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Established Member
bkneveragain
Posts: 18
Registered: ‎03-29-2010

Repo Help.....

Trying to clean/fix my credit and I'm having a hard time with one creditor. Here's the story: I had a vehicle financed with American Credit Acceptance/ First Investors in 8/08. According to all 3 CRA's the loan was then sold to American Credit Acceptance . The reports say "transferred,closed" on the original loan. I lost my job in 09/10 and the car was repo'd in December of '10. The second American Credit Acceptance listed now says "Account charged off, $$$$ written off". About two months ago I get a letter from Frontline Asset Strategies stating that they are attempting to collect the balance. I contacted American Credit Acceptance and they said that they have sold the loan to F.A.S. However F.A.S. is not reporting on any of my credit reports. I've already sent a DV letter to F.A.S. and I have yet to hear back from them......33 days now.  My question is how do I proceed with ACA? Is there any options to get them off my credit since they have washed their hands of the loan? I'm open to any feedback anyone can provide me. 

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Repo Help.....

[ Edited ]

If they purchased the debt from the OC, then it becomes a receivable asset to them for which they do a charge-off.  So I see nothing per se improper in a debt collector reporting a charge-off.

 

Your post indicates that ACA sold the debt to FAS, so you cant offer a PFD to them.

The next best thing might be to make a modified PFD-type offer to FAS, offering to pay in exchange for their not reporting.

Of course, that would only leave GW offers as the path to getting CR deletion from ACA.

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011

Re: Repo Help.....


bkneveragain wrote:

Trying to clean/fix my credit and I'm having a hard time with one creditor. Here's the story: I had a vehicle financed with American Credit Acceptance/ First Investors in 8/08. According to all 3 CRA's the loan was then sold to American Credit Acceptance . The reports say "transferred,closed" on the original loan. I lost my job in 09/10 and the car was repo'd in December of '10. The second American Credit Acceptance listed now says "Account charged off, $$$$ written off". About two months ago I get a letter from Frontline Asset Strategies stating that they are attempting to collect the balance. I contacted American Credit Acceptance and they said that they have sold the loan to F.A.S. However F.A.S. is not reporting on any of my credit reports. I've already sent a DV letter to F.A.S. and I have yet to hear back from them......33 days now.  My question is how do I proceed with ACA? Is there any options to get them off my credit since they have washed their hands of the loan? I'm open to any feedback anyone can provide me. 


I won't say this is impossible, because I was able to GW a repo tradeline away (probably blind luck) -- but it took a lot of effort and time... and it was already paid to the OC... yours has been charged off by the OC and sold to collections.. the OC is going to be a pain in the butt to work with.. 

 

You did the right thing by responding to the dunning with a DV..  correct me if I am wrong RobertEG, but they will not be able to list this on your credit report or try to collect on this until they validate this debt correct?

 

Either way, it will probably be validated at some point. It is a new account, you know it is legit. You need to decide how you want to handle the actual debt. It's new, so they could sue you. You could wait it out and roll the dice, but with an account repoed in 2010, they have several years before it is outside the SOL more than likely, no matter what state you live in.

 

If they sue you, you are looking at THREE trade lines for this one account. The OC tradeline as a repo/charge off, the collection account, and the public record for the judgment. If you work with the CA, maybe arrange a payment plan, you could avoid is being added as a collection account, you could avoid the public record listing if they sue you, and POTENTIALLY GW the OC after you have paid or making payments, and they might be more understanding. Although they are out the money they lost from it, even in retrospect making good on a past obligation shines you in a better light to the OC

 

just my two cents..

 

-scott

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