Leased Car Totaled? WARNING!!!!!!

Anonymous · ‎03-09-2016

Long story short.....

Wife car accident 12/2015. (Not her fault, other insurance to pay off the car.)

Our finance company, Honda Financial, said NOT to make payments.

They kept sending reminders that I was "late."

Called them, they said no problem.

Next got a WARNING from them saying I'm late.

Called again. Offered to make my payments to stay current and they can owe me whatever. (Never late on ANYTHING.) They said it's easier for all not to pay.

I was reported late on my EQ and EX Credit Reports.

Score dropped about 70 points on each.

Called and was told I'd have to wait until my NEXT payment due date when they report.

Taken off report and back to normal with EQ/EX on 2/13/16.

Got marked 60 days late TODAY (3/9) by TransUnion.

Score went down 60 points.

Had to challenge it online.

Waiting for "decision."

My advise? If you total a lease a car and it gets totaled, MAKE THE PAYMENTS UNTIL THE INSURANCE COMPANY PAYS OFF THE CAR.

You won't regret it.

Anonymous · ‎03-09-2016

That is good advice for any situation lease or loan. Once the car is totaled or stolen the clock doesnt stop on payments until they get the check from the insurance company. Hopefully they will remove those. If not write to an executive and explain the situation and the impact that is having on your credit and they will likely remove the lates. I have had some success on some old lates this way.

Anonymous · ‎03-10-2016

@Anonymous wrote:
Long story short.....

Wife car accident 12/2015. (Not her fault, other insurance to pay off the car.)
Our finance company, Honda Financial, said NOT to make payments.
They kept sending reminders that I was "late."
Called them, they said no problem.
Next got a WARNING from them saying I'm late.
Called again. Offered to make my payments to stay current and they can owe me whatever. (Never late on ANYTHING.) They said it's easier for all not to pay.
I was reported late on my EQ and EX Credit Reports.
Score dropped about 70 points on each.
Called and was told I'd have to wait until my NEXT payment due date when they report.
Taken off report and back to normal with EQ/EX on 2/13/16.
Got marked 60 days late TODAY (3/9) by TransUnion.
Score went down 60 points.
Had to challenge it online.
Waiting for "decision."

My advise? If you total a lease a car and it gets totaled, MAKE THE PAYMENTS UNTIL THE INSURANCE COMPANY PAYS OFF THE CAR.

You won't regret it.

I am very sorry you are going through this and best of luck to getting things restored. I'm equally sorry that you took the word of a CSR in such a matter.

Anonymous · ‎03-10-2016

THREE CSR's......lol

Anonymous · ‎03-10-2016

@Anonymous wrote:
THREE CSR's......lol

I get it but it just seemed such a risk. I would have sent payment and if they rejected then you have a paper trail.

Seriously hope you get that off your reports and get your points back.

Anonymous · ‎03-10-2016

It should be rectified soon. Thanks!

jim44 · ‎03-10-2016

Great advice. I had a similar situation happen to me with a defective refrigerator purchased from Sears. The Citi CSR told me not to make a payment on my MC as the store was to credit my account for the purchase. The next bill STILL reflected the charge for the refrigerator plus a $35. late fee. Two months later when I check my EQ... .sure enough there was the 30 day late on my CR. It tooks OVER 6 months and numerous calls to have it removed. Never take for granted any promises made by a CSR... do your homework and double check their advice. You'll never regret it!

I wish now that I would have made a minumum payment and then just dealt with a credit on my next statement!