My lease officially ends in Sept. Once I return it I will of course be without any personal transportation. As I continue my credit repair, I was trying to figure out a couple things.
On my credit report, how will it actually show? I am pretty sure the balance will show as $0.
On my EQ report they have been reporting it as a closed account with a balance for over a year and no matter what I have done, they continue to say that there records its showing as a open account. On CCT as well as EQ own site shows it listed as a closed account. Since it will be a closed account in a couple of months so anyone think it will change my scores?
Any assistance would be great!
Starting Score: EX:603
i would maybe try to go directly to the company - auto company and write a letter to them to clear it up. seems like going to the CRA isn't working. they can report your account correctly.... I had a big mess with an old car i traded in for a lease but owed money (upside down deal) - the leasing company paid off my loan but not all of it - they didn't pay for some reason $365 - but with about two months worth of work directly with the auto people I got it straightend out - my account was reported closed now as it should have been with no charge off and all positive. but this took lots of explaining to the auto co that reported me. it was a mess. my situation sounds more complicating than yours.
its quite weird! GMAC has already sent a letter confirming that the account is still open and paying as agreed. Its EQ that is messing things up. I have disputed 3x and still its listing it as a closed account. i even mailed them copied of my report directly from their own website and still NOTHING! I feel as though when its actually closed in Sept. that is when they will then report it as open.....maybe that isn't a bad ideal as long as its with a zero balance!
EQ didn't report negative status, right? just closed and paid as agreed? i don't know if this could be an issue or not as I thought (I could be wrong) it's good to pay the loan in the installments agreed upon - for example if you had a lease for 39 months but paid it off in 34 months, i'm not sure how much FICO likes that (someone would know this, maybe a mod).....look on the bright side,. at least they didn't screw up and put you as a CO or something wrong like that. EQ has yet to fix anything on my credit report. got some letter in the mail that they can't do it b/c they need confirmation of who i am - ok i have to send in my dl and other docs....good luck.
The account is listed on my negative section but is also as a closed account in the negative section as well. Its a negative account due to lates. Its listed as paying as agreed but again also showing as a closed installment account. I think that this is one of the main reasons why I am still in the low 500's score wise.
@daisyduke wrote:EQ didn't report negative status, right? just closed and paid as agreed? i don't know if this could be an issue or not as I thought (I could be wrong) it's good to pay the loan in the installments agreed upon - for example if you had a lease for 39 months but paid it off in 34 months, i'm not sure how much FICO likes that (someone would know this, maybe a mod).....look on the bright side,. at least they didn't screw up and put you as a CO or something wrong like that. EQ has yet to fix anything on my credit report. got some letter in the mail that they can't do it b/c they need confirmation of who i am - ok i have to send in my dl and other docs....good luck.
i see. i guess you can try to goodwill em - you might catch a sympathetic eye. call and see if they can change the lates....i have no experience with gmac but gw is probably the best way to go. next time if you are ever going to be late, let em know - i bet they won't report you. i have been late once or twice with fmcc and i've never been reported as such - paid as agreed always. because i did call them and tell them i would make a double payment the following month. remember, you will need a car again (my guess) and i would tell them a situation that caused you to be late and that you want to buy a car from them in the future. they need money too.
Sounds good to me. I had planned to start my gw campaign next week and will be looking for email addresses and regular addresses to send them to. Wish me muck!
try starting at the top - with gmac - find out the board - when my tmcc auto loan got into co status (so bad) i did send a letter to the president or ceo )can't recfall. i think that might have gotten someone to stand up and pay attention. tell them you want to buy another car and use GMAC. tell them what they want to hear. lol!! the tmcc thing was not fault however. the stupid dealership that should have paid off my loan withheld the last payment for whatever who knows i hate them for putting me thru this - let me know how this turns out. keep on trying and never give up. it's only the cost of a stamp......i do think when you GW someone that you should have a name - "Credit manager" crap NEVER worked for me. with anything even a PFD for a collection.