Bad Credit Agency

Does a car dealership have ot report ot a credit agency?

I just got this car in Oct of last year. Its a 99 Jetta Wolfsburg edition and at 7,000 dollars with only 23,000 miles on it I thought it would be a good car. I of course thought it had a new engine because of the mileage but it had not. The car had also been in a wreck before and has some other problems now that going to cost me so far 400 dollars to fix. Anyway, my husband and I are trying to buy a house and I was expecting my car to be on the credit report. Its not. The dealership I bought the car from does not report. The whole reason I bought the car was for building my credit. I even told him that and he was like "well this is the way to do it!" like all cheering me on. I know my option ( go get another loan like a bank loan to get credit and pay him off ) But why would he not report and lie about it. Is he hiding something or is there anything to do to get some credit for this?? I financed the car through the dealership, Im paying him and Im paying 24% interest, 306 a month. None of it is being reported I even asked him.

Public Comments

1. Bottom line is.......It sounds like you bought the car from a buy here pay here place and it costs money for the dealership to have the ability and right to report to the credit bureau. Unfortunately, most of them dont take the time to report unless it is a negative. I work in the industry and know exactly how it works. Best way to establish credit is to go to your local bank and get a secured credit card or to go to a more reputable dealer who more than likely has a "recourse" agreement with a local bank that will definitely report to the bureau.
2. Not sure if I understand your question: 1) Did you finance the car through the dealership? 2) Did you buy the car and pay cash or cash equivalent? 3) Did you finance the car through your own bank or credit union? If 1), it should appear on your credit report, but not right away. Sometimes the dealers financial brokers will attempt to sell your loan through another intermediary so as not to have the loan on their books and can finance more cars (and sell the loans on those too). This is called a pass-through. If 2), it will not show up on your credit report. You paid cash and while you now have title to another asset, it will not show up on your credit report. You have not taken a loan from any intermediary. If 3), you will need to call your bank or credit union and determine why the transaction has not shown up on your credit report. FYI, this also lowers your credit rating because now you have a car payments on top of your mortgage loan.
3. no, this is not the place to build your credit. credit card companies is
4. By law, creditors are not required to report your payments. Though you have options for adding the payment history to your credit report. 1. Contact the creditor (in this case the dealership) and ask to have your payments reported. However, I realize the dealership is being particularly difficult, so I recommend trying option 2. 2. Notify the credit bureaus that your credit report contains incomplete information. The credit bureaus are legally required to investigate the dispute; however, they have 30 days to make a decision, so be sure to follow-up if you don't get a response after the 30 days. I'll be honest, your chances of getting your payment history added aren't great, but it's worth a try. If you're willing to put forth the effort, each credit bureau has its own method for handling disputes. For specific information, visit their Online Dispute centers. Equifax - https://www.econsumer.equifax.com/consumer/sitepage.ehtml?forward=online_dispute Experian - http://www.experian.com/disputes2/index.html TransUnion - http://www.transunion.com/corporate/personal/creditDisputes.page Lastly, if you ever purchase another used car, I recommend paying for a Vehicle History Report in advance. For more information, visit CARFAX: http://www.carfax.com/cfm/general_check.cfm?partner=GCH_2&CMP=KNC-Google Hope this helps, -Ted