My husband and I bought the vehicle in 2001 and got the loan through the dealership. At the time we did have bad credit, but needed a vehicle ASAP.
A year later I was laid off due to 9/11. I had been late twice and the car did get repossessed Feb/Mar '02. I borrowed money and paid $6500+ to get the car back. The customer service was horrendous, but I was able to get everything squared away. I never made a late payment to WFS again nor to any other credit obligation thereafter.
I worked EXTREMELY hard repairing my credit and successfully did! I hated the loan (interest rate was atrocious) as well as the vehicle, so traded it in Dec. '03. I was able to get a loan through my credit union at a decent interest rate.
My husband and I were in the process of purchasing a new home and noticed on my credit report that WFS was reporting 30 day lates after the repossessed in '02. I sent certified letters to the 3 credit bureaus to correct the issue. Now, WFS is reporting as if I still have the vehicle with two repossessions and one 30 day late.
They are reporting that I had the car repossessed in Feb'05 & Apr'06 and another 30 day late in Jan'05. I have sent multiple certified letters to the Credit Bureau's stating the false reporting and to correct it. Their findings are that WFS says the reporting is accurate. How is possible that WFS can report activity/negative activity during 2004-2007 on an account that was paid in full and closed in Dec'03. I even received the release of title on the vehicle in Jan'04.
I have also sent certified letters to WFS to correct the problem and threaten legal action. They keep updating with the credit bureau as being accurate. The false reporting continues. My Fico score was in the high 680's and dropped to the low 580's. The drop in my Fico was devastating!!!
My husband and I were able to buy our home, but I was unable to be on the loan and do not hold title. We will file a "quick claim" to get me on title, but I shouldn't have had to go through this due to WFS's carelessness.
I do take ownership and responsibility of the repossession in '02, but everything thereafter is pure negligence on their part. If it hadn't been for my husband's good credit, our life as we know it would have been financially ruined. (He too was on the WFS loan, but they aren't reporting on his credit report.
If anyone out there gets a loan through WFS, get it refi'd ASAP! They will ruin your credit!!!
Apple Valley, California