A few months ago my inexperienced son bought a car at a used car lot.
The car was trouble from the start. Last week the head gasket blew,
making the car a total loss.

The used car lot had financed the sale themselves.

Will non payment of the $900 balance owed screw up his credit rating?

S2

In article ,
says...
A few months ago my inexperienced son bought a car at a used car lot.
The car was trouble from the start. Last week the head gasket blew,
making the car a total loss.

The used car lot had financed the sale themselves.

Will non payment of the $900 balance owed screw up his credit rating?

If the creditor reports the debt to credit bureaus or turns it over to a
collection agency that reports to credit bureaus, then yes, it will
screw up his credit rating.

Failing to pay a loan is *very* bad for your credit rating. Not as bad
as a bankruptcy, but a lot worse than simply paying late.

--
is Joshua Putnam
http://www.phred.org/~josh/
Braze your own bicycle frames. See
http://www.phred.org/~josh/build/build.html

On Apr 3, 3:20 am, wrote:
In article ,
says...

A few months ago my inexperienced son bought a car at a used car lot.
The car was trouble from the start. Last week the head gasket blew,
making the car a total loss.

The used car lot had financed the sale themselves.

Will non payment of the $900 balance owed screw up his credit rating?


It almost certainly will. He owes the money and they will likely go
after him, turn
it over to collections, etc.



If the creditor reports the debt to credit bureaus or turns it over to a
collection agency that reports to credit bureaus, then yes, it will
screw up his credit rating.

Failing to pay a loan is *very* bad for your credit rating. Not as bad
as a bankruptcy, but a lot worse than simply paying late.

--
is Joshua Putnam
http://www.phred.org/~josh/
Braze your own bicycle frames. See
http://www.phred.org/~josh/build/build.html

Stuart writes:

A few months ago my inexperienced son bought a car at a used car lot.
The car was trouble from the start. Last week the head gasket blew,
making the car a total loss.

The used car lot had financed the sale themselves.

Will non payment of the $900 balance owed screw up his credit
rating?

Boy that sucks. :-\ Sorry to hear of the experience.

Yes, very likely non payment will get reported somewhere. However it
is a pain in the butt to collect these things and the possibility of
having to go into collections and repo not being something they'll be
excited about since the car is dead might give you a bargaining chip
to see if you can get the dealer to do something for ya toward the
vehicle. Legally, once you walk off that lot and take posession, that
thing is your problem, but a reasonable seller doesn't want ****ed off
customers storming around telling everyone on the internet they sold
him a piece of poo. So, at least engage them in the dialog about
"Look, y'all sold me a piece of crap, you took advantage of an
inexperienced purchaser, and now the car doesn't even run."

If they take a pain in the ass tone about it, maybe shop it by your
local media's "troubleshooter" or consumer advocate type reporter and
see if it's anything they want to get involved in. No business
owner wants a big spotlight shown on their iffy sales practices.

Good luck and be sure to post how it turns out.

--
Todd H.
http://toddh.net/

(Todd H.) writes:

So, at least engage them in the dialog about
"Look, y'all sold me a piece of crap, you took advantage of an
inexperienced purchaser, and now the car doesn't even run."

In addition, if they refuse to fix the car or write the loan off
completely, there is still possible middle-ground -- they might be
willing to accept "short sell". Just be sure they agree in writing
to report the loan as "paid off as agreed".

Cheers,
--
In order to understand recursion you must first understand recursion.
Remove /-nsp/ for email.

On Apr 3, 12:45 am, Stuart wrote:
A few months ago my inexperienced son bought a car at a used car lot.
The car was trouble from the start. Last week the head gasket blew,
making the car a total loss.

The used car lot had financed the sale themselves.

Will non payment of the $900 balance owed screw up his credit rating?

S2


I don't know what State you are in, but some have laws (search "Lemon
Law" in your state) and if a car is sold with a problem like that and
it is proven that it had it from the beginning the used car lot is
liable for either replacing the car or refunding the money. In
Georgia, for example, this is a serious matter.