cancel
Showing results for 
Search instead for 
Did you mean: 

NON-Reporting Auto Finance Company Question

Ftlaudes1
Established Member

NON-Reporting Auto Finance Company Question

I went to a buy here place that did NOT run my credit but set me up with a finance company. I've been paying $330/mo now for 1.5 yrs. I knew they didn't report to 3 CBs, but my question is:  If I just turn the car in, and stop paying, will it then report to the CBs? Even though it never did for the loan so far?  I just want to turn the car in and be free of it.

Starting Score: 1-20 | EQ 472 | TU 490 | EX 505
Current Score: 7-20 | EQ 580 | TU 618 | EX 653
Message 1 of 4
3 REPLIES 3
GlennvilleGA
Regular Contributor

Re: NON-Reporting Auto Finance Company Question

I'd never advise that, regardless of how bad the terms are... they could outsource the deficiency to a collection agency that will report as a collection item but they can also choose to obtain a judgement and sue you for the remaining owed after the car is sold at auction, in addition to collection and legal fees. This judgement will appear on your credit reports and your bank account can be levied and depending on what state you're in, your paycheck can be garnished up to 25%. 
Can you share more with us about what's going on? 

Message 2 of 4
Horseshoez
Established Contributor

Re: NON-Reporting Auto Finance Company Question

@Ftlaudes1, the so called "Buy Here, Pay Here" lots are notorious for borderline shady tactics; trying to turn your car in will most likely result in them unleashing their full array of dirty tricks to get you to pay.

 

Your best bet would be to refinace the car at your local credit union, pay it down far enough to have at least zero equity, and then sell it yourself.

I categorically refuse to do AZEO!

Message 3 of 4
kaylord84
Frequent Contributor

Re: NON-Reporting Auto Finance Company Question


@Ftlaudes1 wrote:

I went to a buy here place that did NOT run my credit but set me up with a finance company. I've been paying $330/mo now for 1.5 yrs. I knew they didn't report to 3 CBs, but my question is:  If I just turn the car in, and stop paying, will it then report to the CBs? Even though it never did for the loan so far?  I just want to turn the car in and be free of it.


My cousin this about 3 years ago and the dealer placed a repossession on his credit reports!

 


 


Starting Score: Eq 485 TU 467 Ex 400 BK filed Dec 2016
Current Score: Eq 723 TU 665 Ex 682
Goal Score: 700 All 3


Take the myFICO Fitness Challenge
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.