Asset Acceptance debt Collector

[Anonymous]

I have this 10 year old auto loan that was closed out in 1998. I sold the car to a dealership during a trade in. The dealership received the title for the car so they must have paid the full amount on the loan. However, Bank One sent debt collectors after me 1 year later saying I owed them $320.

I told them the entire time that I didn't owe that debt at all and they needed to take it up with the dealership and they should have never released the title to them if I still owed money on the car. They reported it to my credit, of course and it has since fallen off as well.

I thought all was done years ago when it fell off and I didn't hear anything else from the collection people. However, here we are again today. I get a call from Asset Acceptance stating that I owe them $550 for that $320 payment to Bank One.

I told the debt collector the same thing. I do not owe anyone this money. The dealership owed the bank that money and the bank should have never released the title to anybody if there was still a balance on the vehicle in question. Plus, I reiterated that this account was from 1998 and is 10 years old now. The debt collector said "So then you're disputing this debt even though it's in your name and SSN?" I said "Yes, because I don't owe anyone that money. It's not my debt to handle. It's the dealerships at this point and there is a contract stating this that can be pulled by that dealership if need be that shows they paid off my car and received the title from the bank claiming this debt."

So, she said she would put the item in dispute and I told her I refused to pay for anything as it wasn't my debt.

I'm in the middle of receiving a house mortgage. Can these people report this stuff to my credit again even though the account is far beyond the credit reporting period and fell off of my credit 3 years ago? Also, can they take me to court over this even though it's 10 years old? I read that the Georgia statue of limitations for "open accounts" is 6 years. Isn't that a bit old for a collection?

Any knowledge is appreciated.

[Anonymous]

Anyone? Anyone? Bueller? Bueller?

[Anonymous]

They would be very, very stupid if they did - but then CAs do NOT have a lot of brains (or ethics)  DV this CA. Asset Acceptance are known for buying past SOL debt and trying to collect.

If they report and you can't get your loan or are forced to pay them - then sue - you will have actual damages then to add to the violations.

Many CA do  montor your reports and when they see a mortgage app stuff magically comes out of nowhere - they feel they have leverage then to get money and your back is against the wall or no new house.

Keep a copy of your current CRs - and monitor your CRs until you close.

Please double check SOL (state AG is the best source) - and get in touch with that car dealer now!  They have liability in this also.

[Anonymous]

Thanks Lady Scarlet!

I tried finding that car dealership and it looks like they're out of business now. Where there once was a Mitsubishi dealership, there is now a completely different dealership. So, I'm not sure what to do about getting in contact with them now...

[Anonymous]

DV them... if past SOL they will usually not respond (don't want to give you the proof you don't have to pay). 

Take a deep breath and just wait - count the days until you close and everyone that passes without a peep from them is a blessing.

[Mizsass]

I posted a message a couple of months ago about this CA. I received a call from them, and since I monitor my credit reports I knew I didn't have any collections with this company. I called them, and they were trying to collect on a Capital One credit card opened in 1997 and closed in 1998. I've never had a cap one card, and I had no cards in 1997 or 1998, so I DV'd them and they have yet to respond, other than a collection letter sent during the 30 days I was waiting for their DV. I've sent them a second letter regarding that little incident and have never heard a peep from them. Looking them up online, they are famous for trying to collect on debts way past the SOL or debts that are not even yours.

[Anonymous]

What does DV mean? I'm usually good with acronyms but I can't figure this one out!

I've dealt with Asset twice before on two other collections back in the days. They're OBNOXIOUS and ruthless. They actually have had this account for a long time because they contacted me back in 1998 about this debt while I was at work and I disputed it then as well. Told them the exact same story. "This isn't my debt. It's the dealerships. Why did Bank One release the title when the account wasn't paid in full? This makes no sense." They would call me at work a lot and when I asked them to stop calling me at work, the guy said "I can call you wherever I want and I'm going to continue to call you at work until you pay this bill." So, my boss (he was really cool) got on the phone the 3rd time that guy called and he said "If you call here again, you will hear my lawyer pick up the phone." They never called again but the guy even cursed at my boss when he said that!

They haven't been as ruthless as they were back in those days, but the 2nd time I dealt with them was on another account and they were plain out rude most of the time and you have to be very careful when talking to them because they will back you into a corner easily. They're very tricky with their words sometimes and can have you admitting you own the debt and considering paying for it by word (which is recorded!) before you even realize it.

This girl I talked to tried to do that. When I told her it wasn't my debt and explained the situation she said "Well, it's under your SSN and your name, right? That makes it yours, right?" and I said "It may be under my name and SSN but that doesn't mean I owe it. The dealership paid in full for this car. Bank One release the title to them. Bank's don't release title's unless the loan has been paid in FULL. If this needs to be proven, track down the dealership and ask them to pull the contract we wrote that shows they took ownership of my car, paid the loan and received the title. That's all I need to show I'm not responsible. The dealership took liability of the loan and vehicle when they wrote a contract with me. The fact that it's still in my name is an error on the bank's behalf, not mine." She responded with "So.... you want me to put this in dispute then?" I said "Sure, cause it's not my debt"

I think I may have actually talked too much about it, but I never admitted it was my debt by saying "Yeah, that's my debt."

[Mizsass]

I called them only once to inquire what they were trying to collect on, and when he gave the details of the account and the original debtor I said I had never had a card with Cap1 and that they would be hearing from me. The rep I spoke with was actually nice, he wasn't rude at all, but tried to tell me it was my responsibility to go to the police and file a fraud claim.  Since it is their responsibility to prove I owe the debt,  I  sent them a Debt Validation letter (DV), asking them to send me various information, such as a signed contract, account history, how they calculated the amount owed, their license to collect in my state and proof the debt was within statue of limitations to collect, etc.

I requested they only contact me in writing, cited regulations in the letter and asked them to respond within 30 days per the law.

You can find examples of DV letters in these forums. Unfortunately, I do not have them linked, still not that swift using this forum

[thotgal320]

I'm dealing with the same company they actually took my case to small claims court and I was served papers stating the amount and do I admit to owing.  I did sent it back sayng it was my deb nut after mailing these papers I realized that that SOL ran out and by law it has to be removed from my CR April of this year.  Did I mess everthing up by mailing the papers back?  I also told them I do not have the funds to pay them in full.

[Anonymous]

I *think* if it's past SOL, they can't do anything even if you actually owe on it. However, I'm not sure myself. I hope someone else can answer this question.