Car note sold...transferred to another lender...

[Freak]

I was looking at my credit report and noticed that the loan for my wife's car had a zero balance and was transferred. I went to the Long Beach's website, I was directed to Americredit's with a message:

Long Beach Acceptance Corp. (LBAC) – the company you’ve relied on for flexible and competitive finance solutions – is now part of AmeriCredit. With “near-prime” expertise added to AmeriCredit’s mix of business, you can now finance virtually every customer across the credit spectrum. For customer account information, please call our Customer Service team

Since I just purchased another vehicle, is it going to look like I just opened two notes at about the same time when the new TL appears?

I was so glad to be done with AmeriCredit.

http://www.theautochannel.com/news/2006/12/04/030594.html

[AboveAverage]

I was looking at my credit report and noticed that the loan for my wife's car had a zero balance and was transferred. I went to the Long Beach's website, I was directed to Americredit's with a message:

Since I just purchased another vehicle, is it going to look like I just opened two notes at about the same time when the new TL appears?

I was so glad to be done with AmeriCredit.

http://www.theautochannel.com/news/2006/12/04/030594.html

OMG...if you can, please refinance with a credit union or something....

Americredit is EVIL like no other!

[Fizzle1979]

I've also herad horrible things about Americredit.

[LeslieR]

I actually had a great customer experience with Americredit. Sure, the interest rate was beyond ridiculous. But it was my only option at the time. Their terms, however, are more the lenient, I felt. In the beginning of this loan, I was just beginning my credit repair journey. Shortly after, I moved and switched jobs. There were about three months that I couldn't make my payment date (but only needed to be a few days late). I had heard horror stories of Americredit sending the repo man on the third business day after a missed payment due date.

The reality was:

They don't start calling YOU until about a week after a missed payment (and they will even if you've called them, but once you talk to an outbound CSR who calls YOU, they will stop once you've informed them of your payment arrangements. I don't think the outbound callers have access to the payment arrangement info recorded by the inbound CSRs)

Late fees don't begin to accrue until 10 days past your due date

Lates aren't reported unless they are 30 days past the due date

CSRs were always very friendly

You can avoid phone with them altogether by logging into their website and emailing them; you will get a response within an hour (including payment arrangements)

Website is extremely clear and informative as to your account info (one NEGATIVE: last year they started charging a Western Union fee to accept online payments)

However, I was eventually able to refinance with my CU to a much better interest rate. But if you are out of options when buying a car, and can afford the payments, I cannot say enough about my customer service experience with Americredit.

[jq26]

This is strange. M&A among financial institutions are common. In all of my experiences, the acquiring company just takes over the tradeline on my credit reports. MBNa -> BoA and Providian -> WaMu come to mind, and my credit union was gobbled up by a bigger credit union. In all these cases, just the name on my pre-existing tradeline changed.

[Freak]

This is strange. M&A among financial institutions are common. In all of my experiences, the acquiring company just takes over the tradeline on my credit reports. MBNa -> BoA and Providian -> WaMu come to mind, and my credit union was gobbled up by a bigger credit union. In all these cases, just the name on my pre-existing tradeline changed.

They are changing the TL. TU shows closed/Transfered, the new TL has not showed up yet. Nothing on EX yet, but EQ shows the new account, plus the old one - which stills shows a balance and open. Judging from the last experience with a paid auto loan, I in for a dispute with them to get it updated.

For the most part, I can't argue with LeslieR...but I wanted to be done with them. I spoke with my CU, and once my CR settles down in a few months, they agreed to refinance it. I just bought some more wheels with 8.5%. They said they would beat both of them.