Repo advice

[Anonymous]

So, I wanted to get the full understanding of this repo. This is how it reports:

 date opened 1/24/08

balance $3,019

amt past due $3,019

date of last pymt 9/2010

dofd 7/2010

but for the history is this:

9/2008 & 10/2008 - 30-59 days late

11/2008                   60-89 days past due

6/2009 - 8/2010 -    30-59 days past due

11/2010 - 9/2014     reposession

if going by the dofd, wouldn't that be 9/2008? Therefore 7 years would be 2015 right? please chime in.

[Anonymous]

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@Anonymous wrote:

So, I wanted to get the full understanding of this repo. This is how it reports:

 date opened 1/24/08

balance $3,019

amt past due $3,019

date of last pymt 9/2010

dofd 7/2010

but for the history is this:

9/2008 & 10/2008 - 30-59 days late

11/2008                   60-89 days past due

6/2009 - 8/2010 -    30-59 days past due

11/2010 - 9/2014     reposession

if going by the dofd, wouldn't that be 9/2008? Therefore 7 years would be 2015 right? please chime in.

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No, that is incorrect. The account, from this information, was apparently brought back into good standing from 12/2008 to 5/2009. The period I would question though, is from 6/2009 to 6/2010 - more specifically, was the account up to date 6/2010?

[dapps06]

I'm in a similar situation, not exactly the same but close.

In October of 2009 I missed a payment on my auto loan and I never recovered. I was able to continue making monthly payments, but I didn't have the money to ever make up for the extra payment I missed in October. In July of 2010 the car was sold. On my credit report it shows the drop off date as 7/2017. Even though my dofd was nine months earlier in October, I was told that once the car was sold in July the account was brought current and that's why the drop off date started in July 2010 instead of October 2009.

I'm thinking something along those lines is happening to you as well. When the car was repo'd it might be considered as a type of payment since the company can now sell the car again. I sold my car on my own, so we differ there, but it might be the same end result.

[RobertEG]

That would be directly contrary to the statutory definition of DOFD:

"FCRA 605(c)  Running of Reporting Period

(1) In general.  The 7-year period referred to in paragraph (4) and (5) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is ealier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action."

The commencement of delinquency is when it became delinquent in the current chain of delinquency, and that that delinquency must have preceded the action similar to the charge to profit and loss.  The date the debt was ultimately satisfied does not precede the date of the action (repo) that was the action similar to a charge to profit and loss.

Thus, to assert that the DOFD is the date of eventual satisfaction is directly contrary to statute.

DOFD must be a date prior to the date of collection activity, charge-off, or similar action, and must be the date when the most recent delinquency status began.

[Anonymous]

Thanks everyone. What also has me puzzled is the stats stated below.

Status − Repossession; Type of Account − Installment; Type of Loan − Installment Sales Contract; Whose Account − Individual Account; ADDITIONAL INFORMATION − Involuntary Repossession; Fixed Rate;

There is no Creditor Classification (chargeoff, open, nothing).

How should i proceed with this? Dispute with cra for incorrect info because of how they are reporting lates, etc.? Offer a pfd for about 15% ($453)? I'm a little lost at the moment and this credit report cleanup gets overwelming sometimes.

[Lemmus]

...is the balance due reflecting the amount due prior to reposession or the balance after credit was applied for whatever the creditor recovered from the reposession?

[Anonymous]

i'm assuming this is the balance due after credit was applied. They updated it again last month with the same amount of $3019.

[Lemmus]

...never assume anything when $ is at stake ...you might want to look into "validation" letters here in the forum with the intent to make them prove the debt is valid for the amount stated ...you'll need a legal eye to ensure its worded correctly but the hope is that the CA won't be able to do so ...hth

[RobertEG]

There is no debt collector for which debt validation can be requested.

[Anonymous]

This is still owned by the OC. There isn't a CA. should this still need validation?