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Old 10 December 2018, 11:50 PM   #31
michaelodonnell123
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I’d find a way to fight this.

The whole credit thing is a crazy scam.

I traded a car in once and the place I traded it to, went out of business. They didn’t pay off the car for nearly two months after o traded it to them. Hit my credit hard. I didn’t find out for nearly a year and had no recourse. It has finally dropped off.

You must fight this. I don’t know how, but I’m sure there is a way.
Credit is not a scam. It's a excellent option if you know how to use it correctly. When you traded in your car, it was your responsibility to verify that they paid it off before you left their office. Lesson learned - trust but verify.
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Old 10 December 2018, 11:51 PM   #32
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They have the ability to remove it and don’t let them tell you otherwise. I had a medical bill that I thought insurance took care of after the $150 copay. Turns out they didn’t cover $200 of it. I called the collection agency after it hit my report. They agreed to remove the collection if I paid in full. I promptly paid the money in full. They said it would take 3-4 weeks to remove and that the conversation was being recorded. The guy had to get manager approval, but after the agreement, we hung up and 4 weeks later it was off my report. It’s worth a try.

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Old 11 December 2018, 02:24 AM   #33
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Originally Posted by locutus49 View Post
I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
The double down brag with a passive aggressive side dish!
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Old 11 December 2018, 03:34 AM   #34
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I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
Sometimes it works better to finance. I make money financing at 0%. Maybe the OP did too. But you didn’t ask any of those questions before you jumped on his back.
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Old 11 December 2018, 03:42 AM   #35
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The double down brag with a passive aggressive side dish!
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Old 11 December 2018, 03:43 AM   #36
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The double down brag with a passive aggressive side dish!
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Old 11 December 2018, 03:47 AM   #37
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My wife died several months ago and had credit cards in her name only....she had one card that i was an authorized user....but never used or signed for....when she died they dropped her name and now presto its under my name. Its 2800+ plus bucks and ive fought the ccc for months over thus. They say its my card I say prove it. The end result my credit rating took a hit with these bozo's now I got lawyer and have spent close to 1000 bucks fighting them with no end in sight.
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Old 11 December 2018, 04:13 AM   #38
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I am sure the op appreciated your help and we are all happy that you have no finance on your cars.
Glad you said it Eddie...
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Old 11 December 2018, 04:18 AM   #39
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I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
Unreal...
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Old 11 December 2018, 04:36 AM   #40
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Unreal...
Unreal is right. Geez...!!!
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Old 11 December 2018, 06:17 AM   #41
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Credit is not a scam. It's a excellent option if you know how to use it correctly. When you traded in your car, it was your responsibility to verify that they paid it off before you left their office. Lesson learned - trust but verify.
Okay, not a scam. Just flawed.

In my specific instance though, I am not sure you know how car dealerships work. Not a chance they are going to facilitate the payoff while I am there.

In fact, when I have traded car over value, I typically have to wait a week or so to get my check from them.

In any case, I actually have a score of well over 800 at this point. But it took me a while. I also now check it weekly and notice how it fluctuates literally if I am holding a balance on my Amex. Holding a balance of $8,000 and it goes down 23 points. Pay the balance off, and it goes up 6 points.

This system, that controls how people get loans and the rates of loans etc. are controlling people futures. Yet it is flawed to the point that credit can get hit based on the OP's simple example.

Personally, I avoid debt like the plague. But I do realize how important a credit rating is. And if my credit, or the OP's credit can get skewed by something like this, with minimal recourse...flawed.
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Old 11 December 2018, 11:27 AM   #42
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Even if it says it in the terms.....Google some credit forums. Many have really good form letters for different things that members have sent to get things like this lifted and succeeded (it's literally sending courteous letters to different higher ups in that company asking for leniency).

I am shocked that if you have been on time for all payments that they would not do this as a 1-time goodwill gesture. I've had it done for me in the past.
Do you have any in mind? PM me if you can offer some recommendations.
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Old 11 December 2018, 11:28 AM   #43
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can you? that would be interesting.... I had a very similar thing happened. Last payment per agreement they didn't pull then sent it to collections.
Yikes! Luckily I didn't go into collections. Only 30 days late.
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Old 11 December 2018, 11:31 AM   #44
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Agree.

OP - Check your autodraft agreement to make sure this wasn't part of the terms of use. I had a loan on a tractor a few years ago and the autodraft terms specifically said the final payment was manual. I have no idea why, but I knew it was coming when I paid it off.
They overnighted me the contract. I guess I didn't pay attention. I signed it after college graduation. A few years later and they expect me to remember all of that? No notification. Really? They could at least mailed, called or emailed me the final bill.
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Old 11 December 2018, 11:31 AM   #45
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Old 11 December 2018, 11:32 AM   #46
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Hope everything works out OP.

If you don't mind me asking, was it a specific make dealership? You should raise hell with corporate and slam them on review sites and social media to get their attention.
Mercedes Benz. My next car is going to be an Audi with no finance. I'm done with this....
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Old 11 December 2018, 11:33 AM   #47
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1) Check the CFPB web site. You should find guidance and recourse to complain directly to the regulators. https://www.consumerfinance.gov/abou...t-a-complaint/
2) Ask them for all communications sent your way (only one letter?) other letters, emails phone calls etc... And take note of who you talk to (date, names and subject of discussion)
3) and fight it all the way. I think you could hire people who specialize in this type of issue. But there are also scammers who will take your money and won’t do anything

Best of luck
Thank you! I'm going to do my research.
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Old 11 December 2018, 11:35 AM   #48
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Same issue, they returned my final online payment with no explanation, received the letter afterwards to send the payment to a different address, sent the payment via an online check, that was also returned. Called their customer support, after 40 minutes on hold, and told they can only receive direct mail checks...huh!
Sent the check via USPS and later received a late charge.
Finally got resolved with a lot of aggravation. So if you financed your car thru Citizen‘s Auto Loan take notice.
Sounds like a pain! All I had to do was click a button that said manually pay last bill via bank withdrawal. So silly. They couldn't have continued to take the money from my bank?

I think it's a scam to charge people late fees.
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Old 11 December 2018, 11:39 AM   #49
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I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
Try buying your first car after college with no help from mom and dad. Thankfully, i'm now in a very good position compared to a few years back. I'm grateful that loan had a very low interest rate. I'd do things differently now.
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Old 11 December 2018, 11:44 AM   #50
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Sometimes it works better to finance. I make money financing at 0%. Maybe the OP did too. But you didn’t ask any of those questions before you jumped on his back.
1% interest rate or so. Pretty good I'd say.
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Old 11 December 2018, 07:26 PM   #51
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I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
Would you give it all up to be healthy ?
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Old 12 December 2018, 01:47 AM   #52
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1% interest rate or so. Pretty good I'd say.
There is nothing wrong with using credit as a tool to improve your lot in life. You need a car to live and work in most US locales, so financing a high value necessity while your cash works elsewhere isn’t a bad idea.
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Old 12 December 2018, 06:24 AM   #53
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I am sure the op appreciated your help and we are all happy that you have no finance on your cars.
Yeah, that was a D move.
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Old 12 December 2018, 06:29 AM   #54
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I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
Regarding my portfolio, "I'd say strong...to quite strong."
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Old 15 December 2018, 12:31 AM   #55
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I have a significant stock portfolio with a strong dividend stream. I choose to pay cash for everything. But I sympathize with OP and others who buy on debt.
Seriously? Unreal!!
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Old 15 December 2018, 12:45 AM   #56
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1% interest rate or so. Pretty good I'd say.


Soooo....
What did you do with the lender to correct the situation?
Did they reverse course?


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Old 15 December 2018, 01:20 AM   #57
michaelodonnell123
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Okay, not a scam. Just flawed.

In my specific instance though, I am not sure you know how car dealerships work. Not a chance they are going to facilitate the payoff while I am there.

In fact, when I have traded car over value, I typically have to wait a week or so to get my check from them.

In any case, I actually have a score of well over 800 at this point. But it took me a while. I also now check it weekly and notice how it fluctuates literally if I am holding a balance on my Amex. Holding a balance of $8,000 and it goes down 23 points. Pay the balance off, and it goes up 6 points.

This system, that controls how people get loans and the rates of loans etc. are controlling people futures. Yet it is flawed to the point that credit can get hit based on the OP's simple example.

Personally, I avoid debt like the plague. But I do realize how important a credit rating is. And if my credit, or the OP's credit can get skewed by something like this, with minimal recourse...flawed.
Been buying cars for over 25 years, so I do know very well how the process works. If you know that they are not going to facilitate a payoff while you are there then you should not be doing that kind of transaction. Pay it off yourself and don't depend on anybody else but yourself.
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Old 15 December 2018, 02:01 AM   #58
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Been buying cars for over 25 years, so I do know very well how the process works. If you know that they are not going to facilitate a payoff while you are there then you should not be doing that kind of transaction. Pay it off yourself and don't depend on anybody else but yourself.
Well, that’s off topic no?

Doesn’t address the flawed system.

Let alone the fact that the vast majority of people are unable to pay their own car off, and instead roll over the debt or equity from one car into the next.
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Old 15 December 2018, 01:27 PM   #59
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How late was your payment? If less than 30 days it shouldn't affect your credit. And if it does it won't be significant.
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Old 15 December 2018, 01:33 PM   #60
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Dispute it with the credit report bureaus and then find a good lawyer who knows the Fair Credit Reporting Act (FCRA). If you need a referral, PM me and I will ask my close friend. He does this type of legal work in Illinois, but he knows good lawyers all across the country who can help you with this. Best news - any lawyer worth his or her word and he sees merit in the case will take the case on a pure contingency, that means, the lawyer only gets paid if he or she wins. There is a fee shifting statute in the FCRA that will allow your lawyer to recover his or her her fees from the other side.
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