Should I dispute??????

[HisFirstLady]

I have a charge off on my credit for a car that was repossed in 2006.  It is scheduled to come off in August/September of this year.  The amount being charged is what the lender paid for my trade in... my question is can they do that? I thought I would have to pay the difference between what the car sold for and what I owed on the loan.  I feel like I am paying for a car that they have (the traded in one) should i dispute this or let it fall off of my records and not worry about it?

[cqdealer711]

you can always dispute items that are inaccurate.  The problem is, the amount doesnt really matter, the charge off does.  You can always call the OC and ask why they are reporting the "wrong" amount  .  Is it a paid Charge Off?

[llecs]

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@HisFirstLady wrote:

I have a charge off on my credit for a car that was repossed in 2006.  It is scheduled to come off in August/September of this year.  The amount being charged is what the lender paid for my trade in... my question is can they do that? I thought I would have to pay the difference between what the car sold for and what I owed on the loan.  I feel like I am paying for a car that they have (the traded in one) should i dispute this or let it fall off of my records and not worry about it?

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Yea, if repo'd, they can come after the difference between what you owe minus what they sold it for plus interest and certain fees. Is it possible the balance you owe now coincidentally matches the trade in amount? Mathmatically it can be possible.

[HisFirstLady]

I just find it strange that they are billing for the exact amount that was owed on my car down to the cent... I am assuming they sold the car for exactly what I paid for it....

[RobertEG]

I would write and ask them for a reconcilation of the debt after their disposal of the vehicle.

You could send them a direct dispute, asserting that the vehicle, as a used vehicle, did not have a market value at the price you paid for it, and thus their reporting appears incorrect, but I would first write and give them the opportunity to provide a proper accounting without need to make assumptions.

Your state law may require them to have done so at time of sale of the property......