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New Member
Posts: 2
Registered: ‎08-05-2007
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Car collection...

Account Number:   
Acct Type: Installment Installment account 
Acct Status:  Closed 
Monthly Payment: $498.00 $498.00 
Date Open: 2/1/2007 2/9/2007 
Balance: $0.00 $0.00 
Terms:  72 Months 
High Balance: $10,940.00 $26,823.00 
Past Due:  $0.00 
Payment Status: Bad debt & placed for collection & skip Charged off as bad debt 
Profit and loss writeoff
 24-Month Payment History 


Above is a screenshot of what I pulled directly from my credit report as of today. I had a auto loan through Citifinancial Auto back in '07 and rarely ever made my payment on time. The history with this account has been terrible. The account has now been charged off and transferred, to what I believe to be, another collection agency. Either way, I totaled this vehicle about a year and a half ago and never made any more payments on the account. I didn't have gap coverage so when I totaled it there was not enough value left in the vehicle to pay the account to a zero balance. Right now, I believe the balance is somewhere in the ballpark of 12-13k. Should I be paying on this account? Should I wait for it to fall off of my credit report? Need some serious guidance on this one!!! Thanks to all!!! Oh yea, one last question: Should CitiFinancial auto (screenshot above) be removed from my credit report since CitiFinancial Auto has charged off the account and now Santander Consumer USA has the account and is reporting info to the credit bureau.


Thanks, Jonathan


Sorry if the formatting comes through unreadable.

New Member
Posts: 2
Registered: ‎08-05-2007
0 Kudos

Re: Car collection...

Wow, was my question really that bad? I was only looking for 3-4 responses. Didn't expect no responses. Woo-hoo!!!

Community Leader
Epic Contributor
Posts: 29,715
Registered: ‎03-19-2007
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Re: Car collection...

[ Edited ]

You have two unrelated concerns.  ONe is credit reporting and the other is potential legal action.


As for credit reporting, it looks like you will have a long wait for any CR deletions.

Your CR shows monthly derogs for each month from 7/2008 - 1/2009, which will each begin to drop separately from your CR from 7/2015 - 1/2016.

I would also presume that you were 30-days late in 6/2008, and will also presume that is the DOFD on the OC account.

The OC has done a charge-off.  That charge-off will remain for up to 7 1/2 years from the DOFD on the OC account, which would presumably be until after 12/2015.

If a CA is additionally posted to your CR, it would have the same 12/2015 drop off date as the charge off.

If a CA has not yet posted, I see nothing to prevent it.

So you may be waiting for up to 10 derogs to fall from your CR, with none falling until after 7/2015.


As for the threat of possible legal action, the debt admittedly remains unpaid.  It appears that the OC sold the debt to a debt collector.  But regardless, whoever now owns the debt can bring legal action to secure its collection.  If they do bring legal action, you must defend yourself in court.  One affirmative defense is to prove to the court that the statute of limitations (SOL) for the debt has expired.  That burden is yours to show.  That requries that you know the statute of limitations for installment debt in your state.  Are you familiar with yur state SOL statute as it relates to unpaid debt?


The debt is not small, which substantially raises the chances of legal action.  I dont think just waiting for credit report deletion would be a prudent risk.


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