What does AUTO FIN CO mean on my credit report?

Is AUTO FIN CO making an impact on your credit score?

Updated January 1, 2023
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What is AUTO FIN CO?

AUTO FIN CO is shorthand for Automotive Finco Corp, with the company name being Automotive Finco Corp

AUTO FIN CO is a Automotive Trader provider. They could be on your report for a number of reasons, for example:

  • ⚫ You missed a repayment.

  • ⚫ You opened an account with Automotive Finco Corp.

  • ⚫ You opened a credit card / loan / mortgage with this company.

  • ⚫ Someone fraudulently opened a credit line under your name.

About the account

  • ⚫ The average account balance is $9300.

  • ⚫ The average high credit balance is $14800.

  • ⚫ The typical loan duration is 36 months.

  • ⚫ The average monthly repayment is $400.

The account is classified under the following METRO2 categories:

  • ⚫ Auto Loan

How do I contact them?

Here is the current contact details for Automotive Finco Corp:

Address:

  • 8 King Street E, Suite 1800
    Toronto, ON
    M5B 1C5

Website:

Email:

Phone:

Payments

Automotive Finco Corp offers payment options such as checks and money orders. Payments can be made through Automotive Finco Corp, who can be contacted by phone at 647-351-8870, or by email at IR@autofincocorp.com. Automotive Finco Corp offers payment via wire transfer.

Question Answer
Do they offer a monthly payment plan? No
Can I make payments over the phone? No
Can I make payments online? No
Do they offer a discount for automatic payments? No
Can I make a payment using a prepaid debit card? No
Can I make a payment using a wire transfer? Yes

Forgiveness and Cancellation

Automotive Finco Corp. does not offer loan forgiveness or consolidation. Loan forgiveness may be available to those meeting certain criteria, such as income, job type, and loan type. Eligible loans must have been taken out on or after October 1, 2007, and borrowers must be making payments at the time of application. For more details, please contact Automotive Finco Corp.

Question Answer
Do they offer loan consolidation? No

How to Apply

you can apply for a loan online, through a mobile app, or with a cosigner through Automotive Finance Corporation.

Question Answer
Can I apply for a loan online? Yes
Can I apply for a loan over a phone call? No
Can I apply for a loan in person? No
Can I apply for a loan using a mobile app? Yes
Can I apply for a loan with a cosigner? Yes

IdentityIQ Report Example

  • This is an example of what this creditor will look like on your IdentityIQ report.

AUTO FIN CO IdentityIQ Report

Will this affect my credit score?

Whether this account affects your credit score depends on a variety of factors, such as:

  • Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
  • Derogatory Markings: If this account has any derogatory markings such as: Lates, Charge Offs, Collections and others.

However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:

  • Account Age: If your account is quite old, then the age of it will positively impact your credit score
  • Repayment History: If the account has no Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.

Can it be removed from my credit report?

Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.

However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.

What is a Automotive Trader

A Automotive Trader is any company that buys or sells vehicles. They will report on your credit report if you bought a car on credit or took out a loan during the purchase of your car. The repayment date is normally around three years, and the interest rate is typically between 3-13%. If you fail to make payments they may hire a collections agency which will try to either:

  • Collect the (alleged) missed payments
  • Try to reposess the vehicle

Either option is not ideal for you life as it may cause undue distress, expecially if the debt has not been reported correctly or there has been a mistake in the reporting process. The best way to protect yourself from automotive debt collectors is to challenge then repair any potential errors on their reporting.

How do I remove AUTO FIN CO from my credit report?

You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.