06-18-2013 04:04 AM
I bought a car from Carmax about 2 years ago and after a year of making payments I came across some major financial troubles and was having a very hard time making payments on time. Eventually, my car was very close to be being repossessed. During this time, I was able to to talk to a Carmax representative about keeping my car only if I made a large down payment to make up the late payments. I made the payment and was able to keep my car, ever since then I have been making my regular payments on time every month. However, a few months after this happened I noticed on my credit that my Carmax loan was charged off instead of showing as a revolving debt. When I called Carmax to ask them about it, they said that the "late fees" that I paid was to go toward the charge off loan in order to pay it off. Do I have any legal rights with this case? Have you ever heard of such a thing? It doesn't make sense to me that my loan is being reported as a charge off account when I am still in possession of my vehicle. Any help is appreciated.
06-18-2013 07:16 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO