First and foremost, I think this is one of the best sites on the net! I've learned so much just reading other people's problems and solutions. I am a newby, and I haven't found a thread that will assist me in my current situation. Here is my short story version: My grandmother agreed to co-sign on a auto loan in 2001. The loan people at Ford intentionlly switch me from the primary to the co-signer for a better interest rate for me without my consent. They pretty much said sign here and the car is yours. I was young, dum, and foolish, so I did! Fast forward 6yrs later, I payed the car off, but I was very late on my payments towards the end of the loan. When I made my last payment, they sent me a letter stating that the loan was paid in full and on my credit report it will show as "paid in full charge off"! I guess I am very confused at the fact that yes I was late, but I made at least one payment every month, they didn't sell the loan to a CA, or they didn't loose money on the loan. So I don't understand how they can classify this as a lost! So here are my questionss: Should I fight the fact this is a closed but good standing account or should I fight the fact that I am the co-signer and it should't be on my account cause its paid off in full. Or and this is a stretch, should I fight the fact that they switched the paper work on me without my knowledge or consent. The reason why I need a quick answer is because on one of the CRA it shoes that I still owe 19,000 on it and it was paid off over a year ago. Please help!
Do you still have the letter from ford.when you notice the switch why didn't you say something at the time?what you can do is to dispute the information,another question did it go to collections?what i don't understand if it's paid in full why would they charge off?is there any thing you don't remenber?
As I mentioned, I was young so the fact that I was walking out of a dealer with a brand new truck was good enough for me. I didn't realize that they switched the paper work until years down the road. What I have is the letter from Citizens stating that it is paid in full, but a charge off. This account went to their internal collections, but it was not outsourced to a CA.
You still need to dispute the information by getting all 3 reports and go from there,once you get those you'll see a little better and we can help you better however i'm sure someone else has a better way of looking at it so just stay on
Thank you for your feedback. I just got the 3-1 credit report from True Credit. I think I'm going to dispute the equifax first cause it still shows that I owe 18K on the vehicle.
It doesn't really matter if you were the signer or the cosigner. I suspect this same notation is on your grandmother's reports. You will see many people on the forums who have bad credit because they cosigned for someone who defaulted. If one of the CRAs says you owe $19K, you dispute that as "I do not owe Ford (or whoever) $19K." If it went to their internal collections, it probably was charged off. It doesn't have to go to an external CA to be a chargeoff.
