I'm having issues with TD auto finance reporting my old car loan as paid off. The vehicle has been traded in to the dealership as of 6/28/2011. I was told by a TD rep that they recieved the payoff on 8/2/2011. I'm not understanding why it is taking so long to report that this vehicle is paid off!! I have 5 new CC accounts on my CR's and i'm scared my creditors are gonna shut my cards down because i have 47,000 worth of auto loan debt which I should only have 30,000 and 1 piad off loan. What can I do about this? I've called them 4 times and spoke to supervisors twice and they all say were gonna gonna put a rush on the update but NOTHING has updated!
Don't get yourself too worked up about what might happen. Stay focused on what's really happening. Remember even after TD does get the info submitted it is going to take more time to get updated on all three bureaus. If any of your new CC accounts attempt or take adverse action because of what's on your report at the moment, you would still be able to call and speak with a human being and explain what's going on.
But all in all I would not worry that the additional 17K in installment is going to result in immediate adverse action by any creditor. When they see the NEW car loan on the report they will likely figure it out. You are not the first (or last) consumer to be in this position while trade ins are winding their way through the system.
Relax and have a FICOtini. It's on me.
@HoldingOntoHope wrote:Don't get yourself too worked up about what might happen. Stay focused on what's really happening. Remember even after TD does get the info submitted it is going to take more time to get updated on all three bureaus. If any of your new CC accounts attempt or take adverse action because of what's on your report at the moment, you would still be able to call and speak with a human being and explain what's going on.
But all in all I would not worry that the additional 17K in installment is going to result in immediate adverse action by any creditor. When they see the NEW car loan on the report they will likely figure it out. You are not the first (or last) consumer to be in this position while trade ins are winding their way through the system.
Relax and have a FICOtini. It's on me.
I cant see it taking over 3 weeks to update. I mean the 2 GEMB CC's i recently got started reporting BEFORE i received the card! lol
It is not unreasonable for it to take 1-2 months for the loan status to be updated with the CRAs. Most lenders only update their files once per month. If the change wasn't fully processed until after this time, it most likely won't be reported until the next month's update. Give it time.
