I need help with a car repo that I had with GMAC. The account activity that led up to the repo was that I was making payments each month, just not full payments. I contacted GMAC many times hoping they had a program to assist me to get current but they wouldn’t. My wife was let off from her job and we just couldn’t make the payments, but we never once ran from GMAC or tried to avoid them. We kept in regular contact with them to say “sorry we can’t pay in full this month, but please take this smaller payment”.
The car was repo'd in mid 2008. It was sold at auction and I was responsible to pay the difference to GMAC. I made sporadic payments because I rationalized that at that point, basic living costs were priority followed by staying up to date on my current debt. Middle of 2009 with other things now paid off I began to pay this off in earnest, sometimes 2 payments per month. Keep in mind that all during this time they refused to set up payment arrangements and wanted it all in full. I couldn’t afford it so I sent what I could each month. In mid December 2009 I called them to make a final payment. It was $100 more than I calculated and I did not have the extra $100. So the GMAC customer service rep took a post dated check dated for 1/1/2010 for the full remaining balance.
On 12/31/2009 they charged off the account! Doh!
My question is, when does the clock begin for credit reporting? From the time of the first delinquent payment that lead up to the repo? From the repo date? Or from the charge off date? Really want to get this off my credit report! My wife and I worked so hard to pay it off in full. And we had the last and final payment ready and they charged it off on us.
I have been writing to GMAC for so long and they won’t help me. They have been horrible to me from the beginning. I had arranged a voluntary surrender of the car for a Friday and they came and took it from my office parking lot on a Tuesday, leaving me stranded with my 8 year old in crutches. They knew my situation and therefore were willing to work with me on the voluntary surrender. But then they turned around and repo’d.
I pulled my three-in one credit report from eliminateidtheft.com and here is how it is reading. I have to check my reports from the beginning of this year but I do believe it was marked as repossessed at one point.
TransUnion
Condition: Derogatory
Pay Status: Collection/Charge off
Past Due: $0
High Balance: $28842
Terms: 36
Limit: $0
Payment: $0
Opened: 05/12/2005
Reported: 05/21/2009
Responsibility: Individual
Experian
Condition: Derogatory
Pay Status: Collection/Charge off
Past Due: $0
High Balance: $28842
Terms: 36
Limit: $0
Payment: $0
Opened: 05/01/2005
Reported: 01/30/2010
Responsibility: Individual
Equifax
Condition: Derogatory
Pay Status: Collection/Charge off
Past Due: $0
High Balance: $15608
Terms: 0
Limit: $0
Payment: $0
Opened: 05/01/2005
Reported: 02/01/2010
Responsibility: Individual
Remarks:
[TransUnion] Charged off as bad debt, Profit and loss write-off
[Experian] Unpaid balance reported as a loss by the credit grantor.
[Equifax] Charged off account Auto
Late Payments 30 60 90 (last 7 years):
TransUnion: 0 0 0
Experian: 16 8 0
Equifax: 16 8 2
Starting Score: 672 TU, 669 EQ, 659 EX FAKO(10/3/11)