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Message
GM Financial screwed me over on a lease return and my credit score is ruined
Posted on 7/6/22 at 1:33 am
Posted on 7/6/22 at 1:33 am
I have had excellent credit scores for the last 20 years with not a single missed or late payment. But I recently noticed that my credit score dropped from 855 to 729 in the last couple of months and I had no idea why.
So I went and pulled one of my free annual credit reports and it shows that I had negative information on one of my accounts, which turned out to be a lease return for GM. I returned a leased car in March and apparently I owed them a few hundred dollars on excessive wear and tear (the inspection was scheduled for a future date from the day I turned in my car), but they sent my last statement with the amount owed to my old address where I no longer live at even after informing the dealership at the time of lease return to send any final statements to my new address. The credit report says that I am now 90 days deliquent after not being late on a single payment in my entire life. Those frickers.
How can I get this fixed? If I pay off their stupid wear and tear fee, can I then dispute the negative entry on my credit report? Please help me out baws, before I lose my shite. Can this be reversed? We are hoping to make a home purchase next year and my wife will be so mad if she learns about this screw up.
So I went and pulled one of my free annual credit reports and it shows that I had negative information on one of my accounts, which turned out to be a lease return for GM. I returned a leased car in March and apparently I owed them a few hundred dollars on excessive wear and tear (the inspection was scheduled for a future date from the day I turned in my car), but they sent my last statement with the amount owed to my old address where I no longer live at even after informing the dealership at the time of lease return to send any final statements to my new address. The credit report says that I am now 90 days deliquent after not being late on a single payment in my entire life. Those frickers.
How can I get this fixed? If I pay off their stupid wear and tear fee, can I then dispute the negative entry on my credit report? Please help me out baws, before I lose my shite. Can this be reversed? We are hoping to make a home purchase next year and my wife will be so mad if she learns about this screw up.
This post was edited on 7/6/22 at 1:41 am
11
Posted on 7/6/22 at 5:20 am to Street Hawk
729 isn't "ruined" unless you're buying a house in the next 90 days. As long as you are over 740, in most cases, you're going to get preferred rates on your financing.
You can write to GM Financial and work through them to get the derogatory information removed. Going through the address history should be straightforward.
If you're concerned enough, there are services who advertise help, but beware, that industry is full of sharks so best to tread carefully in those waters.
You can write to GM Financial and work through them to get the derogatory information removed. Going through the address history should be straightforward.
If you're concerned enough, there are services who advertise help, but beware, that industry is full of sharks so best to tread carefully in those waters.
Posted on 7/6/22 at 6:37 am to Street Hawk
Could be as simple and contacting them and making the payment.
I had a hit on my credit because of a small medical bill I didn’t know about. Paid it and they took it off within 3 days.
I had a hit on my credit because of a small medical bill I didn’t know about. Paid it and they took it off within 3 days.
Posted on 7/6/22 at 6:42 am to Street Hawk
Talk about dramatic, Batman
Posted on 7/6/22 at 7:19 am to Street Hawk
quote:
If I pay off their stupid wear and tear fee,
This statement makes me think you knew you owed them something???? And just another reason why leasing is generally not a good idea, even though you can get a nicer vehicle than you could otherwise afford
Posted on 7/6/22 at 12:36 pm to Street Hawk
It only goes up to 850
Posted on 7/6/22 at 12:45 pm to Street Hawk
Pay it and try to dispute it
Posted on 7/6/22 at 12:49 pm to Street Hawk
Ruined? LOL My brotha. Come take a walk with me on being 120 days late 6 years ago to American Express.
This post was edited on 7/6/22 at 12:50 pm
Posted on 7/6/22 at 2:11 pm to SulphursFinest
quote:
Could be as simple and contacting them and making the payment.
I had a hit on my credit because of a small medical bill I didn’t know about. Paid it and they took it off within 3 days.
Same here. Paid and they took it off.
Posted on 7/6/22 at 5:04 pm to Tigerpaw123
quote:
This statement makes me think you knew you owed them something???? And just another reason why leasing is generally not a good idea, even though you can get a nicer vehicle than you could otherwise afford
No it sounds like he trusted that the dealership, a completely separate entity from the leasing company, would do his work and let the leasing company know about his address change. His lack of responsibility has nothing to do with determining if leasing is a good idea or not.
Posted on 7/6/22 at 5:52 pm to tygerfan1
quote:
It only goes up to 850
There are different models. For example, the FICO model that Citi uses goes to 900.
Posted on 7/6/22 at 5:59 pm to tygerfan1
quote:
It only goes up to 850
Was going off my FICO score:
Anyway, I called GM today and paid off my balance, but they said they cannot do anything about how the late payment affected my credit report. They said all they can do is to show that I paid off the balance and that the account is now closed for good. Oh well...
quote:
No it sounds like he trusted that the dealership, a completely separate entity from the leasing company, would do his work and let the leasing company know about his address change. His lack of responsibility has nothing to do with determining if leasing is a good idea or not.
You are right, it was a screw up on my part and I own it completely. GM Financial told me the same thing, that I should have been the one calling them about the address change and not leave it to the dealership. They said once the dealership takes the car back they are done with it and won't do anything beyond that.
This post was edited on 7/6/22 at 6:05 pm
Posted on 7/6/22 at 8:22 pm to Street Hawk
Call GMFN and pay it then dispute it and ask for it to be removed. They do have this power to remove the delinquency. If that doesn't work, contact the bureaus and dispute it with them.
Posted on 7/6/22 at 8:50 pm to Street Hawk
I had Ford financing do something similar one time. I set up auto pay on their site and accidentally was short 0.10 on my monthly payment. Monthly statements looked current. Apparently their system does not recognize it until you are $2 past due. 20 months later, it showed I missed a payment.
All of this was 5 weeks before closing on my house. Many phone calls and escalations and I was urged to write a certified letter to the VP of finance at Ford and explained my situation.
They will say that if they report to the credit bureaus, it must be accurate. I asked them to not report that month on the payment schedule. Next cycle, it was just blank for that month
All of this was 5 weeks before closing on my house. Many phone calls and escalations and I was urged to write a certified letter to the VP of finance at Ford and explained my situation.
They will say that if they report to the credit bureaus, it must be accurate. I asked them to not report that month on the payment schedule. Next cycle, it was just blank for that month
Posted on 7/7/22 at 4:49 am to Street Hawk
Maybe if you didn't trash their car this wouldn't be an issue baw
Posted on 7/7/22 at 6:37 am to Jag_Warrior
I stand corrected
Posted on 7/7/22 at 9:00 am to Street Hawk
Sounds like you should never buy another GM. I would tell them that.
Posted on 7/7/22 at 11:32 am to bubbz
quote:
Call GMFN and pay it then dispute it and ask for it to be removed. They do have this power to remove the delinquency. If that doesn't work, contact the bureaus and dispute it with them.
What’s the dispute? The payment was more than 90 days late. If GM were to remove it, it would be of their own good will.
I would get in touch with the highest ranking person you could and explain to him or her what happened. You can even write a letter to the Pres/CEO and plead your case.
You’ll be wasting your time if you dispute through the bureaus, because this case is black and white.
Posted on 7/7/22 at 12:57 pm to tygerfan1
No problem. There are so many different ways they try to skin the cat that it gets confusing.
Posted on 7/7/22 at 3:04 pm to Street Hawk
quote:
I called GM today and paid off my balance, but they said they cannot do anything about how the late payment affected my credit report. They said all they can do is to show that I paid off the balance and that the account is now closed for good.
Yeah, that's BS from them. I just recently had a small charge ($120) on an Amex that I didn't know was there, went into the 60 day late territory and only found out about it when my credit monitoring showed a big drop. My payment notices had been going to my junk email. I paid the card off gave them a call and the mark on my report was gone before I hung the phone up. Only took like 48 hours for it to disappear from the credit reporting agencies.
Give them a call back and speak to someone up the chain, it's not difficult for them to remove a negative remark, you just have to talk to someone with the authority to do it.
Also note that your score won't go back to what it was before, but should be close.
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