Hello!
I'm going through my annual report today and I'm noticing something in regards to a Carmax Reposession I had in 2011. The original amount was $11,873 and $9,663 was charged off. I have been paying monthly $150-$190 to a collections company and will be done by the end of the year. However Experian is reporting the balance as $0 and it's been $0 since December 2014. If its reporting as 0 why am still making payments? Any thoughts of why its reporting as that and what my next steps should be? This will be on my records until 02/2018.
Thank you!
Starting Score: 568
@w87 wrote:Hello!
I'm going through my annual report today and I'm noticing something in regards to a Carmax Reposession I had in 2011. The original amount was $11,873 and $9,663 was charged off. I have been paying monthly $150-$190 to a collections company and will be done by the end of the year. However Experian is reporting the balance as $0 and it's been $0 since December 2014. If its reporting as 0 why am still making payments? Any thoughts of why its reporting as that and what my next steps should be? This will be on my records until 02/2018.
Thank you!
Most likely they sold the account to the collector. If so your payments are going into the coffers of the CA. I would check the other reports to confirm they are at 0 as well and look for comments sold/xferred to another lender to confirm this. You would need to write GW letters to the OC asking that the TL be removed.
Thank you! Should I continue to pay the CA since it's not doing anything to my credit?
Question I have towards this, OP, is:
Did you find out how much the repo was resold for, and was that amount subtracted from the 9k+ that you listed. I'm assuming you paid the 11k to 9k before losing control of the loan.
Yea it was resold for around $6k. I have about 1k left.
In agreeing to pay the CA it will most likely reset the SOL when you default again, you can look up your states law on this. What this means is they could sue you in court for the balance owed, it could also lead to their TL being reported on top of the CO from the OC. Its something that you have to decide, Im just giving you what could happen if you cease making payments to them.
Understandable. I don't mind paying, but I'd like to know how it can benefit my credit since it's not reflecting that I'm making monthly payments. I'll try to do a good will letter to Carmax.