cancel
Showing results for 
Search instead for 
Did you mean: 

car reposession in collection

tag
Anonymous
Not applicable

car reposession in collection

I'm trying to get some information about how to proceed with a reposession that happend in June 2010. The OC was Wachovia but now taken over by Wells Fargo Dealer Services. The car was sold at auction and amount left to pay off is about $1200.00 and we got this letter I think about the end of July. My boyfriend was suppose to pay it but never did. We got a call from the CA which is sentry credit they said that Wachovia hired them to take over the acct. At first they wanted $1500.00 but when I spoke with them they said they would take off the fees that accrued and only pay 1062.00 which they want by the next 2 months or else they will take my boyfriend to court. I asked about dealing with Wachovia but the guy from sentry credit said they probably won't deal with us because the account is with them now. I'm trying to find out how we should attempt this. My boyfriend has about $700.00 to pay now but we didn't know if to see if they would settle or pay it all and see if it's possible for a PFD. I also pulled the credit and it only shows Wachovia reporting as account charged off $1307.00 written off $1317.00 past due as of Aug. 2010. It also show's it will be on the credit until Oct. 2016 if that helps. This is the account history:

Charge Off as of Aug 2010, Jul 2010
Repossession as of Jun 2010
60 days past due as of May 2010
30 days past due as of Jan 2010 to Apr 2010

Should we just deal with sentry credit or contact Wachovia (now Wells Fargo), and see what they will do settle or see if possible to PFD. I'm just not sure which way to go since it is still withing SOL. Please help. Thank you.

Message 1 of 3
2 REPLIES 2
Anonymous
Not applicable

Re: car reposession in collection


@Anonymous wrote:

I'm trying to get some information about how to proceed with a reposession that happend in June 2010. The OC was Wachovia but now taken over by Wells Fargo Dealer Services. The car was sold at auction and amount left to pay off is about $1200.00 and we got this letter I think about the end of July. My boyfriend was suppose to pay it but never did. We got a call from the CA which is sentry credit they said that Wachovia hired them to take over the acct. At first they wanted $1500.00 but when I spoke with them they said they would take off the fees that accrued and only pay 1062.00 which they want by the next 2 months or else they will take my boyfriend to court. I asked about dealing with Wachovia but the guy from sentry credit said they probably won't deal with us because the account is with them now. I'm trying to find out how we should attempt this. My boyfriend has about $700.00 to pay now but we didn't know if to see if they would settle or pay it all and see if it's possible for a PFD. I also pulled the credit and it only shows Wachovia reporting as account charged off $1307.00 written off $1317.00 past due as of Aug. 2010. It also show's it will be on the credit until Oct. 2016 if that helps. This is the account history:

Charge Off as of Aug 2010, Jul 2010
Repossession as of Jun 2010
60 days past due as of May 2010
30 days past due as of Jan 2010 to Apr 2010

Should we just deal with sentry credit or contact Wachovia (now Wells Fargo), and see what they will do settle or see if possible to PFD. I'm just not sure which way to go since it is still withing SOL. Please help. Thank you.


A lot depends on Wachovia's contract with the CA. 

 

I'd see no harm in trying to aproach the OC and try to negotiate a settlement.  Besides, if your goal is a PFD that only the creditor who is reporting can help you.  If the OC refuses, then you might be stuck dealing with the CA.  I'm not sure what they could do in terms of PFD, but at least you can get the CA not to report also. 

 

One thing is certain, however, in that if they have indicated the possibility of legal action I would not ignore the situation.   

Message 2 of 3
RobertEG
Legendary Contributor

Re: car reposession in collection

I am really unsure what the OC meant by saying the account is "with them now."  Unless they sold the debt, of course their account, along with the debt always was always "with them", regardless of whether they hired collection help from a CA.  As O6 has said, it depends upon whether the OC has terminated their prior contract with the CA.

YOu can call the CA and find out.

It looks like the OC has reported four derogs to your CR, namely the two monthly ;lates, the CO and the repo.Paying a CA, even with a PFD, wont secure any deletion of these OC derogs from your CR.  But the CA has not yet even reported.

My inclination would try to get a PFD from the OC, but that will probably require a PIF.

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.