Long story short. Wife's B of A CC was closed due to "suspicious activity" and issued a new card per B of A. Lease payment was auto billed on old card and she forgot to update the CC # for her lease payment. 3 months go by without us noticing and she gets a call from the finance company saying they put in for repossession. She wires them the amount owed immediately and the finance rep reversed all late charges. She did say that a 90 day late was already reported to the CRAs. This was an honest oversight on our part. The finance company (Mazda Credit) is requesting a copy of the letter from the bank that was sent stating the account was closed due to suspicious activity for review. --How do we approach this to avoid any derogs on my wife's credit?? It is excellent (800+) and the kicker is that the lease is actually up in a month. Getting financing with a "repo" or 90 day late showing from all of this will surely affect financing our next vehicle. -- Any suggestions?
That's really a bummer. I've had a similar experience in the past, but I luckily caught it as soon as the first payment didn't go through. I was able to talk to my creditor at that time and make sure no lates were reported to the CRAs. Have you made any progress working directly with BOA and Mazda Credit to clear up the confusion? I would think that Mazda might be willing to clear it up with the CRAs once they understand exactly what happened, but there's nothing that would actually require them to do that.
Got word today that Mazda is submitting to reverse the 90 Day late that was sent to the CRAs. Will definitely be following up with them but so far seems to be taken care of.
