Consumer complaint received 2018-10-22
Product: Vehicle loan or lease — Lease
Issue: Incorrect information on your report — Account status incorrect
Company: General Motors Financial Company, Inc. (MI)

XX/XX/XXXX - Around the end of XX/XX/XXXX my wife received a phone call about the balance of the lease of the XXXX XXXX. At that time, she informed the GM Financial representative that the lease had been paid in full in XXXX when the new lease was acquired. The representative was appreciative of the information and informed my wife that it must have been overlooked. There were no further discussions, phone calls, mailings etc. regarding this balance. 

XX/XX/XXXX - I received a letter from XXXX XXXX XXXX cards that my account had been closed, available credit denied, and it was due to major derogatory. Credit score affected by creditor closing account, balance now at maximum limit This prompted review of my credit. I used a credit monitoring company to pull my credit to investigate what " major derogatory '' had been reported on my credit. On or around XX/XX/XXXX I contacted GM Financial to inquire about the major derogatory ( 60 day late ) that had been reported by GM Financial. At that time, I was informed that the payment of the remaining balance had not been credited to my account. 
Upon receiving the information from GM Financial, I contacted XXXX XXXX. I spoke with a gentleman who said he would investigate, but due to the time of day wouldn't be able to answer any questions until the next business day. In the meantime, I contacted my bank XXXX XXXX  to have them track the certified check, the following day, XX/XX/XXXX, I was informed that the certified check was still outstanding. 

XX/XX/XXXX - Second letter received from creditor XXXX Mastercard account closed, available credit reversed and credit score affected by creditor closing account, balance now at maximum limit. 


Over the next several weeks there was an abundance of communication between myself, GM Financial and XXXX XXXX. The check was located in my file at XXXX XXXX and was cashed by GM Financial on XX/XX/XXXX. On XX/XX/XXXX GM Financial then reported a 90 day late on credit bureaus. One CB reported a {$0.00} balance, 90 days late, while the other reported a {$530.00} balance, 90 days late. As soon as this was reported I contacted GM Financial Loss Mitigation at XXXX and spoke with XXXX. He informed me that the {$530.00} was wear and tear that was billed. I asked why I had never received a bill nor did anyone do a walk through with the vehicle when I terminated the lease. He informed me that the {$530.00} was normal wear and tear and that I shouldn't have been billed for any of it. He then put in request to remove the charge, as it was deemed NORMAL and not excessive. 

GM Financial has requested that the following be removed from CB 's - 30 day, 60 day and 90 day lates. While they have requested correction of the incorrect delinquencies, they have caused long term damage to my credit score and should be liable based on the following : 1. GM Financial REQUIRED payoff of XXXX lease prior to new lease of XXXX. 
a. Customer Complied b. GM Financial FAILED to follow-up on loan requirements i. GM Finanical 's  failure to have process in place to assure loan requirements met have caused : 1. Long term credit damage ( due to account closures by XXXX and XXXX credit cards ) length and amount of damage unable to be determined without hired of Credit analysis 2. Credit damage due to GM Financial 's failure to follow approval requirements have hindered home refinancing, new loans, auto insurance rates etc. 

As a worldwide corporation, GM Financial has failed to follow their own credit requirement guidelines by not assuring payoff was received and that payoff was applied to account within reasonable time. Furthermore, GM Financial failed to communicate that they had not received payoff and failed to communicate/follow-up with dealership.