Consumer Auto Finance Repo Reporting as $0 on CR

olive_oyl · ‎01-20-2015

Back in 1/2010 Consumer Auto Finance repo'd my auto. The only communication I received after that was a notice of location of the car so I could remove any possessions still in it. I did not receive notice of public auction, private sale or the outcome of either two. I disputed in August of 2014 because it was showing that I owed $13, 547 still on the loan. I believed there was some profit from the sale or auction of my car but without any notice I couldn't prove it. Well, the balance was updated to $0 the following month but the account is still on my reports. Should I send letters to try and have it removed or should I just leave it alone? I am past SOL for a judgement (I think) and there is no balance reported so I don't think I'd be poking the beast. Has anyone had any experiences, good or bad, with Consumer Auto Finance?

gdale6 · ‎01-20-2015

@olive_oyl wrote:
Back in 1/2010 Consumer Auto Finance repo'd my auto. The only communication I received after that was a notice of location of the car so I could remove any possessions still in it. I did not receive notice of public auction, private sale or the outcome of either two. I disputed in August of 2014 because it was showing that I owed $13, 547 still on the loan. I believed there was some profit from the sale or auction of my car but without any notice I couldn't prove it. Well, the balance was updated to $0 the following month but the account is still on my reports. Should I send letters to try and have it removed or should I just leave it alone? I am past SOL for a judgement (I think) and there is no balance reported so I don't think I'd be poking the beast. Has anyone had any experiences, good or bad, with Consumer Auto Finance?

Your state SOL has nothing to do with the amount of time an item can report on your CRs. The FCRA sets it as 7.5 yrs from the DoFD of the account so if this occured in 2010 it can report till 2017-2018 depending on the month of the DoFD. Written Contract SOL would apply. You can try to get the TL removed with GW letters. Good luck

RobertEG · ‎01-20-2015

If they reported a $0 balance, that is their reporting to your file that they no longer own the debt.

There is apparently another party out there who nw owns it and will likely be reporting.

If/when they contact you, you can send them a debt validation request, including a request for itemization of the debt, and thus continue to pursue the issue of reconciliation of the debt after disposal of the vehicle.

They are not required to delete their piror reporting based on sale oar satisfaction of the debt.

You can pursue request for GW deletion, but it might now be kinda tough since they have taken a net loss, and will no longer receive any addtitional amount even if the debt i eventually paid.