Cancelled Auto Loan Question

[swoosh76]

I recently got approved for a car loan with NFCU and I received a "promissory note" to take to the dealer for the vehicle I wanted to purchase.  After getting to the dealership, they had sold the vehicle to someone else.  I called NFCU and had the loan cancelled and got approved for a different vehicle...The original loan that was cancelled is showing up on my CR.  Is this normal?  Also, if so will this positively or negatively affect my credit report?  Note, there were no payments made on the cancelled loan since I cancelled it right away...

I am thinking it would probably affect my AAoA, but are there any other negative effects?  

[Creditaddict]

wow, Navy reported an auto loan before you actually purchased? I would call them and have that removed...

[Remember0]

I agree, try to get that off. If they won't remove, at least get them to send a letter that the loan was never funded (or that the obligation was satisfied with no derogatories in case you ever get a question about this during mortgage underwriting...the only time it'll matter with a picky underwriter who wants to make sure it wasn't actually a repo.)

But that said, even if it stays, you'll be okay. Yes, it hurts AAOA, but the hit isn't anything to worry about as long as it doesn't report anything negative.

[swoosh76]

Thanks for the replies.  I called and the lady I spoke with said even though the loan wasn't funded, it was approved, therefore the reason why it was reported.  Didn't sound right to me....

[Remember0]

Cashier is MSUASG - my acronym for making shi* up as she goes. But good thing she said it was never funded on a recorded line. Write down when you spoke with them and all that good stuff and perferably who. It'll help serve as ammo for your disputes. By her logic, most people should have about a dozen auto loans show up on their cr everytime they bought a car. I swear to god, who trains csrs sometimes? If I ever owned a company, making stuff up and telling my customers when you really have no idea would be immediate grounds for dismissal.

Anybody here have contact info for NFCU's executives?

Another thing you could try is to write a letter to the address listed on your credit report for NFCU (I've had the most success writing to Barclays' addres, but none with CSRs, for example). Or if they have a phone number on your CR, you can see if that leads to a special credit reporting department. Or maybe before sending the letter, you can insist to talking with the credit reporting department?