Repo Question: If the original auto lender is closed

[Melanie220]

Who do I pay??? My mom had a repo in 2009. Last updated info on the acct is 1/2010. The original lender Nuvell has closed? No one has contacted me about the remaining balance of $3800.00 since late 2009. What should I do?!!

[guiness56]

Did they sell the debt?  Do they have a still existing corporate office?

[Melanie220]

No one but Nuvell is listed on the Credit Report. The account has not been updated to reflect that the balance after the car was sold at auction. We received a letter in late 09 saying that the vehicle was sold for 6500 and remaining balance owed $3500. The original loan amount was 15,622 remaining balance as of 1/2010 $9826.00. This company was a total ripoff! We bought the car for $14,900 and put $2500 down. Made 26 payments at $374 totaling about $9700. How the heck did we still owe almost $10,000. I guess that's what happens when your desperate for an auto loan I believe the interest was about 27%

[Melanie220]

When I do a search for Nuvell online it redirects to Ally??? We've never been contacted by Ally though??

[guiness56]

If it is outside your states suing SOL I would contact Ally and see if they can even find the account and if so ask to settle for a deletion.

[Melanie220]

Okay, do I just do a google search for SOL in IlL?

[Melanie220]

I can not find a clear answer on my state (IL) SOL on repos can anyone tell me where to look??

[guiness56]

10 years for an auto loan.

[Melanie220]

Oh, guess I better leave that one alone until I have the $$ to offer a settlement! Thanks Guiness!