Purchased Car, now have 2 loans on CR...?

[Anonymous]

In August I purchased a car and the loan amount was $14700. Since I purchased, I have been paying Santander (on time), but when I just checked my CRs, I show the Santander account AND a Citibank loan for $14700, opened the same month and "paid as agreed" although there are no "payments" shown when I view the account info, and the balance is still the original $14700. The Santander loan is reporting the correct current balance of $14333, with the green "OK" boxes for all months. My questions are 1) where did the second account come from and why is it reporting as paid as agreed if I haven't made any payments to Citi, and the balance never decreases 2) should I try to get this account removed, or is it actually helping? One of my "hurting your score" issues was something about having a large amount of debt, which this extra 14700 is definitely adding to, but that I am not responsible for. Confused!

[llecs]

Who did you finance with when you bought the car? BTW, Sanatader has been buying auto loans which would mean that it reports that way, though one should report $0 if that's the case. Could it be that you signed with Citibank and Santander bought it out that month?

[Anonymous]

Its very likely that Santander bought the loan. I financed the car through the dealership (that is to say, whichever banks they work with), and I received a call from Citi after the purchase to set up my account. Then when my bill came, it was Santander. I just dont understand why the Citi loan is on my CR with a $14700 balance (which, as I said, is the original loan amount.) I figured it would either a) not be there at all or b) report $0, because it was bought by Santander.

[llecs]

It should report $0. I would call Santander and try to get them to get Citi to report $0. Doing that worked for some on here when Santander bought some HSBC profiles. Try also writing to the Citi address on your CR and I'm sure it would get in the right hands.

[Anonymous]

Called Santander today and they said its a known issue and to let TU, EX & EQ know to take care of it, so I did that today. We'll see what happens!

[Cloudlb]

gee, nice of them to tell you to fix it, when it's their **bleep** up