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Posted in Auto Loans
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jrsmith1119

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auto loan closed and than reopend?
I have a 3 year auto loan I opened in July 2012. This July after 2 years they closed the account (in good standing, never missed payments) and than regular opened a new account. My fiance and I check our credit monthly and this action brought both of our scores way down. Is this something they can do without telling us? Or so at all? My fiance thinks they are doing this to keep our credit low so we have to go to back to them, as they are a bad credit loan place.

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Dispute it. Write letters to the credit bureau(s) reporting this change. I don't think what they have done is legal. Especially if you didn't refi the vehicle or trade it in or something or sign new loan agreements......

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