Can a Toyota PIF account be deleted and will it hurt my report/score?

[Anonymous]

In late 2013 my car was repo'd by Toyota Financial Services. I also have several lates on my TFS account. I redeemed the reposession and have since paid off the car and the account is closed as "Pays/Paid as Agrees. Closed." The repo is noted in the "comments / remarks" section of my reports.

My question is 2 part: 1. Is it in the remote realm of possibility that Toyota will delete the account altogether? (I'm not going delude myself into thinking they will remove the several lates) and 2. If in fact I can have the account deleted, will that be harmful to my report or score? The account is 8 years old and adds to my AAoA and credit mix - otherwise I only have 3 credit cards and student loans. That said, I'm fairly certain I'd rather have a the repo removed than have an 8 y.o. negative accounting for the next 4 years.

[gdale6]

Removal of derogs always trumps AAoA considerations as its 15% while payment history is 35% of the Fico score pie. I would be sending GWs asking for removal of the whole TL. A repo is equivalent to a CO

[RobertEG]

Since you paid the debt, there was no charge to profit and loss or similar action on their part, and thus the exclusion period would be 7 years from the date of the repo, not the DOFD.  See FCRA 605(a)(5).

With four years to go, yes, I would seek deletion of the derog, and if necessary to do so, deletion of the entire account.

The creditor has benefit is deleting, as it is paid, and thus there is no longer a business need to maintain their reporting, while deletion would remove any need on their part to have to deal with any issues of updates or deal with any disputes or complaints over the accuracy of their reporting.  Give it a go......

[Anonymous]

Four years is a bit too long to wait for such a major negative to fall off. I'll start my letter-writing campaign soon. Thanks for the input!

[theheater30]

I'm in the process of doing this for my fiance now. He has a current car loan that has some bad payment history from last year. This car isn't due to be paid off for 2 more years so we offered to PIF for deleting the tradeline. We had to send in an email and it takes them 10 business days to respond. Hoping to get some good news! Good luck!

[Anonymous]

Well, the letter is written. I found 2 different addresses for TFS - the "Credit Dispute Research Team" and the actual Toyota and Lexus Financial Services address (same as on the credit report). I'm mailing copies to both offices (Iowa and Maryland, respectively). It's a pretty good letter if I say so myself. Here's hoping. This would be a huge boost for me.