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repo question

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shamekapta
Established Member

repo question

i have a repo on my cr that first reported in june of 2004,but they last reported in may of 2008.my question is when will this baddie fall off?i'm thinking june of 2011.doesnt it go back to the day the item was first reported?

Starting Score: 511 tu,466eq
Current Score: 511,466
Goal Score:700
Message 1 of 6
5 REPLIES 5
britishbooklady
Regular Contributor

Re: repo question


@shamekapta wrote:

i have a repo on my cr that first reported in june of 2004,but they last reported in may of 2008.my question is when will this baddie fall off?i'm thinking june of 2011.doesnt it go back to the day the item was first reported?


Is this the date that you initially purchased the vehicle? 

 

What you want to look at is the DOFD. The date that you first missed a payment and never caught back up...essentially leading to the repo. That's the date that you would begin counting from (7.5 years).


Starting Score: EX: 661, EQ: 662, TU: 694 [Lender Pull 12/30/2010]
Current Score: EX: 665, EQ: 680, TU: 710
Goal Score: EX: 750+, EQ: 750+, TU: 750+

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Message 2 of 6
shamekapta
Established Member

Re: repo question

yeah the date they have on my report is june 2004 so willl it fall off in june 2011, i never missed payments i lost my job and couldnt afford the payments anymore..it was a voluntary repo i never was behind its listed as12k owed on my cr,as of 2008..

Starting Score: 511 tu,466eq
Current Score: 511,466
Goal Score:700
Message 3 of 6
britishbooklady
Regular Contributor

Re: repo question


@shamekapta wrote:

yeah the date they have on my report is june 2004 so willl it fall off in june 2011, i never missed payments i lost my job and couldnt afford the payments anymore..it was a voluntary repo i never was behind its listed as12k owed on my cr,as of 2008..


Ok, so instead of the DOFD, you would go by the date that you voluntarily gave the vehicle up. When was it repo'ed...in 2004 or 2008?


Starting Score: EX: 661, EQ: 662, TU: 694 [Lender Pull 12/30/2010]
Current Score: EX: 665, EQ: 680, TU: 710
Goal Score: EX: 750+, EQ: 750+, TU: 750+

Take the FICO Fitness Challenge for 2011
Message 4 of 6
Anonymous
Not applicable

Re: repo question


@britishbooklady wrote:

@shamekapta wrote:

yeah the date they have on my report is june 2004 so willl it fall off in june 2011, i never missed payments i lost my job and couldnt afford the payments anymore..it was a voluntary repo i never was behind its listed as12k owed on my cr,as of 2008..


Ok, so instead of the DOFD, you would go by the date that you voluntarily gave the vehicle up. When was it repo'ed...in 2004 or 2008?


Not necessarily.

 

If there was an acceleration clause in the loan contract, any reporting period may be delayed until the lender decides if and when to accelerate the note.

 

It may also start to run from the date a deficiency was established if the lender sold the car and received less than the amount outstanding on the loan.

Message 5 of 6
shamekapta
Established Member

Re: repo question

in 2004

Starting Score: 511 tu,466eq
Current Score: 511,466
Goal Score:700
Message 6 of 6
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