My husband purchased a car last year from a ford dealer. It was financed thru ford motor credit. the car cost 16995.00 but on our credit report it shows up as 27000. It seem that they put all the interest in with the total on our credit report. All of our other cars that we have purchased have never looked like this. if you payed 16995.00 for the car that is what was on you credit. we have tried to get ford to remove it and fix it but they will not move on it. How can I fix this? Has anyone ever had this to happen on the credit report? thanks, Jade031
This is normal. My Camry loan thru Toyota motor credit is already showing on Creditexpert(Experian). It shows the balance I owe on the car including all of the interest. What I don't understand is why you have so much interest to pay on a loan of this size? But this is your business so don't feel the need to explain. Most loans in your and my bracket have a grand or two in interest.
Thinks king, as for the amount of interest goes it was a slip on the finger it should have been more like a 20,000 loan. sorry. I have near seen A car loan like this before. my honda civic was 14000 and that is how it showed up on my report. Again thanks for the info.
Maybe call them and ask for a payoff balance. When they give it to you, ask them why your credit report shows so much more for the balance. Insist that they can't include interest charges not yet incurred, because that would be incorrect for the current time frame, and they are required to report your current balance correctly. Just a suggestion. See what they say to that. -ingenue
My Ford Loan was exactly the same. The Explorer cost around 33K after taxes and warranty, but the report showed 37K. Mike G.
my ford credit loan shows my balance, but then again it is at 0% interest. The other ford credit loans on my report (all paid) showed high balance that included interest. My Chase auto loan shows the balance, not balance + interest, with the high balance being the loan amount. As it should be. You don't owe the interest until the month it is due, unless you have a prepayment clause. If you pay off your car next month at the 6th month of a 48 month loan, they don't expect 41 months of extra interest.
