Recommendation on Cap One auto loan deficiency

[smetoyer]

I had an auto repossession from Capital One with a reported $12,735 deficiency balance.  I'd like to work something out with them, but after reading about the SOL and waking these guys up, I want to get some advice before I take any action.

The DOFD was 06/2008, and from what I'm reading that's when the California 4 year SOL clock starts.  Is that accurate?  Also, I don't exactly have the 13K laying around so I wouldn't be able to PIF and would have to set up some sort of monthly payment arrangement.  Anyone have any experience with Capital One's willingness to do this for a balance that high?

Would it be best to completely leave this alone and see I can hold out until the SOL?  It's no fun having that potential lawsuit hanging over my head, and I'd like to hear any suggestions.

Thanks in advance!

[llecs]

Welcome to the forums!

SOL does start ticking at DOFD, but I believe a payment can reset SOL in Cali. If you do enter into a payment arrangment, never be late because of that reset from a payment. I'm leary of CapOne. I know their auto and CC division are two different entities, but they love to sue for their CCs. I would take any steps necessary to agressively save now. If I had that, I would make the assumption they would sue me by 6/2012. If I didn't think I could save up the balance by year's end, I probably would call and work out a payment arrangment to buy some time and to delay or void out the possibility of a lawsuit. It's risky of course. BTW, get anything in writing per an agreement.