Rebuilding Your Credit

[radiodesignguy]

As it states, I gotta get this off my report. Not sure what to do. I've disputed it with all 3 CB's, and nothing. It still shows as a repo, they report EVERY month, and has a $38,888 balance owing. This was for a lease. It also shows past due $38,888 and it's killing my report. It started reporting 5/2005 and is still there. I've disputed by phone, mail, and the internet all with no help. BMW has never tried to sue me, never sent it to a collection agency, and has not contacted me since the car was picked up. I also lived in a different state back then. I use to live in MI (when I had the car and it was repossessed) and now I live in GA. My current address is on my reports and I've lived in GA for 2 years now. Any ideas on how to get this off my report? The ONE time I talked to them, they said if I paid the entire past due balance of $38,888 they will delete it off my report. Yeah, like that's gonna happen. The $38,888 is the difference from what I owed to what they sold the car for at auction. They sold a car I paid $114,000.00 for for $70K. What happened? I "had" a 785 FICO, lost my job, it all went down hill from there. Now my FICO is still in the low 500's with 2 secure cards one year old both with $10K limits. I just can't get my score past 534 for some reason. No inquiries either. I guess I'm just a victim of the "death of the auto workers." I USE to work for GM. Got laid off and boom. Help?

[EDub357]

Your situation is dreadful.  I had a repo 3 years ago.  I constantly disputed with the CRA and EQ finally saw the light of day.  On what grounds are you disputing the account? 

[radiodesignguy]

Well, it says it's charged off. They however show it past due the full balance. It shows as:
Account Name: BMW FINANCIAL SERVICES
Account Number: 400054XXXX
Acct Type: Lease
Acct Status: Closed
Monthly Payment: $2,208.00
Date Open: 5/1/2005
Balance: $38,888.00
Terms: 36 Months
High Balance: $114,791.00
Limit:
Past Due: $38,888.00
Payment Status: Repossession/Charge-off
Comments:

That's copied from Experian, but it shows up the same on all CB's. How can I be past due $38,888 first off when my payment was $2,200? I think that's the part that's killing my report. Funny thing is, I was originally willing to pay the difference when it went to auction . I estimated I'd lose $4-$5K and just have to pay it to save my credit. But, when they sold the car for almost $40K LESS than I owed, and $30K LESS than it was worth, they are nuts. They literally gave away that car at auction. It was 1 year old with 6K miles on it. In case your wondering, it was a 2007 BMW 760LI.

Message Edited by radiodesignguy on 06-01-2008 08:20 PM

[tiff]

I'm experiencing the same thing with BMW Financial Services.  The only difference is I paid them and they never updated by report.  It's still listed as a BAD/Debt Chargeoff with EQ and TU. 

I am in a heated fight with them, i'm thinking about taking them to small claim court. 

[radiodesignguy]

Good luck. I have NEVER heard a thing from them since they picked up the car. I honestly called them and TOLD THEM to come pick it up. Once I hit 30 late, I called them and said "yeah I wasn't kidding." I told the rep. I lost my job (in the auto industry) because of nation wide lay off's. Not like I was lying since 10K others lost their jobs. Had I not lost my job, I would have had no problem paying for the car. I was single, no bills, $700 a month in rent, and making $120K a year. Didn't do anything but work. So, I could afford this car. I got the lay off notice and first thing that came to mind was "there goes the car."

[radiodesignguy]

The other issue is they STILL report this EVERY month. They have never missed a month reporting. I've disputed like I said, and when disputing with Experian by phone I get the "they have reported every month, you have disputed in the past, and we've confirmed it several times." I tried by mail, and Experian won't let me dispute it online. I get transferred to some special services dept. there. I've literally disputed this thing by mail every month for 5 months and every time it comes back "verified" or "previously verified" and I have tried all the different letters found on this forum.

[Wonderin]

---

radiodesignguy wrote:
Well, it says it's charged off. They however show it past due the full balance. It shows as:
Account Name: BMW FINANCIAL SERVICES
Account Number: 400054XXXX
Acct Type: Lease
Acct Status: Closed
Monthly Payment: $2,208.00
Date Open: 5/1/2005
Balance: $38,888.00
Terms: 36 Months
High Balance: $114,791.00
Limit:
Past Due: $38,888.00
Payment Status: Repossession/Charge-off
Comments:

That's copied from Experian, but it shows up the same on all CB's. How can I be past due $38,888 first off when my payment was $2,200? I think that's the part that's killing my report. Funny thing is, I was originally willing to pay the difference when it went to auction . I estimated I'd lose $4-$5K and just have to pay it to save my credit. But, when they sold the car for almost $40K LESS than I owed, and $30K LESS than it was worth, they are nuts. They literally gave away that car at auction. It was 1 year old with 6K miles on it. In case your wondering, it was a 2007 BMW 760LI.

Message Edited by radiodesignguy on 06-01-2008 08:20 PM

---

The $38,800 IS your past due -- you never paid it! It's the amount left owed after the car went to auction!

As for their selling it for less than the actual value, they have every right to do that. It's not fair ... but it nets them their money as opposed to offering the car at BB value and having no one buy it, then having to try to sell it again.

I mean, which would YOU rather? Sell something for a portion of it's value and have a guaranteed sale and the money in your pocket ASAP? Or wait and try to sell it several times -- with no guarantee of getting what you're asking??

[Wonderin]

---

radiodesignguy wrote:
The other issue is they STILL report this EVERY month. They have never missed a month reporting. I've disputed like I said, and when disputing with Experian by phone I get the "they have reported every month, you have disputed in the past, and we've confirmed it several times." I tried by mail, and Experian won't let me dispute it online. I get transferred to some special services dept. there. I've literally disputed this thing by mail every month for 5 months and every time it comes back "verified" or "previously verified" and I have tried all the different letters found on this forum.

---

What exactly are you trying to dispute? What aspect of the information being reported is incorrect?

From what I can see and what you've said, the amount ($38K) IS correct.

They are not obligated to get top dollar, nor are they required to sue you for the balance (though they might).

[BungalowMo]

---

tiff wrote:

I'm experiencing the same thing with BMW Financial Services.  The only difference is I paid them and they never updated by report.  It's still listed as a BAD/Debt Chargeoff with EQ and TU. 

I am in a heated fight with them, i'm thinking about taking them to small claim court. 

---

Welcome to the CO club.  I am guessing this debt went into default, but you actually paid them off before it had been sent to collections.  Don't take them to court...you'll lose!  Go for the honey approach... you catch more flies with honey than vinegar.

That is the perfectly legal way for it to be listed.  My Cap One c/o looks the same. 

My balance says $ 0., they list it as a bad debt/chargeoff, & also states paid in full.  I'm GWing them in hopes they will remove the neg TL, but they certainly don't have to.  I'd paid it up in DEC 04 so I'm hoping enough time has passed & they're willing to give me a break.

Don't get aggressive with them...they have MUCH better lawyers & know the ins & outs of financial default...trust me.

[BungalowMo]

Hey radio....you from Flint?