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Moms auto loan was transferred to another company?

WallyxD
Frequent Contributor

Moms auto loan was transferred to another company?

My mom received a letter in the mail from Credit Acceptance and it stated that her auto loan (Tri-State Lendng LLC was the lienholder) was transferred from Tri State to Credit Acceptance. I told her to call Tri State tomorrow morning asking why. But I didn't want to wait until tomorrow, so my question is exactly what does the transfer mean? My mom was going to goodwill her only 30 day late in the past year and a half, so would she have to goodwill to Credit Acceptance or can she GW to Tri State since they reported her as late? Any info is appreciated.
AE CC: $1,050 | AEO Visa: $1,890 | Cap1 QS: $2,100 | Chase Freedom: $1,000 | Citi Forward: $1,500 | Citi Double Cash: $1,000 | Discover iT: $500 | GameStop: $1,650 | Overstock: $1,700 | PayPal Smart Connect: $1,500 | Walmart $2,200

TU (Discover): 663 | EQ (Citi): 651
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3 REPLIES 3
HoldingOntoHope
Valued Contributor

Re: Moms auto loan was transferred to another company?

The goodwill would still need to go to the original lender. What will likely happen is the original account will report closed and sold/transferred on her credit report and the new account will appear along with it. I am not familiar with either of these lenders nor have I seen them discussed on the forums. Is it possible that they were bought out? I know mortgage loans are sold and transferred but I think this is the first time I have heard of this on an auto loan without one firm buying out the portfolio of another.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Message 2 of 4
WallyxD
Frequent Contributor

Re: Moms auto loan was transferred to another company?

I'll make sure she still goodwills her late. But she just got off the phone with credit acceptance and was told her monthly payment is now lowered to 362$, from 464$. What documents should she ask for so that she herself can see this is true. And since her payments are lower, the payoff amount should be much lower. So what all should I have her ask for?
AE CC: $1,050 | AEO Visa: $1,890 | Cap1 QS: $2,100 | Chase Freedom: $1,000 | Citi Forward: $1,500 | Citi Double Cash: $1,000 | Discover iT: $500 | GameStop: $1,650 | Overstock: $1,700 | PayPal Smart Connect: $1,500 | Walmart $2,200

TU (Discover): 663 | EQ (Citi): 651
Message 3 of 4
WallyxD
Frequent Contributor

Re: Moms auto loan was transferred to another company?

Scratch that. She was confused. Wish it were easier to delete posts on here lol.
AE CC: $1,050 | AEO Visa: $1,890 | Cap1 QS: $2,100 | Chase Freedom: $1,000 | Citi Forward: $1,500 | Citi Double Cash: $1,000 | Discover iT: $500 | GameStop: $1,650 | Overstock: $1,700 | PayPal Smart Connect: $1,500 | Walmart $2,200

TU (Discover): 663 | EQ (Citi): 651
Message 4 of 4
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