Hey all -- so I have three auto loans reporting on my EQ report -- two showing a $0 bal but OPEN, and one, my recently re-financed loan at $14.2k and open. Now, should I dispute the other two that are showing open with a $0 balance? Could this be affecting my score at all showing these 2 other installment auto loans as open, showing I have THREE open auto loans? Or does this not matter? The one (ALLY) was closed in 2012! The other, Santander, was closed last month -- shows the $0 balance but says "OPEN".
What is my best course here ? I dont want to rock any boats, or drop my score by marking it CLOSED if it should not be, but want to make sure my EQ Report is in prime condition !! Current EQ is way lower than the other 2 and there are no other differences really. Thanks !!
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It might be worth a letter to Ally asking them to correct that one. There's no reason it should still be open, and no benefit to them to keep it that way anyway.
The recent payoff, I can tell you from experience, will likely update later.
Lenders will report the zero balance immediately, it seems, but they reserve the right to not actually close the account until another month passes. It's weird, but they claim it allows them to deal with charges that pop up. To me, that is something you deal with when you run a hotel or something, not when someone pays off their loan in full before it is due (or even exactly when it is due), but there's no stopping the practice I suppose.
I traded in a car three weeks ago, and the payoff to the old lender was made within a few days of that. It reported zero balance that day, but is still "open" on the report. The lender sent me a letter to that effect, explaining that they had reported the payoff but would be maintaining the account until the end of this month (they were paid off on March 28) "pending final accounting." They're the ones who supplied the 10-day payoff, which was made in 3 days, so the "final accouting" will be zero, but whatever.
Maybe Santander just doesn't do letters?
The last auto loan I paid off, back in November of 2013, was with Chase. They were paid off and reported zero immediately, and I got a letter from them too, but I can't remember if the account remained open for accounting or not, although it seems it might've and I just didn't notice it and/or don't remember if they said it would. At any rate, it appears now as "Paid/Closed" or "Paid as Agreed" depending on which report you're looking at.