03-01-2010 05:17 AM
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
03-01-2010 08:56 AM
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.
03-02-2010 04:04 AM
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.
03-02-2010 08:41 AM - last edited on 03-02-2010 10:59 AM by fused
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?
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--fused, myfico moderator
03-02-2010 10:01 AM - edited 03-02-2010 10:04 AM
03-02-2010 12:58 PM
03-04-2010 07:30 AM
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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