Posted on 07/01/2019 5:19:13 PM PDT by TermLimits4All
I have a dilemma I need some advice on from the Legal Eagles on our forum. I have an auto loan account with GM Financial for a vehicle. I pay this electronically through my banking institution monthly. GM financial sent me to collections and dinged my credit reports saying I was 30 days late, now 60 days late. I have provided all necessary documentation showing I've sent those payments on time, bank statements and cancelled checks. Seems to me the problem was my banking institution didnt put the account number on the checks anywhere. This caused them to cash the checks but not credit my account as they should have. I wonder how many people with my last name and address have accounts with them. They should have just looked at the name on the checks to see where they should credit the funds.
The problem I'm facing is they told me they couldn't provide a letter stating I haven't been late nor inform the credit reporting company of their error. I threatened legal action since I have documented proof of the payments made and cashed. What options do I have with regard to recourse on this institution? This has severely impacted my credit score, Its also affected a rate on a refinance of my home. If they are not willing to fix this error I would expect they're liable for damages to my reputation and character along with the impact on my refinance.
Help me out here as I looked at credit attorneys but seems they are all bankruptcy attorneys. I dont know what to do.
I have disputed these errors with the credit bureaus already.
You bought a government motors car?
Not a lawyer but your bank statements will shoe the amount paid and by whom it was cashed.
Should be enough proof for the big reporting companies.
I’m sure there are people who straighten things like this out for a fee.
Have you now been credited for those payments?
Freepers always know how to push aside the irrelevancies and get right to the heart of the matter.
I am not a lawyer, but perhaps there is one more thing you can try, which might resolve the problem, which is the ultimate goal anyway.
I would try to go up the chain at GM Financial, talk to a manager and his manager, they may understand and correct the problem. They can send a note to the credit agencies too, to cancel the negative report on you.
I usually do this and it works most of the time. At least try it, before starting with an attorney.
Good luck.
I’m NOT an attorney NOR do I play one on TV but most any “general practice attorney” should be able handle this relatively simple issue & W/O much $$$$$$ or hassle.
My own lawyer, from my little NE Texas town, once fixed a similar problem at GMAC with a phone call & followed it with a letter (for which he charged me 50.oo), that DEMANDED that the company admit their error & “clean-up” my credit report. - He then billed the finance company for his fee & so I ended up owing him ZERO.
After that is done (and NOT before) consult a SLANDER/LIBEL practitioner & follow his/her advice on the need for a civil action at law.
Yours, TMN78247
Neither a borrower nor a lender be ...
If you are paying electronically why are checks involved anyhow. I have a vehicle loan that involves a monthly direct pay via my checking account; but to do that you automatically need the routing number and the checking account number just to pay it. How can the bank release money without the necessary information and how can a finance company receive same funds without that information?
I was expecting your response. My FIL was an exec at GM well before it became government motors so I get a screaming deal on those vehicles
Try going to https://ficoforums.myfico.com/.
Fantastic and knowledgeable people there who can at least point you in the right direction.
Lay your case out in the forums. You’ll be rewarded with helpful responses.
Good luck.
I am a mortgage banker and have seen thousand of credit reports over the decades. With the supporting documentation that you have, you should be able to get the credit companies to get it straight. By the way I have the double secret phone numbers for Experian, Equifax and Trans Union that will connect you with a live customer service rep. Send me a Freepmail and I will get the numbers for you tomorrow when I get to the office.
Call the AG’s office.
DEMAND AN INDEPENDENT AUDIT OF YOUR ACCOUNT:
According to the Association of CPA’s, an audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization (non-profit or publicly-held) to ascertain authenticity of financial statements as well as non-financial disclosures and to cod ify that the account presents a true and fair view of the issues at hand.
An audit also attempts to ensure that the account is properly maintained as required by federal and state law. The auditor perceives and recognises the issues, and conducts a examination, obtains evidence, evaluates the same, and formulates an opinion on the basis of informed judgement which is communicated through an audit report.
Issues such as soliciting depositors, collecting fees for service, billing procedures, and the detailed reporting of these issues. This includes the federal government, state government, the SEC, Banking oversight agencies, ERISA, insurance and other liability companies.
Areas commonly audited include: compliance audits, internal controls, quality management, project management, and collection and disposition of public monies. As a result of an audit, principles and stake-holders may effectively evaluate and improve the effectiveness of risk management, control, for the edification of the relevant federal and state governance agencies and taxpayers with a financial stake in the subject matter.
Financial audits are commonly performed to ascertain the validity and reliability of information, as well as to provide an assessment of a system’s internal control. As a result of this, each party can have an accounting given on financial statements based on on the audit evidence obtained.
Due to constraints and limitations that might be placed on the auditor, an audit seeks to provide reasonable assurance that the statements are free from material error. In the case of financial audits, a set of financial statements are said to be true and fair when they are free of material misstatements – a concept influenced by both quantitative (numerical) and qualitative factors.
====================================
Specify that copies of audits are to be provided to federal and state governments, the SEC, the FCC, investors, including banking, legal oversight agencies, liability companies and other oversight agencies, and officials of the state and federal government deemed stakeholders in the resultant financial accounting.
================================
Mention that the Bank has profited from the use of the “float” in your account; monies you regularly deposit in large amounts until bills submitted are cleared.
Banks also profit from Fractional-reserve banking practices-----accepting deposits, and making loans or investments, while holding reserves at least equal to a fraction of the bank's deposit liabilities.Reserves are held as currency in the bank, or as balances in the bank's accounts at the central bank. Fractional-reserve banking is the current form of banking practiced in most countries worldwide.
1. Letter to Attorney General of your state
2. Letter to Howard Clark
3. Cc: CEO OF FINANCE COMPANY
Exactly. My banking institution, a credit union issues a paper check. Although I do schedule the payment to be sent out in advance of the due date. What is interesting is that my previous payments with them I had no issues and we have had this vehicle for over a year. Why now the issue?
OMG, LOL, LOL, poor guy has a problem he needs help with and you overlook his problem completely and are SHOCKED that he purchased a GM car, I am still laughing!!!
A credit institution that does not do direct electronic transfers sounds real.... ugh... ugly to me. It is quick, accurate, less expensive to the institution and avoids tons of problems. Sounds like a float issue to me, given that the same numbers (checking/routing) are on the bottom of each check. Personally, things like car loans and mortgage payments should always be direct electronic transfers.
Lol. If I could have gotten the same deal on a Ford I would have done that. Plus when the FIL comes to my neck of the woods he is a stubborn old fart. He has taken a cab from the airport when we’ve tried to pick him up in a different vehicle. I laugh at him because his old line is that they’re just ass haulers. But he is stubborn to a fart. Guess I shouldn’t say that though, I’m getting to be an old fart too:)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.