Consumer complaint received 2019-05-06
Product: Vehicle loan or lease — Loan
Issue: Incorrect information on your report — Account status incorrect
Company: FORD MOTOR CREDIT CO. (NC)

Over 4 years ago, in early XXXX, I totaled a car that was financed through Ford Credit. This was my 3rd car financed through them, and there was never an issue. No late payments. Repeated approvals on new vehicles. I was responsible and purchased GAP insurance, and always carried full coverage collision and liability insurance. When I totaled the car I was in communication with Ford the whole time. I was told they would handle the GAP insurance, and my collision insurance paid the cars value immediately. At some point, less than 30 days, I did call to verify the car was paid off and was told that GAP insurance hadnt paid yet.. but was assured this happened, and not to worry. I never heard anything again. I did however receive a denial for credit from the first time ever when trying to get a replacement ... so I never dealt with Ford again. Fast forward to a couple years later.. and upon applying for a loan ... Im denied because of a Repossession of a vehicle. WHAT? I am told I have a charge off of a car for XXXX on my credit ... I am devastated. I did research and find that it is my final Ford loan. It shows as a charge off since early XXXX of over 6k, and a balance due of XXXX. What? It took me two weeks to get in touch with the right person ... but almost immediately I hear youre right you never had XXXX charge off. The lady went on to explain that the GAP payment was actually misapplied and so it didnt pay off my account until over a year after the wreck. BUT I was also informed BUT you do owe us XXXX. This was, according to her, because at some point the monthly payment was forgiven and added to the end of the loan ( most likely during the period that I was being told NOT to worry because GAP was going to come through anytime ). I was asked to speak to a manager the next day. You called back.. she apologized for reporting a XXXX credit charge off reporting for 2 years .... but not seeming to understand the issues and high interest rates it has caused me. She also went on to say it would be corrected ... but they had no notes on why the XXXX was owed ... agreed it was some sort of underpayment somewhere ... but i would have to pay that.. and that would still show charged off back to XXXX. Wow ... after 3 loans ... over 80k paid off to them ... XXXX paid off on this car .... they would require me to pay the XXXX they had no documents on ... AND would not update my credit. XXXX here we are in XXXX ... four years later ... and I still have multiple credit bureaus showing a XXXX charge off ... a balance of XXXX .... and NOT ONE LATE PAYMENT. They are now reporting that I paid on time every month and then BAM! a charge off of XXXX with XXXX still due. At this point when I call ... they have no idea what Im talking about. If I dispute it ... they just verify I owe it.. no documentation. Ive written letters begging to assist.. to help me correct this issue that I never caused.. and to please take the time to look at the account and see that its a mistake. Not once has anyone acknowledged the damage and cost of mid-reporting for so long that They charged off XXXX. I am desperate and dont know what else to do.