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Please help! Mercedes Benz Lease gone WRONG.

New Visitor

Please help! Mercedes Benz Lease gone WRONG.

So I had a lease with MBS Financial and returned the car back in Dec. 2014 and it was really over mileage, they charged me about 7k for the over mileage which eventually charged off. Here is the issue, for the past almost 7 years, they never closed the account and every month they keep reporting $0 as if im current, but the refuse to close the account or charge it off even though they put (Full Termination;Balance owning) in the comments. This SHOULD be dropping off my credit as the statute of limations is 7 years, as you can see my last payment was Jan/2015. But when I try to dispute with the bureaus they tell me it is accurate and there is nothing they can do because it's not reporting negative but it is.

Is MB allowed to do this?? How can they keep an account open forever without closing? If that is the case it will never leave my report, is that even legal? I would really like some assistance on the situation. 

Message 1 of 3
Established Contributor

Re: Please help! Mercedes Benz Lease gone WRONG.

I had a similar situation - Land Rover lease thru Chase Auto has a $430 account open status on it after lease turn in 3 years ago.


After I closed the lease, I received a refund check from Chase Auto so I knew I was up to date.


Fast forward 3 years - I didn't know about the open account until my mortgage broker asked me about it and called Chase Auto - took over an hour on the phone switching to all types of departments (credit reporting, end of term, holds, account supervisors, etc).


Finally got them to FAX to my mortgage broker that my account had been paid off in full.


Message 2 of 3

Re: Please help! Mercedes Benz Lease gone WRONG.

If the account is reporting a zero balance and the only negative is in the comments, I call that a win. To my knowledge, and if I'm wrong I hope someone chimes in to correct, but algorithms to my knowledge, look at balance, limits, and utilization...not comments.

So if this is reporting a $0 balance as in paid in full...I wouldn't care what the comments list are.

It may be something that you'd have to explain on a manual review but rarely does thought happen unless you're borderline approval.
Message 3 of 3
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