Auto history question

[xiownthisplacex]

I leased a Hyundai Sonata on 11/05/2011 and then traded it in and leased a different Sonata on 11/30/2011.

I check my credit report every month to see if there's anything wrong or identify theft, and I'm just curious

So, I noticed that the two Hyundai accounts still show as Accounts on my report, is this normal? Shouldn't the first one not show up anymore, or show up as a balance of $0?

Here are some screen shots

http://i41.tinypic.com/15f42ms.png

http://i40.tinypic.com/2463v9f.png

Any input on this? Thanks!

[pizzadude]

I would expect that the first account would show as paid/closed, assuming that the lease was cancelled or paid after you traded it in.

Closed accounts will remain on your credit reports for 10 years from the date closed.

It looks as though the first lease is still showing open.   Maybe it will get cleared up in a few months.    It's not going to hurt your FICO score to have both accounts reporting open.

[xiownthisplacex]

Thanks for the quick reply.

So having two car loans (basically double the amount owed) won't affect my score? Didn't know that, thought it did.

I will wait a couple more months, if it still shows open, should I dispute it as a closed account?

[MarineVietVet]

---

@xiownthisplacex wrote:

Thanks for the quick reply.

So having two car loans (basically double the amount owed) won't affect my score? Didn't know that, thought it did.

I will wait a couple more months, if it still shows open, should I dispute it as a closed account?

---

No reason to IMO (In My Opinion). You actually want accounts to report open for as long as possible. As mentioned closed accounts generally will stay reporting for about 10 years after being closed but a lucky few people have closed accounts keep on reporting much longer than that. Which is a good thing because as long as it reports it will continue to help your AAOA (Average Age of Accounts) and credit length history.

So if it were me I'd very quietly walk away from this and hope it stays on there for many years to come. 

[xiownthisplacex]

I see what you mean

I was just thinking that the double balance would have a negative effect, but since it doesn't, I'll leave it be

thanks again!

[pizzadude]

---

@xiownthisplacex wrote:

I see what you mean

I was just thinking that the double balance would have a negative effect, but since it doesn't, I'll leave it be

thanks again!

---

FICO doesn't ding you for having large installment loan balances, so having both show as open isn't going to hurt.    I agree, probabaly best not to worry about it.

[JM-AM]

---

@xiownthisplacex wrote:

I leased a Hyundai Sonata on 11/05/2011 and then traded it in and leased a different Sonata on 11/30/2011.

I check my credit report every month to see if there's anything wrong or identify theft, and I'm just curious

So, I noticed that the two Hyundai accounts still show as Accounts on my report, is this normal? Shouldn't the first one not show up anymore, or show up as a balance of $0?

Here are some screen shots

http://i41.tinypic.com/15f42ms.png

http://i40.tinypic.com/2463v9f.png

Any input on this? Thanks!

---

I tend to have to slightly disagree just a little. Since the original lease was traded in you may have had penalties for early turn in, then there is the wear and tear they usually ding you with when turning in your lease, etc etc....

IMO I would make sure I owe nothing on the first lease. That you are free and clear from any other obligations and payments especially since it is NOT reporting a $0 balance.

This has bitten many people in the butt when next thing you know you are 30, 60, 90, 120, days late and still no reconciliation from the dealers to help clear up the problem. Even if you do eventually clear up the issue it can take months, even years to fix, and in the mean time your credit is in shambles. 

The one statement that will always play true to credit is to COVER YOUR OWN BUTT!!!!!