Reposession settlement

[lpayton]

Among the many awful things plaguing my credit, a 3 year old reposession of my vehicle is one.  The balance owed now is $4,000.  I called today, and spoke with an incredibly nice woman from the loan company.  She offered to completely DELETE the entire account...with a settlement of $2500.  I am sending them the money ASAP.  I just wanted to share with everyone, because I know fighting the good fight with these bill collectors can be so daunting, frustrating, and at times feels hopeless.  Sometimes though, when you have a small victory it reminds you of your goal and why all the time spent is worthwhile.  The reward is financial freedom, home ownership, and increased self pride (those are my personal reasons for setting out on this journey, yours may differ). 

My point is, don't give up.  A simple phone call goes a long way if you get the right person on the other end of the phone who is willing to help.  I will not stop until I am signing mortgage documents for my own home.  I have paid in the $100,000's on rent over  the last 10 years, and it ends in 2011!!!!!!!!!!!!!!!!

[Anonymous]

Before you send any payment, get it in writing that it will be deleted from your credit report.  You don't want to pay them and not have them follow up on their word.  CSRs will often tell you what you want to hear to get paid and once they get their money and don't delete the TL, your out of luck.

[lpayton]

I am sorry, that should say REPOSSESSION! Not reposession..yeesh my spelling is a nightmare.

Yes, I will most DEFINITELY get it in writing!!!!!!!!!!!! 

[Anomalous]

A couple years ago I lost my job, got behind in bills and had my vehicle Repossessed but was able to borrow the money from my parents to acquire my vehicle back. Since then I have been making my payments on time. However, I currently have a Redeemed-Repossession on my report. I'm wondering if I can make a similar phone call or a GW letter to have that negative remark removed from my report. I only have another year left until it's paid in full.

I'm glad you shared this information. This is something I'm going to look into myself. Congrats!

[rckstrscott]

1000000000 percent get it in writing. I did the same thing, and it was listed as paid in full for three years.

Then Santander bought Citi's entire portfolio, and low and behold, now it shows as settled less than full amount and is not derogatory.

I had to fight with Santander for a year on it, but I had it in writing on Citi letterhead that it would listed as paid in full/closed and I think I won, they said they are making the coding change to indicate it is paid in full -- this was on June 21st, so I am just playing the waiting game now..

GET IT IN WRITING!

-scott