Since the dealership is going to write a we screwed up letter you should use that and go to the exeuctive office with a request to have the late removed if they dont do it within a reasonable period of time when they get that check and letter from the dealership.
@Anonymous wrote:I had a loan with TD Auto Finance for my car. I paid this loan on time every time as I have with everything else. I'm 24 years old and had a 750 credit score with no missed payments. Now I have a 680 with 1 missed payment.
I signed the contract with the dealership in good faith. I understand I was still ultimately responsible for the payments. However, I received no notification from TD for weeks and they finally reached out to me about it after this period. I immediately called and showed up at the dealership who apologized and told me they were overnighting a check. I told the agent at TD the situation and what the dealership was doing. She said they would make a note.
I've since received the release from the lien, but today I was notified of the missed payment. I called the dealership who told me they will write a we f'd up letter. I called TD auto and spoke to an agent who didn't seem like she liked her job. She didn't really understand goodwill and told me to report it to the credit bureau. She told me that they can't help unless it's their error. She said her supervisor told her they don't do goodwill.
Everyone I talked to told me it should be easy to explain the situation and have it removed. It was in the 30 days late category and my only missed payment. Was this just a case of someone who doesn't care? Does TD auto work out goodwill with issues like this?
Is there anything I can do besides sue the dealer? I was about to apply for an Amex card and would like to buy a house in two years. I also own a couple of rental properties and having low credit will significantly hurt my ability to get loans for my llc.
Has anyone had luck working with TD on missed payments??
Please advise :-)
TLDR 750 credit score to 680 after dealership didn't pay off trade. TD bank told me to file a dispute and that they don't do goodwill adjustments.
I am completing the process of refinancing my car and have a different perspective which you share. You stated:
"I understand I was still ultimately responsible for the payments."
That is the crux of the problem as far as your original lender is concerned. I know that more times than I care to count in this process the lender who is refinancing the car has stated openly that they have mailed a check but to keep making the payments to my primary lender until the account shows a ZERO balance. My next payment is due 12/24 and until I have a paid off balance it will go to the primary lender.
In a situation like this you as the consumer HAVE to stay on top of everything and not simply assume that it will all go as planned because as we all know crap happens.
When I traded my last vehicle in before I bought this car the FedEx envelope that had contained the check from the dealer to my former lender was returned to them shredded and minus the check. They put a stop on it and re-issued. When I looked at my balance after 3 weeks wondering why it wasn't paid off a few phone calls revealed the issue. I made my payment to the soon to be former lender. Ultimately I got a refund from them when they got the pay off from the dealer. It didn't even take long and was automatic.
This isn't criticism but merely an observation that you keep making the payments on time until they show a zero balance and NEVER assume. It doesn't mean you don't try to get them to pull it because of the major mistakes but in my opinion they would be within their rights to report the late payment as it was late since they likely had no idea a payoff check was coming or when it would ultimately arrive. That is one reason payoff quotes are a ten day window. It takes time to issue, mail and process the check.
I would also recommend speaking to someone other than a front line CSR who has no authority to do anything once you get that admission of error from the new lender. Someone in management or the executive office is who you need to be dealing with on this to get it removed.
@AnonymousSorry this happened. This has popped up here many times. Hopefully others see this to keep making payments till its really over. If you overpay. You'll get a refund check.
