http://www.stampcollectioninfo.com/lot-used-bureau/
If the lender that financed my car is not reporting to the credit bureau can it hurt credit if.....?
I bought my car from a used car lot. they got my fianced by a lending institution. well the vehicle is giving me nothing but problems and i really need to get rid of it. i have been shoppin for a new car but every where is telling me that the problem is my vechicle its upside down in payments and it would cost me about $4,000 to get a new car and get rid of my old one. Also most importantly 3 different places have told me that my car lender is not report my monthly payments to the credit bureau . if i let them repo this car will it hurt my credit? if yes, how can i get out of this old car and get a new one without have to put down a lot of money?
One error in one field of a computer program can cause the lender to not report to the credit reporting agency. If you have been making timely payments, this hurts because your good behaviour is not being showcased. Undoubtably, if they repo the car, they will have to go back into the lending program to update your status and the error will be corrected at the same time as your repo status is put in.
It is possible to "pack" the old loan into the new one. This means you will be super duper upside down and paying more in monthly payments than if you didn't have to. This is really only worth it if the old car is not meeting your needs anymore and the new car is going to be kept at least 5-6 years (to pay off the whole loan). You are at risk here too. If something happens to the car, your insurance will not pay out enough money to cover the whole loan. You definely need to look into buying GAP insurance, which can cover the difference so you aren't making payments on a vehicle that pretty much doesn't even exist anymore.
Shop around to find a lender who will take on the whole amount for a reasonable interest rate. Try the dealer, sometimes they do, but I highly recommend joining a Credit Union. The rates are the same for everyone at a credit union and usually a comittee will decide the loan and will take into account your personal needs.
Do your research and your legwork. This is a big money thing. A few days of running around could equal the same amount cash that most of us earn in a month or more. Find out the max amount you can get for your trade, see if you can sell it privately for more, find out how much the dealer paid for the car you want and visit multiple dealers and keep negotiating downward. This isn't going to be a cake-walk, but it's possible.
GET GAP INSURANCE!!!
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 USA STAMP 264 273 Bureau Issue 1895 Used Lot $0.99 (1 Bid) Time Remaining: 3d 53m |
 264 BALANCE LOT 15 US Postage USED Bureau Issues 264BL0 FG $15.00 Time Remaining: 10d 3h 55m Buy It Now for only: $15.00 |
 SCOTT 281 USED 5 SOUND 1898 5c GRANT FIRST BUREAU DARK BLUE LOT AA $4.95 Time Remaining: 11d 27m Buy It Now for only: $4.95 |
 SCOTT 281 USED 5 SOUND 1898 5c GRANT FIRST BUREAU DARK BLUE LOT AB $4.95 Time Remaining: 11d 52m Buy It Now for only: $4.95 |
 SCOTT 281 USED 5 SOUND 1898 5c GRANT FIRST BUREAU DARK BLUE LOT AC $4.95 Time Remaining: 11d 4h 36m Buy It Now for only: $4.95 |
 SCOTT 281 USED 5 SOUND 1898 5c GRANT FIRST BUREAU DARK BLUE LOT AD $4.95 Time Remaining: 11d 6h 45m Buy It Now for only: $4.95 |
 246 US Bureau Issue LOT 14 USED 246PQ17 DSS $39.00 Time Remaining: 25d 15h 32m Buy It Now for only: $39.00 |