dealing with Wells Fargo

[Anonymous]

I had a repo back in 2008with wells fargo financial. I owed 16,000 vehicle was worth 13,000. as of today I have a CO from them for over 23,000 and they refresh it every month and its killing my fico score... any suggestions on how much I should offer them for a PFD... also anyone else have similar accounts with them and have any success getting the item removed???

[Shogun]

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@Anonymous wrote:

I had a repo back in 2008with wells fargo financial. I owed 16,000 vehicle was worth 13,000. as of today I have a CO from them for over 23,000 and they refresh it every month and its killing my fico score... any suggestions on how much I should offer them for a PFD... also anyone else have similar accounts with them and have any success getting the item removed???

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You say it was a repo and you owed 16000.  So the vehicle should have been sold and you would have been responsible for the remaining balance.  It doesn't matter how much it was worth, what matters is what it was sold for.   Now that it's over 23000, I would have to assume that they are holding you responsible for the entire amount owed, plus interest.  I would definitely fight that.  Are they actively collecting? What's the SOL of your state.  You need to be careful when poking the sleeping bear if it's within SOL.

[Anonymous]

they continue to refresh the tradeline on all three bureaus each month and the balance goes up each month.. they did send a settlement offer for $8,000 but I feel as if thats too much and not fair.. SOL is 7 years here...

[Anonymous]

try this::

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Repossession Dispute

Sometimes when your car is repossessed the original creditor sells the car for less than the amount remaining on your loan.  When this happens they can come after you for the balance, called the deficiency. This letter is for the purpose of disputing collection activities on a deficiency from a motor vehicle repossession.  It may be used AFTER 2 years from the date of the repo sale, providing there has been no filed claim for a judgment.  It should not be used if you have been sued, or if the repossession is less than 2 years ago.  The following site has all the state's repo laws listed:  http://www.nfa.org/Site_search.html

Send a copy to EACH of the parties (collection agency and original creditor) Certified Return Receipt Request.

Your Name

123 Your Street Address

Your City, ST 01234

Cheatem Collections 

123 **bleep**etaboutit Ave

Chicago, IL

Date

Name of Original Creditor

Address of OC

Name of Original Seller (car dealer)

Addess of OS

Re:  Acct # XXXX-XXXX-XXXX-XXXX (collection agency)

Re:  Acct # XXXX-XXXX-XXXX-XXXX (original creditor)

Make of car:

Model:

VIN#

To Whom It May Concern:

I am writing in regard to the above referenced accounts and transactions.

This vehicle was repossessed by <Original Creditor> in the State of <Your State> on or about, xx/xx/xxxx, and resold on or about xx/xx/xxxx.

Under the laws of the State of <State where car was repossessed> UCC § <Your stat’s UCC code, you will need to look this up> and State RISA and MVISA statutes a deficiency can not be claimed unless all of the required notices were properly and timely given, and all of the allowable redemption and cure time limits were adhered to.

Please provide copies of the legal notices and proof of the commercially reasonable manner of the resale of the subject vehicle.

If no such proof is provided within 14 days from receipt of this notice, the alleged claim of a deficiency will be considered null and void, and any continued collection activities, or continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA.

In addition, if you singularly or severally fail to comply with the above requests, I reserve the right to seek damages against all parties, under all available State and Federal statutes and UCC § 9 remedies .

Sincerely,

XXXX