Rebuilding Your Credit

[AprilShowers4]

Hello Everyone! Back in 2010, I lost my job and as a result, I was late on my auto loan with capital one auto fiance for 3 months straight. It shows on my credit report of course. I was considering doing a "good will" letter. I have been on time with my payments since December of 2010. On top of losing my job in 2010, my grandmother passed as well, August of that year. It was a hard year for me. My auto loan apr is like 25% so I am paying 26k for a 13k car. My car will be paid off next year, I was young when I got it and did not have any guidance. Please advise! Thanks

[2NE1]

Welcome to the forums!

This plan sounds great! especially if it's the only derog item you have on your report! I sure know how it feels having a high APR% on a car loan, mine too was with CapOne and at 26.99%! if it wasn't for this forum I'd still be stuck with it! you should definitely think about refinancing it! I'd suggest with a local credit union! that's what I did and lowered it to 9.24%!

Good luck and check your inbox!

[DM6410]

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AprilShowers4 wrote:

Hello Everyone! Back in 2010, I lost my job and as a result, I was late on my auto loan with capital one auto fiance for 3 months straight. It shows on my credit report of course. I was considering doing a "good will" letter. I have been on time with my payments since December of 2010. On top of losing my job in 2010, my grandmother passed as well, August of that year. It was a hard year for me. My auto loan apr is like 25% so I am paying 26k for a 13k car. My car will be paid off next year, I was young when I got it and did not have any guidance. Please advise! Thanks

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You should most certainly try to goodwill your finance company. I just goodwilled Toyota Financial Services this morning for 3 - 30 day lates during 2011. The rep slip that they do have a policy where they can assist the customer to my surprise so it may be worth you looking into. After all, you have nothing to lose only points to gain if they remove the lates via goodwill! Good Luck.

[JP1968]

I have one 30 day late.  GM Financial told me that I need to dispute with the CRA's.  I questioned her, even told her I wasn't disputing that I was late, just that I was hoping for some GW since I haven't had a good history since.      

[DM6410]

Yeah GM is tough. I would still write a goodwill letter to them and not dispute because they will only verify that you were late...Some of those CSRs don't really know what they are talking about. (This could possibly include the one I spoke with @ Toyota, although I hope note). Hopefully, a good hearted customer resolution rep will be the one who reads your letter and just remove your lates...:-)

[JP1968]

I haven't had much luck with anyone (for any requests)  by phone so I will be putting it all on paper very soon.

[wisher131]

Hi,

Can you please pm contact information for toyota.  

[Charla]

I just recently tried a GW letter for Toyota with no luck. However, I have 6 30 day late payments in 2011. I was having financial and health issues at the time but my GW didn't work. I wonder if it's because there were just too many lates. I may try again but I'm pretty discouraged now.