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Unwound Auto Loan and New Auto Loan

New Visitor

Unwound Auto Loan and New Auto Loan

I purchased a new vehicle in August. A few days later, the check engine light came on. About a month later, after multiple attempts to resolve the issue without success, the dealership ended up unwinding the sale and selling me a different car of the same model, but a new loan had to be initiated. Both loans were by the same finance company. Now, almost 6 months later, both loans still show up on my credit report. The original loan still shows 100% balance outstanding, but no negative marks, i just think it's not being reported on. On their website it shows with full amount due and past due, but a full payment being made retroactive to the original date. The new loan also shows up on my report, and is showing the monthly payments like it should. 


The original loan is causing my total balance to loan ratio to be higher than it is (may not be that big of a deal because it's installment, but I'm not really sure). I'm not sure what to do in this situation, if anything. Should I contact the finance company about it, the dealership, file a dispute with credit bureaus, wait a little longer, or let it be?  

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Super Contributor

Re: Unwound Auto Loan and New Auto Loan

You can file a dispute with the bureaus and it will be corrected most likely, or you can contact the lender and ask them to correct it.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.






Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
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