Reposession drops off when?

[Dlyte]

Hi folks,

Reposession from American Honda Financial

Date Opened 9/2003

Date of last Activity 6/2007

Status as of 6/2008

$0 Balance

Account Paid for less than full balance

Paid Charge off

Does this drop if? if so which date do I go by?

[CAnNY]

As long as it simply shows as a collection it will fall off in 7-71/2 years from the date of first delinquency (DOFD).

[RobertEG]

They reported a charge-off.  A repo is also covered as a "similar action"  to a charge to profit or loss under section 605(a)(4).

The charge-off, reference to repo, and/or any reported third party collection reported on the debt would all become excluded no later than 7 years plus 180 days from the same DOFD on the OC account, which was presumably the date you miised your first payment on the loan, and it was thereafter not brought back into paid, good-standing before the charge-off/repo.