I was looking for a second car loan. My daughter needed a car last year so I got her one thinking my car would be fine. Of course mine blow up. I was looking for an auto loan that the lender doesn't report the trade to the CRAs. One of the last things I need is two full up auto trades on my report to screw up scoring and ratios. I have read on here that Generations doesn't seem to report. But I've also read they require blood in advance, not to mention ID, paystubs, possible cc statements, tax forms, etc, etc,,, Not an exciting idea to me. Does anyone know of any other auto lenders that don't report or allow the trade to stay otherwise "hidden"? thanks in advance!
Two auto loans on your reports shouldn't hurt you that much. Auto loans and Mortgages are actually thought of highly by other lenders, and FICO doesn't seem to put that much weight on them. Now, if you had three or more auto loans on your reports, than that might get to be a problem, but I wouldn't worry about it that much. It will all come down to your income and whether it can support multiple auto loans. Most auto lenders will report to at least one credit bureau. If there are those that don't, I would like to see them. There are many companies that are lazy about reporting, but you can bet that eventually it will show up in some form. Just my past experience...
PeopleFirst does not report to any of the CRAs. I refinanced an auto loan with them and was able to get a rate of 5.95 with a 653 score. They only pulled Experian for me. www.peoplefirst.com
The cars and the house have value...THEY HAVE A LIEN, so they CAN'T lose in MOST cases... It should not affect your score.
An old employer-based CU I belonged to didn't report car loans. They would pull a report but they never reported on the loans. Something about employees who would go on travel would have their paroll deductions halted to free up money for their trip. So they would then have to mail in a check (this was wayyyy before online banking). So, rather than rate someone late one month and then have to correct it because he/she was on travel, they just didn't bother reporting.
