topic Re: GM Financial Credit Reporting in Auto Loans

GM Financial Credit Reporting

Lionessk — Fri, 08 Jul 2022 14:38:54 GMT

Hello!

Back in 2019, I did a voluntary repossession with GM Financial. The company has not reported it to the credit bureaus. In fact, it shows open with a $0 balance on two reports and the other reports shows the actual monthly payment. So, it has not negatively impacted my credit yet. I have since then purchased another car.

I am now trying to purchase another car and due to my credit report showing another open car loan, the offers I am getting are not favorable. I want to put GM financial behind me and willing to pay what I owe, but I am afraid to see the hit once they start reporting. Has anyone been in this situation before? What would you do?

Does anyone have the email to the CEO of GM financial? Maybe I can ask for a PFD.

Re: GM Financial Credit Reporting

pizzadude — Fri, 08 Jul 2022 16:06:55 GMT

@Lionessk wrote:
Hello!

Back in 2019, I did a voluntary repossession with GM Financial. The company has not reported it to the credit bureaus. In fact, it shows open with a $0 balance on two reports and the other reports shows the actual monthly payment. So, it has not negatively impacted my credit yet. I have since then purchased another car.

I am now trying to purchase another car and due to my credit report showing another open car loan, the offers I am getting are not favorable. I want to put GM financial behind me and willing to pay what I owe, but I am afraid to see the hit once they start reporting. Has anyone been in this situation before? What would you do?

Does anyone have the email to the CEO of GM financial? Maybe I can ask for a PFD.

To clarify, your old auto account isn't reporting as derogatory on any of your credit reports? You're having an issue with approval because the old auto account monthly payment is being counted in your DTI ?

Re: GM Financial Credit Reporting

Lionessk — Fri, 08 Jul 2022 16:04:02 GMT

That is correct

Re: GM Financial Credit Reporting

pizzadude — Fri, 08 Jul 2022 16:31:48 GMT

Which creditors are you looking at approvals with, and are they pulling all three of your reports?

If GM Financial updates your account now and it reports negatively it will tank your scores and probably put your pending approval at risk.

Re: GM Financial Credit Reporting

babygirl1256 — Sat, 09 Jul 2022 13:54:47 GMT

@Lionessk I certainly wouldn't contact GM Financial as they will update your credit reports to reflect the repo and your scores may drop and suffer. I currently have an auto loan with GM Financial and I'm certain they wouldn't do a PFD but would report the balance owed at $0.00 which may make a small difference for you. Wishing you a favorable resolution!!!

Re: GM Financial Credit Reporting

Lionessk — Sat, 09 Jul 2022 14:11:29 GMT

So far Capital One Auto and Carmax and I believe they are checking all 3.

Re: GM Financial Credit Reporting

Lionessk — Sat, 09 Jul 2022 14:12:27 GMT

Ok. Thank you.