@Anonymous wrote:
I helped my parents by getting them a car under my name. They pay the payments directly. We have two months left on the loan and they forgot to make one of the payments, resulting in a 30 day mark on my credit. I'm trying to see if Chase Auto will do anything about it... would it be advantageous for me to just pay off the loan? Will a closed out/completed loan with a 30 day mark still hurt me? I need to purchase another car soon.
Unfortunately it will not make a difference whether the account is closed or not. This will have a pretty large impact on you for the immediate future, especially if you want another car. Not only will it probably lower your FICO by a lot, it will lower your auto-enhanced FICO even more, which most dealers will use. I would definitely pay it off completely if you can (let your parents pay you directly for the rest) and then contact Chase about a GW.
I know Chase CC has been very willing to agree to GWs for people here, so hopefully their auto loans are the same. If you have an otherwise perfect history with them, hopefully they will agree to remove the late. I would wait until you pay it off, but then call them and send them letters to ask them to remove it. Explain what happened and how you were helping your parents, and that as soon as you found out they missed a payment you paid it off, etc. Best of luck.
