buy here pay here sold acct to lender - is lender reporting correctly?
my brother bought a car at a junk car lot in my name of course and they sold the loan to car financial services so they are reporting only 6 payments but they have the whole amt of the loan as the orginal debt. so are they allowed to report the full amt owed even though most of the amt was paid at the dealer before the loan was sold? they show 4 payments on time and 2 times 30 day lates then they sold the loan back to the dealership who does a repo so i pay the entire balance only to find out they drove the tow truck into the car. they repaired the car taking their sweet time. end result car financial services is reporting to experian "balance not reported" and is showing paid by the creditor. after bureau dispute transunion shows as balance 0 and the high balance of $4,639 and 6 payments are showing then it says paid by creditor. i never owed the finance company the full amt how is it legal to say i did owe the amt but not show all of the payments? it loooks like i had a $4,639 loan but only paid 6 payments when really i paid the full amount of the loan. very upsetting i have threatened to sit by the road in front of the dealership with all my reports posted to a board and protest along with my kids. i was turned down for an auto loan b/c of unknown info on my credit report.
