Dealer report doubt...

[Anonymous]

Hi everyone...

I bought a car 3 months ago from a minor private dealer.. I mean no Dodge, Chevy, Nissan, Toyota blah blah.

When I bought the car the owner told me that they report to credits bureaus...

I saw my reports and they don't report anything yet.

Yesterday I asked about that and they told me that when I pay off the car they sent the report to credit bureaus, the payment history and all the stuff...

My doubt is... It's that possible? Or it's a lie and it'll never be reported?

Greetings.

[Anonymous]

They called that is In house finance. With this type of loan. Your credit score never grow

[Anonymous]

Yes, it is an owner finance, the dealer owner finances me, so if they'd report at the end of payments it won't be helpful for me?

Thanks.

[llecs]

If you have any other loans reporting, like a mortgage, car loan, SL, etc., then adding it would hurt more than help due to the newer history. I don't think it will report at all.

[Anonymous]

I've never heard of this.  

lenders have to pay to report TLs.  Guess the owner doesn't want to pay.

I wouldn't know, but i doubt it will report at all too.

[Anonymous]

So many people try to get an small auto loan,then next year they can apply for better car loan and better term.but some of them get into the trap. They may have report after you paid off. But that is another type of the loan. This call lease . I know this is auto loan, whatever dealer said so. I got into this trap 1 time. They never report monthly , they reported after I paid off,but I saw lease paid in my credit report.1 month report only.I believe this is not an installment loan!