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Question By
rebfan831

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I traded my car in but the dealership hasn't paid the lien yet. What do I do?
I traded my car in August. There was some kind of mix up with who the lien holder was and the payoff went to the original lien holder. The dealership sent an additional pay off last week to the correct lien holder but I've been reported as delinquent already. Between the delinquency and a new account for my new car, my credit score dropped 59 points! What do I do to get that late payment off my report?

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Top Contributor
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Contact the lienholder, explain the circumstances and ask them to retract the late payment.    If they will not do this, there is little you can do except wait for it to expire in 7 years.  Although most of the harm will be gone by the 2 year mark.

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Reply by
faidros

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131 People Helped

Lesson for everyone.  When you have a firm paying off another company, the payment due date is important and you should ensure that payment is made yourself.  The late payment will hurt your credit.  If it ends up with an overpayment, they will refund that amount in 30-60 days.

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