I co-signed for an auto loan for my daughter who is in school. The vehicle was totaled in an accident. There was no gap insurance so it left a balance of $2200 after the insurance company paid. On top of that, the finance company (Carmax) has, to date, not reported the change in the balance of the loan to the credit bureaus. That makes it look like I owe $13,000 instead of $2200. I cannot get another loan until this is fixed. Sadly, they are taking their time. They should have reported the change at least a week ago, because the payment from the insurance came to them around the 10th of September and the loan was immediately restructured. I don’t know what to do about it, so any suggestions would help.
I don’t see why you couldn’t get another car loan. There are ways around using the credit score that a lender would use. If You have the documents to support what you are saying it should not be a problem.
Having a loan amount updated on your credit reports will take 30 to 60 days as loan companies only send data in once per month and their records may not get uploaded immediately to reflect the change. However, none of this should keep you from getting another loan. Personal advice, stear clear of Carmax or any larger dealer that does their own financing.
