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Collections Law/Bank transfers of auto loans

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Expert: Regan Shinski - 4/8/2010


Question
My auto loan was held by the original lender for the last 4 years. This lender was bought out by another larger bank. During this time of transition from Bank to Bankr, I had a "late" reported on my credit report. I have my proof of payment and have been fighting over it ever since.
Question; I know that when it comes to Home loans, and there is a lender changeover they allow up to 60 day grace period to record "late payments." Does this same rule apply to Auto Loans?

Answer
Hi Mary:

First of all, the issue you spoke of on home loans is not black and white.  It really depends on the type of loan, state laws, and contractual wording.  I would not advise anyone to be be more than 29 days late on any mortgage payment.  People often had encountered a late payment on the credit report if they don't make the payment in a timely manner during the change-over.  But that is another issue.

I am not aware of any such issue for installment/auto loans.  Again, it really depends on the contract but it is unlikely such wording is present.  There may be some state laws I am not aware of but, again, unlikely.

Sorry, I wish I had better news for you.

Regan

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Regan Shinski

Expertise

I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.

Experience

Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports. Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry. I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA). I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage. In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.

Education/Credentials
BA University of Minnesota

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