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Loan Reporting Question

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Established Member

Loan Reporting Question

I took out an auto loan with American Honda Finance ($16,705) in October of 2015 with a crazy interest rate of like 14.75%.

I've had a total of 10 missed/late payments (varying 30-90) last one was in November of 2017.

I recently refinanced the loan in January of this year (scored a 7.15% rate, not great, but better than 14%).

 

Do you think it's possible to get them to either delete the line (I know it will hurt my AAoAs) or ask them to update to reflect no missed payments? Has anyone had an success doing so? Any help would be greatly appreciated.

Amex Gold Delta SkyMiles ($1k) | Amex Everyday ($500) | Capital One Quicksilver One ($400) | Citi Diamond Secured ($200) | Discover It Cash Back (2k) | TCFCU (1k) | Fingerhut (1k) | Auto Loan @ 7.24%
Message 1 of 4
3 REPLIES 3
Community Leader
Super Contributor

Re: Loan Reporting Question

Anything is possible, but they are reporting accurately to the CRA. Your older loan with Nissan now is closed, and now follows the DOFD rule which is 7 yrs. Your last "late" will fall off in December 2024, turning that trade-in into a positive one at that point.

You can always try to GW the financing company, never hurts to try.


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 2 of 4
Established Member

Re: Loan Reporting Question


@pizza1 wrote:

Anything is possible, but they are reporting accurately to the CRA. Your older loan with Nissan now is closed, and now follows the DOFD rule which is 7 yrs. Your last "late" will fall off in December 2024, turning that trade-in into a positive one at that point.

You can always try to GW the financing company, never hurts to try.


Yeah, that's what I was thinking of just giving it a shot. Just curious if anyone had tried this.

Amex Gold Delta SkyMiles ($1k) | Amex Everyday ($500) | Capital One Quicksilver One ($400) | Citi Diamond Secured ($200) | Discover It Cash Back (2k) | TCFCU (1k) | Fingerhut (1k) | Auto Loan @ 7.24%
Message 3 of 4
Valued Contributor

Re: Loan Reporting Question

I doubt it.  One or two, maybe.  

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $250k+ unsecured credit in 2019.

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