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Old CO, past SOL holding up auto loan approval

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ChicAndFabulous
Valued Member

Old CO, past SOL holding up auto loan approval

I applied for an auto loan with a local credit union. They originally told me I was approved at 3.15% for 75 months for $40k loan. Once they entered my social in their system, they saw I had an old charge off from 2007 from a credit card. I completely forgot about this old charge off, as it's not on my credit report and they haven't tried to collect in years. Loan officer said it's the only thing that's holding up the loan and to call the asset management number to see if they could wipe it off. Ha. Doubt it will be that easy. Anyone ever run into this? Suggestions? This credit union is giving me the best rate, so would love to be able to make this work somehow.
Message 1 of 5
4 REPLIES 4
ChicAndFabulous
Valued Member

Re: Old CO, past SOL holding up auto loan approval

Nevermind! Crisis averted. Just got approved for $40k at 2.99% for 72 months with PenFed! Woohoo! Beat my local credit union and DCU!
Message 2 of 5
fltireguy
Valued Contributor

Re: Old CO, past SOL holding up auto loan approval


@ChicAndFabulous wrote:
I applied for an auto loan with a local credit union. They originally told me I was approved at 3.15% for 75 months for $40k loan. Once they entered my social in their system, they saw I had an old charge off from 2007 from a credit card. I completely forgot about this old charge off, as it's not on my credit report and they haven't tried to collect in years. Loan officer said it's the only thing that's holding up the loan and to call the asset management number to see if they could wipe it off. Ha. Doubt it will be that easy. Anyone ever run into this? Suggestions? This credit union is giving me the best rate, so would love to be able to make this work somehow.

Congratulations on your approval!!

 The chargeoff - was it with THAT particular CU? If it was, while there is a SOL on age for credit reporting, there is no SOL for an internal file with that particular bank.. Some banks, like Chase, for example, have memories like an elephant.. (and, apparently, they will hold a grudge against you if you had a bad WaMu account as well)

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 3 of 5
ChicAndFabulous
Valued Member

Re: Old CO, past SOL holding up auto loan approval

Thank you! Super happy about the PenFed approval!!!! So glad I shopped rates and read everything on the forums. So helpful! But, yes... the CO was from the particular CU. totally forgot I had it. I think it was from 2004-2005ish when I was stupid about credit cards!! But good to know some banks black list you even if something falls off your credit report. I didn't know that about Chase...guess I won't ever be getting a Chase credit card either. But it's all good. I'm in good with Amex family and very happy with my Amex cards. Thx for the info
Message 4 of 5
Anonymous
Not applicable

Re: Old CO, past SOL holding up auto loan approval

It's funny you mention AmEx because they write the BOOK on keeping GREAT records....

Remember, only recently could another institution issue an AmEx or Discover, so if you think your CU goes back far mess around with AmEx and they'll remind you of something when Kennedy was I'm office😀

Seriously, one day I called just asking about promos and the girl said I don't see anything on you except the account you opened back in '88-'89
I'm like Wow that was before I could buy a darn drink you guys still have that ish on file, she pulled that ish up in a hot freaking second... Luckily I didn't owe them but trust me they have the 'tape'

Anyway, in all fairness SOL are for courts and the ability to sue and federal laws jumped in with regards to reporting but on general principle if you owe somebody you owe em period.

I know we think of it differently somehow because it's a company but if a buddy or cousin ducked you for years and you saw his as at the family reunion....
Let's not pretend you might not ask that mofo for your freaking money

And remind his as ain't no SOL on am as whipping 😎

Just ribbing but seriously, if you owe, you owe

If someone owes me money, I might just want them to Pay me back b4 I lend them more and honestly I bet most ppl would sorta feel the same way if it were their dough

And if one are a stockholder or a 'member' of a bank or CU you'd probably at want the ppl lending out funds to at least ASK a borrower about funds owed b4 lending to a nonpayer that's cost 'us' money in the past....It just makes common sense.

*Now on the other hand, most aren't gonna want to pay if they've gotten out of paying this long....Ya know like that cousin who doesn't look you in the eye changes to subject and has to go as you approach....Same thing
Matter of perspective!
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