@mannygirl wrote:
I originally bought a car in 06 for around $20k, in 08 I fell into hard times and was not able to pay. The creditor never reported my car. After a couple of months I noticed that the debt was charged off in Feb of 09. I have since not heard from them and to be honest, paid the car. I still have the car. Recently, they started pursuing the debt and have the car out for repossession. I need some advice on how to handle this situation. The car is in fairly good condition. The amount charged off was $10k. I was going to try to settle with the lender up to 50 percent. Is it worth trying to settle? Will the CO still stay on my credit report? Also, will my score drop further if I voluntarily surrender or let them repo the car?
If I were to settle what is the best way to go around this?
Thank
I'm guessing that's a typo?
A voluntary repo is the same FICO wise.
They did things a little backwards. First they should repo the car and if you caught up it would be returned to you, however, the repossession would still be on your report. If you couldn't, the debt would then be COd. It would report as a repossession on your report.
You can try to settle but I really doubt they would allow you to keep the car.
It's more than likely still within SOL and you could easily be sued for the remainder.
Even paid a CO remains on your CR.
What do you mean they have the car out for repossession?
