Hello all, I have lurked this forum for many of times & it has helped me tremendously with rebuilding my credit profile. I decided to actually join your ranks here because I am in a situation that I have read many times before but mine is a little different.
I took out a auto loan with BMWFS back in April of 2014, at the time I was banking solely with my credit union & set up automatic payments to be sent to BMWFS as well as auto deductions from my payroll check. I decided to refinance with my credit union in June of that same year because I couldn't pass up a 1.9% interest rate compared to the 4.9% BMWFS was giving me. Fast forward to February 2015, I started banking with Wells Fargo, I ended all auto payments with my CU & switch them over to Wells Fargo. The auto deductions stayed present with the CU as terms per my contract in the refinancing of my vehicle. This is where my problems begin, somehow someone at the credit union never sent my payoff check to BMWFS & the money was still being deducted from my payroll to pay off said loan that I had with my CU. My car was repossessed in May due to non payment by BMW, I immediately contacted my CU to figure out how this happened & thats when they explained to me that they were having problems with the banking system. I fussed & they ended paying the fees to reinstate my loan with BMWFS & get my vehicle back. I spoke with a rep at BMWFS & was told if I faxed over a letter from the CU explaining that this situation was entirely their fault that BMWFS would clear the negative remarks from my Credit Report. Me being foolish, I believed this would be true. Bringing us to the present day, the car has been paid off the car in full due to a insurance pay out, & I went to finance another vehicle through BMWFS & they say I’ve been denied due to the prior repo. I’ve shown them copies of the contract with my credit union to show them that I was led to believe that the CU would send them a payoff check & my pay stubs from that time period to show that all payments were made to them due to a my payroll deduction. They keep throwing the missed payments & repo in my face as to why I’m being denied. All the while the repo only took place because the negligence of someone in my CU. Even with a letter my BMWFS account analyst is not budging. I have been drafting a Good Will Letter template over the past couple of days to start sending out to plead my case/ try to reach someone other than the phone reps. Do you guys think this is a complete waste of time or shall I keep fighting? I have raised my credit score from a measly 589 to a 671 since the beginning of January with the advice I’ve received from this forum, so any help would be appreciated.
