Reporting changed.

[tri3nity]

O.k. my score dropped four points today. Received an alert and it said could possibly be because my Transouth accout reporting changed. I didn't dispute this or anything. This was a car that I financed through them and I allowed someone to borrow my car, they were involved in an accident and the insurance didn't cover the car. It was totaled. This is the way that it is reporting now. What should I do? Is this better or worse? It doesn't state repossession anymore, just charged off account. I don't understand. Previously reported Newly reported Balance: $0 $10,480 Past due: Not Reported $10,480 Status: Repossession Bad Debt; Placed for collection; Last activity: 3/1/2005 4/1/2005 Description: Involuntary repossession Auto loan Charge off account Auto loan

[Anonymous]

did you not have insurance?  If the driver did not, then your insurance should have covered it.

It is showing as a repo if it says charged off.  For a car loan, that is the same thing basically

[tri3nity]

Yes, I had insurance, but their reasons for not covering my car was because the party driving my car was not covered under my policy and was at fault in the accident.

[Anonymous]

Did you seek legal advice at the time or did the insurance ever make you sign a waiver that only you could drive your cars.  I was always under the impression that the driver was primarily responsible, but the owner of the car's insurance would be liable if the driver was unable to pay or lacked insurance.  I know that is how my insurance is as I checked into it.

Was the driver using the car for any business or illegal purposes.  I know there are waivers on my insurance for business use and for illegal activities.

[tri3nity]

No, he was visiting his sister in the hospital. I don't know about any waiver though. I just remember it asking for any other drivers or other household members. Should I speak with an attorney. I'm actually still with the same insurance company with my current vehicle.

[Anonymous]

Unless you have a highly restricted policy or the driver was:

committing a felony or did not have a license- they should have covered the car.

I would look though your policy-

Look at the reason for the denial-

and either appeal the claim decision or get a free consult with a lawyer.  

I certainly would not be with the same company that declined a covered loss.

---

tri3nity wrote:

No, he was visiting his sister in the hospital. I don't know about any waiver though. I just remember it asking for any other drivers or other household members. Should I speak with an attorney. I'm actually still with the same insurance company with my current vehicle.

---