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What happens when you get a car at a buy here pay here and the engine goes in three months so you voluntarily return the vehicle can they put it on your credit if so how can you dispute it?
Wiki User
∙ 14y ago
In some cases, "buy here, pay here" dealers actually lease you the car with an insignificant lease-end value, like $100.00, so you are in fact buying the car, but they still own it until the last payment is made. In this case, they would not normally report to a credit bureau, because they have not, technically, advanced a loan to you.
This means that even if you made payments perfectly on time to the end it would do nothing to boost your credit record, but at the same time, if you reneged on the agreement, it would do nothing to damage your credit record.
In other cases, they take a high down payment to cover every cost they have incurred in the vehicle, then finance you for the profit they hope to make. The best that can happen is you will honor the contract. The worst is that you will renege and they will repossess the vehicle and sell it to someone else (a pain in the butt for a small used car dealer...but then they know this in advance when they offer sub-prime financing). Here again, they are unlikely to report these dealing to any credit bureau as they are under no legal obligation to do so, and have nothing to gain by doing so, since they already know they are dealing, in many cases, with purchasers of questionable credit history.
So to answer your question (finally), it is simply a matter of whether or not your dealer reports their transactions to a credit bureau. To find out, ask your banker to bring up your credit bureau files. If you do not have a trusted relationship with your banker, you can request your current file from any of the credit bureau companies, who are then legally obligated to provide it. They will charge a fee for this information, but I believe they are required by law to provide one complete report per year free. You can verify this with them.
TransUnion and Equifax are two such agencies.
Wiki User
∙ 14y ago
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What happens to your credit if you voluntarily have your?
what happens if i voluntarily return my car to the bank due to job loss
What happens to my credit if I voluntarily give my car back to the bank?
Even if surrendering a vehicle is voluntary, you will still be responsible for the amount owed on the loan after the sale of the vehicle. Most lenders report to the credit bureaus and any unpaid balance will be reported, as will payments made or missed on this balance.
What happens to your credit if you voluntarily have your vehicle repossessed?
If the vehicle is sold for enough to cover the loan maybe not much. but lending gencies dont have time or manpower to wait long. You can still be responsible for any balance between the loan payoff and the selling price. and anytime you dont pay any bill, you damage your credit and everyone looks at your credit report, prospective employers, landlords, it can be really bad
Why do you dispute credit card charge?
Because of a dispute or an error.
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
How long does dispute take on credit report take?
A dispute on a credit report can take up to 60 days to be resolved.
Do you have to dispute an error on your credit report to ALL 3 credit bureaus?
If the error is showing on all 3 then yes, you have to dispute to each individual credit bureau. If it is only showing on 2, then you just dispute the 2 it is showing on.
What is the best way to win my credit report dispute?
The best way to win a credit report dispute is to show proof of your claim.
Which Credit Report Mistakes Can One Dispute?
You can dispute any incomplete or any imprecise information on your credit report.
Do you dispute the date of a paid federal tax lien with the IRS or the credit reporting agency?
If the lien appears on your credit report, you dispute it with the credit bureau. You can do this by ordering your credit report on line and issuing a dispute through their investigation department, of course, you will have to provide evidence for your claim.
How do you dispute a charge off on a credit report?
You can dispute anything on your credit report with the major reporting agencies Equifax; transunion and Experian. You can go online and do an electronic consumer dispute form.
How do you remove charge offs credit report?
Dispute them with the credit bureaus.
