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Posted in Auto Loans
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Question By
Aspen0804

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Paid off car at car lot
I bought a car at a car lot which financed me on site. I just paid it off in August and don't see this on my report. What do I need to do in order for it to be reported?

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Reality is they don't always report

Many car lots that do their own financing do not report the loan or pay off to the CRA's. Specially those that advertise "No Credit/Bad Credit" financing.   Thses are considered "private loans". There was no finance company involved that does the reporting. 

Basicly: the owner of the lot does not belong to a CRA.  That costs money, Usually a percentage of the outstanding balance, plus an annual memebership fee be able to report on loans.  There is no legal obligation for the owner to report your activity. 

Same goes for the "Rent to Own" and furniture type of businesses. Even, of those that Claim to report, most Don't.

Good luck. 

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Reply by
EddyTX

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Forgot to mention,  Unless you can get the Car lot owner to pay up, there is no way I know of to get the loan added to your Credit Report.

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