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Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007

Voluntary Car Repo ?

Greetings - it has been a LONG time!  Hope things are going well for everyone and people have found great help on this board!!  I am trying to help a friend who had a voluntary repo 5 years ago - he gave the car back, Chase wrote it off on his credit; and out of the blue of course now he rec'd a letter from a new collection company, but he hadn't ever heard from the previous one listed on the letter.

 

I am doing the DV letter now but am wondering, is there a way to ask for PROOF of what the car actually sold for?  He is asking for the statement of accounting but I am really starting to wonder WHY he shouldn't be able to ask, after all why is it if you give back the collateral you are still stuck w/full amount of loan including the interest?  Trying not to sound naive but it is a good question IMO.

 

Thanks & Hope 2010 brings all good to everyone!!!

 

PS - I finally own my home; and am watching my credit, trying to keep UTL down but of course hours got cut before I got balance down - takes forever to learn some lessons doesn't it:smileyhappy: 

Valued Contributor
Jazzzy
Posts: 2,649
Registered: ‎07-29-2009

Re: Voluntary Car Repo ?

Hi beach....no, it doesn't hurt to ask.

 

I would be surprised, however, if the CA would know. Your friend may have to get that info from the OC.

 

Is your friend past the SOL?

Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007

Re: Voluntary Car Repo ?

Thanks -  no he isn't past SOL I don't think, we think he has like 6 months left, but it's posted on his credit by Chase as written off, bad debt.
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Voluntary Car Repo ?

When the car was turned in, several things should have happened and your friend should have been notified.

 

First, they were supposed to send a letter stating how, when and where the car was going to be sold or auctioned off.  In this letter, your friend should have been told what they needed to pay to have the car returned to them.  They also should have said if it was a private or public sale.

 

Second, once the car sold, your friend should have recieved a letter stating how much the car sold for, and how much of a balance they still owed for a deficancy.  They would of course include all of their fees.

 

Even though it has been 5 years, Chase still has a responsibility to do this. 

Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007

Re: Voluntary Car Repo ?

Wow - they didn't do ANY of that - thank YOU for that info, not sure how he'd ever get the info but he has NO clue once he told them to come and get the car, it was the last he had heard for a few years...I think he got a notice from one CA for the amount on his CR but that was it, never heard anything again until a few weeks ago.

 

THANK YOU:smileyhappy: 

Established Member
JustinCase
Posts: 28
Registered: ‎12-28-2007

Re: Voluntary Car Repo ?

[ Edited ]

 

Tell your friend to use this letter when contacting the CA, if they follow the instructions they may get a delete.  Also what State is your friend in?  What is SOL in your state for contracts?

 

Mod Cut!

 

 

Your post violates our terms of service and user guidelines which prohibit the promotion of certain types of credit repair.

 

Posting links to credit repair sites in these forums is not allowed.

 

Thanks for contributing to these forums and for your cooperation!

 

--fused, myfico moderator

Message Edited by fused on 03-02-2010 08:59 AM
Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007

Re: Voluntary Car Repo ?

[ Edited ]
He is in MN, I think it's 6 years and it was June or July of 2004.  Very, VERY interesting information - thank you!
Message Edited by beach123 on 03-02-2010 12:04 PM
Established Member
JustinCase
Posts: 28
Registered: ‎12-28-2007

Re: Voluntary Car Repo ?

Not a problem, and I guess you can see that I got my hand slaped by the Mod.  That link that I gave you is not a credit repair site, it's a buddy who gives free info and does not charge anyone anything for the information he shares.
Established Contributor
beach123
Posts: 570
Registered: ‎05-02-2007

Re: Voluntary Car Repo ?

I still appreciate it and I'm sorry you got slapped too - this is a great forum for everyone!!
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: Voluntary Car Repo ?

Look up the repossession laws in the state concerned.  They will tell you exactly what was required of them after the car was turned in.

 

If they failed to follow any of the procedures, file complaints with the BBB and your state AG office.

 

 


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