Why would a former lender do this?

[ezdriver]

Thes posts above provide some great information. I contune to learn from reading these threads as there are so many great contributions from knowledgeable folks.

Regarding the buy-here-pay-here auto dealers, my perspective is that the make money on buyers with bad credit. Therefore, it does not surprise me that their obsession with updating folks' credit report with derogs as that is a key component of their mindset ... doing their share to keep peoples' credit "damaged".

Regarding the categorization of the return/resale of the auto, it is legally a repossession ... a voluntary one ... but that does not change the fact that it is a repossession. It would have been a goodwill gesture had they decided to not report it that way, but they could not close out the tradeline and report "paid as agreed". I'm simply trying to find some logic that may have driven the action.

[SOGGIE]

Personally, I would want a copy of the paperwork. It sounds like the dealership processed this transaction as a voluntary repo, which would suck if that is what they did.

[Anonymous]

If this is on your TU and scheduled to fall off in Oct of this year, than log onto their website, get your credit report, file a dispute for this item under "too long to be on report" and in the comments section, explain that this is due to fall off within a few month's and you'd like to ask for an early deletion.
I did just this for my Cap One baddie from Oct of 2008. The very next day I received an email from TU stating "this file has been deleted from your CR" and a link to check out my new CR. All gone. TU seems to do early deletion up to 6 months. Try it, I'm pretty certain your worries will be over. Now if it's showing in EX or EQ, you might have to wait. Good luck.

[2b2rich]

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@ezdriver wrote:

Thes posts above provide some great information. I contune to learn from reading these threads as there are so many great contributions from knowledgeable folks.

Regarding the buy-here-pay-here auto dealers, my perspective is that the make money on buyers with bad credit. Therefore, it does not surprise me that their obsession with updating folks' credit report with derogs as that is a key component of their mindset ... doing their share to keep peoples' credit "damaged".

I agree with your perspective on these dealerships, but at the time, going with them wasn't so much due to bad credit, but rather the lack of it and I saw it as a way of helping to build my file because they (unlike many of these types) reported to the CRAs.  I'm so grateful to be past those times in my life and moving foward, only looking back on the hard lessons learned, other wise they were for nothing.

Regarding the categorization of the return/resale of the auto, it is legally a repossession ... a voluntary one ... but that does not change the fact that it is a repossession. It would have been a goodwill gesture had they decided to not report it that way, but they could not close out the tradeline and report "paid as agreed". I'm simply trying to find some logic that may have driven the action.

My thoughts exactly.  I couldn't have left them a better customer under these circumstances.  It was paid up current when it switched hands, and they had a new buyer approved who took over the car so they never had to write off or charge off a penny.

I have lost touch with the friend who bought it over the years, but have lately wondered if maybe they had trouble paying and they repo'd her, and they're showing me their appreciation for introducing them.. heh who knows.   Maybe it's just their 'policy'.

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