I had an auto loan before from a credit union and I lost my job back in 2010 and couldnt pay the auto loan anymore. I didn't have any sort of auto loan insurance to help me with losing a job or diasbility or anything. I just got a call from I believe an attorney's office and they asked me what my intentions are with this and I told them I don't have an answer at this moment I need to find out exactly what this is about and if this is even ok to pay as when I spoke with the credit union they told me they would close it and take care of it. Come to find out that they sold the vehicle at an auction after my voluntary repo and didn't get enough and my credit report I got last year shows a 5657 balance and now they say interest accrued and I owe 7900! What can I do? What are my options? I'm all for helping my credit can I request for them to set up payments with me but to change the status of this account? What happens if I don't pay it? (pissed off the credit union told me not to worry they'll close the loan and take care of it)
| COMPANY | SF Fcu | SF Fcu | SF Fed Cr U | |||||||||||||||||
| LOAN TYPE | Vehicle Loan | Vehicle Loan | Vehicle Loan | |||||||||||||||||
| ACCOUNT NUMBER | XXXXX4900 | XXXXX4900 | 7293XXXXX | |||||||||||||||||
| ACCOUNT HOLDER | Individual | Individual Account | Individual | |||||||||||||||||
| DATE OPENED | Jul, 2009 | Jul, 2009 | Jul, 2009 | |||||||||||||||||
Status
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:-(
First thing you want to do is to find out the DoFD this is a key date in states SOL, you also want to check your states UCC Code to see if it has any laws on auto repos and time periods for a creditor to use the courts to get a successful judgment. An auto loan is considered a written contract for SOL purposes. If this is outside the SOL you can just ignore or offer a percentage to settle. If its still inside the SOL you might want to consider a higher percentage settlement to put it to bed. The status is always going to be a CO, when settled it typically says paid was a CO or settled for less than full balance was a CO.
In addition to what gdale6 laready said,, if they call you again, do not admit to anything until you find out the DOFD and SOL, you can always say call me at another time or I will call you back.
Many debt collectors call and try to make it sound like they are an attorney's office, they will say things like this is John from the "Legal Office",, or we are planning to take "Legal Action",, I came to find out that "Legal action" could mean anything that is not illegal, having a cup of coffee is legal action 
So I guess in California a written contract like this is 4 years from breach of contract but I'm confused is it 4 years from the first time I show 30 days late or is it 4 years from the last time I show 30 days late? I'm in need of help. When they called and talked to me I didn't know what to say I told them that the credit union said everything was close and I need to talk to the credit union to see if this is even correct, I told them I would call them back.
Which is true they did tell me that it was my very first auto repo didn't know what was going on I called them told them I couldnt pay because I lost my job they asked me to pick it up and so I told them yeah gave them address handed them keys. They said they would sell it and close my loan. Many years later started looking into this "credit stuff" found out there was a balance they never billed me for the rest or did anything! Just left it hoping it was an error and tried disputing it with the credit bureau and nothing until this call.
Credit report from myfico shows
| LATE 30 DAYS | 1 time (Oct 2011) | 0 times | 2 times (Oct 2011, May 2011) |
| LATE 60 DAYS | 0 times | 0 times | 1 time (Nov 2011) |
| LATE 90 PLUS DAYS | 1 time (Nov 2011) | 0 times | 1 time (Dec 2011) |
First time contract was broken seems to me was May 2011 but the last reported late was the 90 days Dec 2011. Does anyone know more info on this?
Thank you. So how does one deal with this situation? I don't want to end up saying the wrong thing!