I was in an accident July 2008 that totaled my vehicle. I had only had the loan for 9 months at the time, with on time payments. I owed approx 25K, my ins co. paid 19700, and I had a balance of 5000 left. I did have GAP ins. It took the GAP ins co 5 months to pay off the balance because I had purchased with the Cap One Blank Check program and the GAP Co program had a hard time interpreting the paperwork because the original purchase using the check was treated as a cash deal at the car dealership. That aside, I got all that worked out and the GAP paid out in full on Jan 26th 2009.
When the car was deemed totaled, I took out an additional loan through CapOne because I needed a new car. Throughout the period between accident and final pay off from the GAP Co, I continued to make my $596 payment on the totaled car and my new $463 payment on the new car. During that time, my original car loan was not reporting any new activity to my CB (which is normal, I am told) until the account is paid off. For the record, following my official total loss notice, CapOne informed me that if I did not have GAP, then the $5000 was due in full within 10 days of total loss, and if I did have GAP, I was responsible to continue making my payment until the GAP paid off or rejected the claim (which they did not). So now that the Ins co paid, and the GAP paid, CapOne finally updated my CB. Here is where the prob is.
Once the account was paid, CapOne originally reported that I was 30, 60, 90, 120 days late beginning in Aug 08 to Jan 09. Listed as a paid charge off. Notations on the report are listed as a repo (skip was the term used). Obviously I was shocked. I disputed immediately. I contacted CapOne requesting a complete account payment history, which they provided, and it was accurate with my payments after totaled. CapOne responded to my dispute by removing the late payments, but listed the account as closed in July 2008 - no record of my additional 5 payments - and account is listed as derogatory and paid charge off. According to them, this was a charge off for them because the GAP co took more than 120 days to pay. Can they do this? They are not reporting all of my payements, the account was closed in Jan 09, and it was not a P/L writeoff for them. They got every dime for the loan, including an additional $800 in interest that I had to pay for the timeframe waiting for GAP to pay. I am completely beside myself right now. I have worked very hard to keep my credit good after recovering from my divorce 5 years ago. Now, my credit cards are lowering my limits, raising my interest rates, etc. because I look like I had a repo. My score has plummeted 120+ points. What is my standing here? Any help is appreciated.
