Does anyone know if this could legitimately be Capital One?
  4. UPDATE: We got the Title to the Jeep that we returned. It shows no Lienholders. I am wondering why we got this. I would have thought that it would have went to the Lienholder first b/c we didn't pay cash for it. I don't know what to do from here. Do I call the Dealership? I don't know if this will cause a problem for whomever they may have sold the Jeep to after we returned it. Does anyone know if I need to do anything with this Title that we received today?
  5. It was 72 months. I was told that GAP has a ceiling and there is a chance that if you had to make a claim that you could still end up owing with a high interest loan.
  6. I have checked EX...but not the others. I am thinking this is something that has happened within the last 10 days.
  7. Sorry it has been a little bit since I originally posted and responding. What had happened was that when we originally signed the dealership added GAP. The finance company said it wasn't necessary and they removed it which would have reduced the payment about $40/month. We were going to sign the new documents...but we discovered that the dealership had the vehicle listed on their website was for around $5,000 less than the sale price on the Original Sale Price. We questioned the dealership about it and they pretty much said it was the cost of doing business with a high risk Customer. They said the reason that it was much higher was a cost the bank/finance company charges them to take the loan. Have no idea if that is true or not. They wouldn't budge and offered us the opportunity to return the car and cancel the deal...which is what we did. With the high interest rate...the finance charges would have been almost double the Original Sale Price. We are really fortunate to be able to walk away from this deal and I need to pay attention more carefully and not get caught up in just taking the deal b/c we got an approval. I know they have several deals appearing across their desk and they are trying to expedite the process with sign/initial here and here and so on...but I should read the numbers rather than just sign and trust them. Lesson learned with this one.
  8. I am an AU on my Mom's Capital One account, I have my own Capital One account and I am an AU on my spouses Capital One account. I know from talking to Capital One in the past in helping to deal with my Mom's account that I am not responsible for the balance or at least that is what they told me. I recently logged in and saw that my Mom's account has recently been charged off. It has been less than 30 days since it has. I am wondering the impact this may have on my CR and if since I was an AU if somehow this will impact my own relationship with Capital One. I don't know what I should do if any at this point. Any help/advice?
  9. I think they are too. Just odd I guess. Someone in plain clothes (shorts and shirt) stopped by our house yesterday and hand delivered a letter. The envelope only had our names and was stamped CONFIDENTIAL. The letter looked generic. It had the ACA logo and said IMPORTANT MESSAGE with no account #. The body of the letter had one sentence requesting that we contact ACA. The phone # at the bottom was different from the one listed on their website. I called it and it is the same recording when you call the # on the website. I hung up and called ACA at the # on their website and spoke to a rep. She claims they don't send people/agents to customers house and she said the last correspondence was 4/29 when they sent out my monthly statement. The letter was dated 5/6 which is after the date the rep stated. Also when the person left they snapped photos of our mailbox and the front of our house. Usually the company would send a Certified Letter rather than someone stop by for a visit. I don't know how they would know who the car is financed through especially since it isn't being reported to any of the 3 CRA's. With no reason to contact me according to the rep and that I have never had a personal visit about a vehicle we had financed that wasn't local...it just has my radar up as could it may be someone from ACA or someone they contracted to reach out to Customers. I don't know what to think.
  10. We closed on a vehicle about 2 weeks ago. We got a call from the salesman that sold us the vehicle asking us to come back in. He states the bank wants us to sign papers and that our payment will be lower. I have never had this happen. I thought once you closed a loan that was it. I am not complaining about a lower payment...just never happened before. Does anyone think this is strange or have any experience with something like this?
  11. I am starting to think that maybe the dealership was just feeding me a line to try to get me to purchase a vehicle from them. This is also the dealership who at one time suggested that b/c the lender doesn't have our best interest that I let them repossess my car and purchase one from them last year. I think it is time to look for another dealership. That is bad advice and I think this is their way of saying the same thing but in a different way. I am not that familiar with ACA...but they take my checks and as you said the website is operational and seems to be updated after my payments. I thnk selling or trading is my only option with my 2015 vehicle. I would like to refinance it...but b/c I got in with a high interst rate...it would be hard to find someone to refinance...or at least I think it would be.
  12. I purchased a vehicle from a dealership in 2015. The Original Creditor/Lender was acquired by another bank and eventually my loan was purchased by American Credit Acceptance (ACA) about 9 months ago. We tried to trade the vehicle this past weekend and was told by the dealership (same one we bought the car from in 2015) that since it is not reporting to any of the 3 CRA's that they couldn't take the trade. They also fed us a story that they have had several customers who have financing with ACA have problems. They were trying to tell me that ACA isn't in business any longer and that we may have some issues once we pay the vehcile off in getting the title and since it was reporting that if it ended up repossessed that it wouldn't show on my CR. I do know enough to know that in a repossession I would still be sued for what the vehicle didn't bring from what is owed. In the past 9 months I have contacted them and I get correspondence and they have a website and someone is accepting my payments (Western Union). I kinda feel they were feeding me a line...but I don't know how to find out what is really going on. I still have a few years left on the loan and would like to know that this company is still in business and that I would get my title once paid off. I would like to trade or sell the car...but I would like to know I can get the title. I also don't want to just do nothing and face the fact that they may repossess it and then even though it isn't reporting...then have them to possibly report it if ACA is still in business. Does anyone know if this company is still operating? They also told me that it was law for lenders to report to the CRA for Auto Loans...which I don't know if that is true or not either. The initial lender did...but since it was purchased it hasn't been reported.
  13. I called the courthouse and there are no judgments completed and no judgments pending for me or my spouse.
  14. My spouse got a call today and she usually don't answer/call back...but for some reason she did today. It was Critical Resolution Mediation. They said they had a judgment and that my spouse was about to be garnished and the best thing would be to settle. We haven't received any calls (messages), any correspondence to our address, or been served to appear in court. The Creditor they said that we owed would have been included in a discharged BK. I called my attorney and they looked it up and the OC sent it to PRA and it was included and actually made a claim during the case. This guy was threatening to take her license through the garnishment (which I have never heard of). Honestly...my wife hasn't worked in several years so there is nothing to garnish unless somehow they tried to garnish my wages. I don't know if the account was sold to a JDB or somehow they reaged the account. He said the account was opened and charged off after we filed and we have only opened credit card accounts with one bank and it isn't the one they reference. I am not sure the Credit Card company is even in business anymore unless maybe they were purchased by another company. I am just wondering if anyone has heard of this company and what if anything we need to do from here?

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
  • Create New...

Important Information