Auto Loan Not Reporting

[ak1234]

Hi everyone!  I purchased a new car in March and financed through Ally.  This tradeline is not appearing on any of the three CRs.  I called Ally and they said they report monthly and that it should be showing.  Any advice on who/how I should follow up so that this appears on my CR? 

[pizzadude]

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@ak1234 wrote:

Hi everyone!  I purchased a new car in March and financed through Ally.  This tradeline is not appearing on any of the three CRs.  I called Ally and they said they report monthly and that it should be showing.  Any advice on who/how I should follow up so that this appears on my CR? D

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Did their inquiries show on your reports in March ?   If they did show, it's been over 90 days since your loan was funded so it sounds like there's an issue somewhere on their end.

[ak1234]

Thanks for the question.  The inquires do show from March.  I called them directly and mentioned I thought there was an issue.  They said they report monthly and don't see any issues.  

[ak1234]

Well, I couldn't seem to get any guidance or assistance from them, so i ended up checking pre-approval for Cap One for a refi and was approved.  I shortened my term by 12 months, reduced my payment by $86/mo and dropped interest rate from 13.84% to 3.5%.  I guess at this point do you think it will even worth trying to figure it out, will it make that much of a difference?  

[pizzadude]

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@ak1234 wrote:

Thanks for the question.  The inquires do show from March.  I called them directly and mentioned I thought there was an issue.  They said they report monthly and don't see any issues.  

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It might be worth another call, maybe if you can escalate / speak with someone else who can walk thru your reports with you so that you can show them that the TL is missing.  

[pizzadude]

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@ak1234 wrote:

Well, I couldn't seem to get any guidance or assistance from them, so i ended up checking pre-approval for Cap One for a refi and was approved.  I shortened my term by 12 months, reduced my payment by $86/mo and dropped interest rate from 13.84% to 3.5%.  I guess at this point do you think it will even worth trying to figure it out, will it make that much of a difference?  

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If you're looking at a refi then I wouldn't bother with it.   Dropping your rate down to 3.5% and reducing your monthly payments is a great move!

[ldkcivilservant]

It'll end up on your report eventually, so you'll have 2 new accounts rather than one, but with that said finances over FICOs and the new loan is so much better financially that I wouldn't care about the hit for 2 new accounts versus one.

[ak1234]

Totally agree and I did move forward with the refi.  Have been paying significant extra monthly to pay less interest over all so I'm thrilled with the refi terms! 

[Cowboys4Life]

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@ak1234 wrote:

Hi everyone!  I purchased a new car in March and financed through Ally.  This tradeline is not appearing on any of the three CRs.  I called Ally and they said they report monthly and that it should be showing.  Any advice on who/how I should follow up so that this appears on my CR? 

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I see you already solved the problem but wanted to add that my car loan is through Ally and they have a MAJOR problem on their end.  Not only is their reporting inaccurate when it does happen but mostly non-existent attempting to get customer service from ANYONE at that bank is impossible.  I have seen rocks smarter than those people (my apologies to rocks).  As it stands right now they stopped reporting in April, missed January and February.  The loan was opened in 11/2020.  The only reason there is an April update is because I threatened a lawsuit.  They pushed a payment out to TU and that was it.  Nothing since.  I am also looking at refinancing.  This is not to steal attention from the OP but to serve as further confirmation that you never ever want to do business with Ally and do so at your own peril.

[ak1234]

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@Cowboys4Life wrote:

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@ak1234 wrote:

Hi everyone!  I purchased a new car in March and financed through Ally.  This tradeline is not appearing on any of the three CRs.  I called Ally and they said they report monthly and that it should be showing.  Any advice on who/how I should follow up so that this appears on my CR? 

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I see you already solved the problem but wanted to add that my car loan is through Ally and they have a MAJOR problem on their end.  Not only is their reporting inaccurate when it does happen but mostly non-existent attempting to get customer service from ANYONE at that bank is impossible.  I have seen rocks smarter than those people (my apologies to rocks).  As it stands right now they stopped reporting in April, missed January and February.  The loan was opened in 11/2020.  The only reason there is an April update is because I threatened a lawsuit.  They pushed a payment out to TU and that was it.  Nothing since.  I am also looking at refinancing.  This is not to steal attention from the OP but to serve as further confirmation that you never ever want to do business with Ally and do so at your own peril.

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Man I'm sorry to hear that you've been having this trouble too.  So frustrating especially being in the beginning stages of rebuilding.  Reading this makes me even happier that I moved forward with the refi.  Cap One had a preapproval with a soft pull so might a good option for you to look into. Best of luck to you.  Let me know how it works out for you.