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Established Member
rainbowbrite
Posts: 64
Registered: ‎09-11-2011
0

Paid Car Loan reporting as Charge Off: HELP PLEASE

Hi,

 

We paid off a Car Loan that was essentially a charge off.  I paid the car in full and rec'd the Car Title in the mail 2 weeks later.  This was not a paid less than agreed amount it the remaining $12,500 was paid in full.  THIS was July 2009.

 

NOw, on the credit report TD auto Fiance reporting Date of Status 2/10, account charged off $15,219.

 

But if I look to the column Recent Balance it says $0 as off 11/210.  Is that because they "charged the amount" off. 

 

Please help in the next steps for me to take.

 

Thanks

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE


rainbowbrite wrote:

Hi,

 

We paid off a Car Loan that was essentially a charge off.  I paid the car in full and rec'd the Car Title in the mail 2 weeks later.  This was not a paid less than agreed amount it the remaining $12,500 was paid in full.  THIS was July 2009.

 

NOw, on the credit report TD auto Fiance reporting Date of Status 2/10, account charged off $15,219.

 

But if I look to the column Recent Balance it says $0 as off 11/210.  Is that because they "charged the amount" off. 

 

Please help in the next steps for me to take.

 

Thanks



Even though you may have paid the account in full, it doesn't alter the fact that the creditor charged~off the account.    Your next step as I see it would be to send GW requests to the creditor asking them to remove the negative reporting on the account.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
rainbowbrite
Posts: 64
Registered: ‎09-11-2011
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE

So, isn't it incorrect reporting if it was paid in full and they didn't update that reflecting this.

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE


rainbowbrite wrote:

So, isn't it incorrect reporting if it was paid in full and they didn't update that reflecting this.


Yes, the account should now show a zero balance if you paid it in full ~ what does it show ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
rainbowbrite
Posts: 64
Registered: ‎09-11-2011
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE

it does say zero balance.  THe agreement was to say paid in full.  it is not showing that.  it just says charged off

Mega Contributor
RobertEG
Posts: 18,528
Registered: ‎03-19-2007
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE

Does the current status show paid? 

There is no specific current status of "Paid in Full."  Any debt paid to the satisfaction of the credtior is Paid.

If they reported the current status of Paid and did not report a Special Comment of paid for less. that is paid in full.

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Senior Contributor
StartingOver10
Posts: 4,578
Registered: ‎03-06-2010
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE


rainbowbrite wrote:

Hi,

 

We paid off a Car Loan that was essentially a charge off.  I paid the car in full and rec'd the Car Title in the mail 2 weeks later.  This was not a paid less than agreed amount it the remaining $12,500 was paid in full.  THIS was July 2009.

 

NOw, on the credit report TD auto Fiance reporting Date of Status 2/10, account charged off $15,219.

 

But if I look to the column Recent Balance it says $0 as off 11/210.  Is that because they "charged the amount" off. 

 

Please help in the next steps for me to take.

 

Thanks


Who did you pay, the original creditor or did you pay a collections agency?

Established Member
rainbowbrite
Posts: 64
Registered: ‎09-11-2011
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE

No it says

 

Status:  Account Charged off $15, 219, written off.

 

No description of the word Paid.  I was communicating with an attorney who represents Chrysler and  I paid Chrysler directly, the original creditor.  They have since changed there name to TD finance.

 

 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE

OP, did the balance within that TL read $0 BEFORE you paid them?

 

Is TD Finance reporting?

 

Did you get any agreement in writing before paying it?

 

Ditto to prev. suggestions. Send them GWs. I agree that you cannot have a TL that is a CO and also read as "paid in full". Either way it is still a CO. No matter how you cut it, paid or not, the lates and payment history are still there reflecting a paid CO.

 

There was no solution to get it to report as positive and your only via option was to get it deleted via a PFD agreement, though everything is 20/20 I suppose. But now I'd GW them to get them to delete.

 

Now the language looks to me that they sold the debt to someone else, hence the questions above. It looks like they sold it to a collector and thye took your money and forwarded it to that collector, who never reported I'm guessing. I say this because "$xx,xxx, written off" is indicative of a debt sell from an OC to a CA. By contract, the OC would have had to have forwarded the $$$ to the CA...assuming this is the case.

 

I think it is safe to rule out TD FInance as a cause of the reporting, since the sale with Chrysler didn't take place until the end of 2010.

 

 

 

 

Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Paid Car Loan reporting as Charge Off: HELP PLEASE


llecs wrote:

OP, did the balance within that TL read $0 BEFORE you paid them?

 

Is TD Finance reporting?

 

Did you get any agreement in writing before paying it?

 

Ditto to prev. suggestions. Send them GWs. I agree that you cannot have a TL that is a CO and also read as "paid in full". Either way it is still a CO. No matter how you cut it, paid or not, the lates and payment history are still there reflecting a paid CO.

 

There was no solution to get it to report as positive and your only via option was to get it deleted via a PFD agreement, though everything is 20/20 I suppose. But now I'd GW them to get them to delete.

 

Now the language looks to me that they sold the debt to someone else, hence the questions above. It looks like they sold it to a collector and thye took your money and forwarded it to that collector, who never reported I'm guessing. I say this because "$xx,xxx, written off" is indicative of a debt sell from an OC to a CA. By contract, the OC would have had to have forwarded the $$$ to the CA...assuming this is the case.

 

I think it is safe to rule out TD FInance as a cause of the reporting, since the sale with Chrysler didn't take place until the end of 2010.

 

 

 

 


Well, I don't feel it is safe to assume TD Fiannce isn't the cause of the reporting. I had a CitiFinacial auto loan that I had agreed in WRITING to not report as a reposseion, to be reported as a paid auto loan since I settled with them and made a HUGE lump sum payment. When Santander bought CitiFinancial 2 years later it started reporting the repo, and the charge off. I had to work my butt off to get Santander to agree to the orignal terms, which they were required to due to the fact Citi agreed to it in writing.

 

To me, I see a paid agreement in Jul 2009 and TD Finance reporting it as charged off in 2010. There could be an issue with that. I am not stating that this is reporting inaccurately, but it could be.

 

Before assuming it is reporting incorrectly and what steps are next, I think more on the situation that led to the autoloan being paid off is essential. 

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