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Fixing my credit

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Fixing my credit

I leased a 2015 Nissan Altima in 2015 with 77 miles on it. A few months after I bought the car I had a lapse in my insurance and during that time was involved in an accident, I was unable to drive the car anymore and was unable to afford to get the car fixed without the insurance.  Eventually, the car was repossessed and I moved on.  Shortly after they sent me a letter stating that I owed $26,913 on the car, this is also reported on my credit.  I am now (4 years later) trying to buy my first home, but having this on my credit is really hurting my chances.  Does anyone have any experience with Nissan?   Has anyone had anything similar?  I am looking to see if there is something I can do to help me get past this.  It is currently reported on my credit as a charge off but the amount owed is what is hurting my chances for buying because it is still showing as an "Active care payment" according to the lender I am working with.  Please if anyone has any suggestions please let me know.

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Re: Fixing my credit


@needinfofast wrote:

I leased a 2015 Nissan Altima in 2015 with 77 miles on it. A few months after I bought the car I had a lapse in my insurance and during that time was involved in an accident, I was unable to drive the car anymore and was unable to afford to get the car fixed without the insurance.  Eventually, the car was repossessed and I moved on.  Shortly after they sent me a letter stating that I owed $26,913 on the car, this is also reported on my credit.  I am now (4 years later) trying to buy my first home, but having this on my credit is really hurting my chances.  Does anyone have any experience with Nissan?   Has anyone had anything similar?  I am looking to see if there is something I can do to help me get past this.  It is currently reported on my credit as a charge off but the amount owed is what is hurting my chances for buying because it is still showing as an "Active care payment" according to the lender I am working with.  Please if anyone has any suggestions please let me know.


Just so I understand.

You had a car repossessed and Nissan informed you approximately $27k was still owed.

You never paid it off or made an attempt to pay it off and it was reported as a derogatory on your CR.

Now 4 years later you want to buy a house and that 27k derog is an obstacle.

 

I believe you have two choices.

Contact Nissan .....or the collection agency that bought that debt.....and make arrangements to pay it off and see if they will delete the derog.

 

Or wait three years and it should fall of your report.

 

I'm not trying to be mean but short of those two options I don't believe there is anyway to get it off your report.

 

 

 

 

Jax

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