Search the Community
Showing results for tags 'Car loan'.
Hello, I was late on my car loan payments and when I finally was able to pay it I was told that it was in the collections dept at Ford. I contacted them and I am still currently making monthly payments directly to the collections dept. However, can the still take my car even though I am paying every month being that it is technically in collections? Also, What if I stop paying will they repo the car or does it just stay on my credit as a collection? I currently live in another state from where I purchased the car. Just trying to know all the options, legalities, and recourse... Thanks
Hi, I has a Sole Proprietary company with its own EIN. The company owns two cars with loans taken under his SSN. I want to shift such liability to his business to build business credit. Someone told me that I need to change business structure to LLC to do such shift. Which order of action would be better and how to shift the car loans from my personal credit report to company's credit report Change the company to LLC then do correction in credit report to put the loan under the company or Do correction in credit report to put the loan under the company then change it to LLC. I appreciate your response and help.
Yesterday I got into an accident, and based on my description over the phone, my insurance agent (GEICO) told me that there is a high possibility of total loss. However, I won't be sure until a GEICO inspector takes a look at it. The accident took place on 12/22, so I won't get any news until after the Christmas holiday weekend. (Monday would be 12/28) I'm currently over a month (but less than two) late on my car payment. When I called my loan company to tell them what had happened, they told me that my car was currently in "collections/repo status" and that my car insurance may deny my claim based on this fact, so I need to make my payment asap. Does anyone know how much of what my loan company is telling me is true? Could they just want the money as soon as possible because the insurance process takes too long? I understand that if I am upside down on the loan, I'm still on the hook for the remaining balance, but, again, I wouldn't know if that is the case for sure until after the inspection. Bottom line: am I really in "collections/repo" status if I am still making payments to my loan company and not a collections agency? And if I am in that status, is it true that GEICO may deny my claim due to it? I'd like to save this money for the holidays (and possibly a new car), if the insurance can take care of it instead of me.
I had a vehicle repossessed in December 2008. My last payment was made Sept 2008) which is what was stated as date of first delinquency. The listing showed that there was a payment made in February 2009 (which I am assuming is when they sold the car at auction). A dispute/investigation letter was sent to TU stating that there hadn't been any payments made since Sept 2009 and that they needed to investigate. They sent me back the results and it updated the listing with a different balance and now all three CRA's are reporting the DOFD as March 2009. I sent the method of verification letter to TU and I'm waiting for that information. Should I send letters to EQ and EXP asking them to investigate why the information changed, or should I wait to see what TU says. I know for a fact that I made no payments since Sept 2009. Would the payment from the sale of the vehicle count as a payment? I would like to get the listing corrected back to what it was (for obvious reasons). What if anything, can or should be done to have this corrected back to what it was? See attached for what the listings look/looked like...I tried pasting it here, but it changed to text only and was difficult to read.