topic Re: cap1 auto 30d late help in Rebuilding Your Credit

cap1 auto 30d late help

radfam — Thu, 26 Aug 2021 12:46:55 GMT

Hi all, its been a while since I've been on the forum. I've had a 30d late payment post on my Experian only, from October 2020. I would love some advice on how to address it. I don't know if I should send a goodwill letter to cap1 or dispute on EX, or something else. The payment was not actually late at all. The vehicle was sold and the loan paid off and closed in September 2020. I have no idea why Cap1 reported for October 2020 to EX only that it was a 30d late.

How should this be addressed?

Re: cap1 auto 30d late help

satio — Thu, 26 Aug 2021 14:33:18 GMT

@radfam wrote:
Hi all, its been a while since I've been on the forum. I've had a 30d late payment post on my Experian only, from October 2020. I would love some advice on how to address it. I don't know if I should send a goodwill letter to cap1 or dispute on EX, or something else. The payment was not actually late at all. The vehicle was sold and the loan paid off and closed in September 2020. I have no idea why Cap1 reported for October 2020 to EX only that it was a 30d late.

How should this be addressed?

My suggested first step would be to contact the lender, Capital One, and request they remove the item given that you certainly seem to have the paperwork to back up the claim that the loan was paid off in September.

You could attempt that first by telephone and then by written letter if the phone call does not get it done.

I always prefer to deal with the lender as a starting point rather than filing a dispute.

Re: cap1 auto 30d late help

Brian_Earl_Spilner — Thu, 26 Aug 2021 14:56:32 GMT

First matter to address is what were the dates for everything. Typically when a car is paid off, the lender gives a 10 day payoff amount. As long as the payment is received in that window, you're good. You need to find out when cap1 received the payment and reconcile that with the payoff quote/trade-in date. If it was late, I would hold the dealership accountable. Unfortunately, until cap1 received that payoff, you're still responsible for the monthly payment. And if they received it late, there's a possibility that the reason for the reported late was interest and late fees that they ended up waiving either to just close the account, or it wasn't worth pursuing.

When I traded my last car in, the dealer went past the payoff quote meaning even if they paid it, there would be additional interest not accounted for that would still be due. This would be a problem as chase would not close the account if there was a balance. I contacted chase to get a current payoff then contacted the dealer. They took care of the new payoff quote, but I was ready to make a payment if needed and told the dealer I would hold them accountable for any fallout. They made good, but I watched my account like a hawk to make sure the account was closed and there wasn't any additional interest or late charges for a good 2 months.

Re: cap1 auto 30d late help

radfam — Thu, 26 Aug 2021 15:35:09 GMT

So how I go about holding the dealer accountable?

Its worth mentioning that when the account was marked paid and closed, we received a refund check from Cap1 for overpayment. So it makes zero sense to me how only one bureau is showing a 30 day late payment for that month when the other 2b are showing the account paid and closed in 09/2020.

Re: cap1 auto 30d late help

Brian_Earl_Spilner — Thu, 26 Aug 2021 16:08:35 GMT

You would sue them for any current and future financial losses due to their breach of contract. Examples would be being denied credit or receiving a higher interest rate because of the derogatory, maybe AA taken by your current lenders because of it's appearance.

If you received a refund check, it sounds like the payoff arrived early enough in the window for it to not be an issue. At this point, I would contact cap1 to fix it. If they refuse, submit a dispute with proof to the bureaus. If that fails, file a complaint with the CFPB. If that goes nowhere, you could sue them for the same reasons above along with violation of the FCRA. Just keep in mind that any lawsuit for loss or future loss would need to be proven. A chat log with a lender stating the derogatory was the reason for an action would work.

Re: cap1 auto 30d late help

jnbowmar — Thu, 26 Aug 2021 22:43:44 GMT

I had a cap one 30 day late from jan 2021 and i begged and pleaded beacuae it was only 32 days late they should delete it and they did. I emialed exeuctive office, and then recieved a phone call to call back. I called back and waited on hold for an hour, never got through and it was gone the next day.

Cap 1 very forgiving.

Re: cap1 auto 30d late help

HowDoesThisAllWork — Fri, 27 Aug 2021 00:47:28 GMT

@radfam

You are one busy individual! LOL

I had an Auto Loan with Capital One Auto Financing and had a great experience. I actually paid it off five months early. I would suggest that you contact Capital One and explain the situation (with the appropriate documentation, of course. I like to write down the timeline of events so that you do not stumble over your words if they ask a question a little sideways).

I am confident that you will resolve this. One more off of your list of "baddies to remove", right?

Re: cap1 auto 30d late help

radfam — Fri, 27 Aug 2021 17:29:49 GMT

Haha, yep I have been busy! Doing a quarterly (more like almost bi-annual) sweep of my CRs and stirring up some posts here to get advice on things I've forgotten or missed.

Re: cap1 auto 30d late help

gdale6 — Fri, 27 Aug 2021 20:57:08 GMT

Use the direct dispute on this problem, you will be dealing directly with Cap-1

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Direct-dispute/td-p/2309095

Re: cap1 auto 30d late help

radfam — Mon, 18 Oct 2021 20:31:31 GMT

Going to try this method now. I tried the GW letter first, as I had already sent it off before I saw your reply. I heard back from the EO, and they told me to go kick rocks. Now I am trying the direct dispute method.

Re: cap1 auto 30d late help

Anonymous — Sat, 23 Oct 2021 06:35:59 GMT

I am sorry to hear what happened and I am hoping you are able to resolve your situation. List out any relevant dates and the last payment sent or any paperwork trail. However, a physical check payment usually takes a while to cash in. Last time I refinanced my truck, I scheduled a payment for another month. The reason why is sometimes the payment send out by a new creditor is so slow or something happened along the way thus the check never reach its destination in time. Well, an unexpected thing happened and the check was lost. However, I was covered for another month. The overpayment check was refunded to me when the new check arrived to my new creditor.

With Cap1 I had a bad experience of $2 payment which was late for exactly 30 days. I was down range at the time for long period of time with no Internet. No smartphone during that period of time either. I left an automatic payment on my account. For whatever reason, the automatic payment stopped working thus a $2 balance was not paid off. When I found out later, I paid it off right away and called cap1. However, the rep at the time couldn't help me regarding the issue so I asked for a supervisor. They supposedly left a note on my account and would resolved it for me. However, I received credit scores refreshed the following days and found out that cap1 didn't do anything to stop the report from happening. So I called all the credit bureaus. TU resolved it for me. Not sure what I did with EXP at that time, but I think I simply use their online tool to resolve it. I don't think there is baddie reported on EXP either. EQ said they couldn't do anything and asked me to leave a note for the reason for the dispute (which stayed on my report for 7 years for $2 balance lol). I went back and forth with cap1 for few weeks, stopped for a while and repetiviely called them again 2 months after that. I used letters, emails and phone calls to contact EQ and Cap1. In the end I gave up since they wouldn't do anything for me. What I learned from this experience is, I listed out all my credit cards due dates and always check them online to make sure everything is working as they should be. Of course with a smartphone nowadays it is easier. Maintain contact with whoever you are doing a transaction with to keep track of what is going on. Sometimes, thing never works the way it supposed to be.