Re: Anyone have experience with Credit Acceptance auto loans?
01-01-2013 07:45 PM
I work for an automotive finance company and although it is unfortunate that financial circumstances change as they sometimes do, anytime a vehicle is purchased under a legal binding contract the individual signing the contract is responsible for seeing the loan through; regardless if the vehicle is drivable or not, or if it is in your possession. While I have had to learn this the hard way, I would like to inform others that whenever anything is purchased using credit, if you default on the loan it will show as negative on your credit report. However, if there is a discrepancy in the information that is reported to any of the three major credit bureaus an individual can dispute the claim that is against them by obtaining a free credit report from each credit bureau.
Purchasing a vehicle under finance is very much the same thing as purchasing a home with a mortage. Both of which are considered secured loans and if either is defaulted on, the finance company has the right to repo/foreclosed and go after what is rightfully their's; the remaining balance plus any fees associated with repo/foreclosure. However, the company should also take off whatever monetary reimbursement they receive after the selling of such items. For instance, if you did default on a JEEP your credit reports should list the jeep and how much is left being owed on the vehicle after the auction or selling of the vehicle. So, if there is a discrepancy please dispute the claim against you so that the credit bureaus can report the correct information. Also, if the claim is almost seven years old you may want to consider not contacting the finance company because it can only appear on your credit report for seven years after last contact. Which means that if it has been six years since contact and you contact them now, the seven years will begin all over again.
Wait until the 7 year mark then settle the debt.
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