Buy Here Pay Here

[AG2018]

Jurisdiction

Texas

I bought a car from a Texas Buy Here Pay Here lot. I'm trying to restablish my credit. I've paid on time for 10 months only to find out that they are not reporting my on time payments. To make matters worse the car has had mechanical problems throughout these 10 months. So now I have to pay another year on a car that doesn't work and no credit history has been reported or maintained by them. Can I just return the car? Can they report the voluntary repossession now, even though they have never ever reported it at all before? And if they did report would it be legal to not report my good credit but only report the voluntary repossession?

 

[adjusterjack]

1 - They have no obligation to report payments to the credit bureaus.
2 - Yes, they can report the repo without reporting the on-time payments. That's legal.
3 - Unless you got a written warranty, the vehicle was sold AS IS. You should have had it checked by a mechanic before buying.

I suggest you keep the car so as not to destroy your credit with a repo. Make the payments, get it fixed and learn from this experience.

Meantime, put away cash toward your next car. You might be able to get bank or credit union financing if you can make a large down payment.

 

[AG2018]

The finance company no longer even exists at the location.

 

[army judge]

Can I just return the car?

You can do anything which you are capable of doing.
As for the car, you can ask the dealer what it would cost in real dollars to return the car?

Can they report the voluntary repossession now, even though they have never ever reported it at all before?

People and businesses are capable of doing anything.

I am too dumb to know what anyone can do.

if they did report would it be legal to not report my good credit but only report the voluntary repossession?

Credit bureaus and their lenders don't care about legalities, mate.

Credit scammers only care about baiting you and hooking you into one of their diabolical scams.

Credit and their lousy FICO nonsense is a complex scam, best avoided.

 

[army judge]

The finance company no longer even exists at the location.

But someone is holding the note you were conned into signing, that someone is the one taking your money, or acting as an agent for the scammer lender..

 

[flyingron]

Note that letting them repo the car likely isn't going to satisfy the debt. They can the sue you for the deficiency and that judgment will stick with you a long time (both on credit reports and with collection attempts).