steps to rebuilding credit w auto repo

[ymmv]

Hey Everyone,

My credit journey is nearly complete and I'm now in the process of helping my gf. After a year of haggling, last week I pulled her credit report.

Very bad. She had car repo'd ~~ 2 1/2 years ago because she was in over her head in payments. She couldn't keep up. This figure is roughly $8,000.

Bad but fixable. She's had 3 credit cards that were charged off ( 250/250/500 ish). Never settled in any amount, never paid.

Sorta bad. She has no active cc's except for mine which she is currently an AU of. She never charges anything on them so I'm not worried. Given the baddies above though, I don't think I'm helping her much. Right?

Now following what I did I would pay off those 3 cc's in full and probably negotiate a deletion of the tradelines. What I don't know what to do is the repo. That's not a figure we can both pay off. (She doesn't even have the freaking car anymore) What's the best way to approach this aside from waiting it out? I don't think BK is an option though she has mentioned it jokingly. Also the cc's have sent letters to my house regarding her debt. I am hesistant to do anything that may wake up that 8k tiger.

ymmv

[RobertEG]

Has the creditor updated the amount due to reflect their sale of the vehilcle after the repo, and thus offset of a portion of their loss?

[Erika3o3]

I am watching this post. I to have a car that was repo'd in 08.  *Stalking*

[ymmv]

Yes. Afaik. The car was taken involuntary. She was late and in default. The car was aunctioned and sold. The difference is what is reported on two credit reports.

[ymmv]

*bump*

[Erika3o3]

*bump*

[ggcowens]

I would like to know the advice on this one to.... I have a voluntary repo from July 07. But it's paid in full showing on two bureaus Ex and TU.

[cookiebird]

I have a repo from 08 and I have just been ignoring and working around it. I have read alittle bit about the defiency balance and how you can fight it I just haven't wanted to tackle that yet.  Part of what i read states that when they sell the vehicle after repo they have to sell it for a fair amount. The question is what is considered fair and reasonable. My vehicle was only a year old, had less than 20,000 miles and they sold it for $2000.  No damages or anything so someone got a really, really good deal and I am left with a balance of $12,865. 

[Shokk]

---

@cookiebird wrote:

I have a repo from 08 and I have just been ignoring and working around it. I have read alittle bit about the defiency balance and how you can fight it I just haven't wanted to tackle that yet.  Part of what i read states that when they sell the vehicle after repo they have to sell it for a fair amount. The question is what is considered fair and reasonable. My vehicle was only a year old, had less than 20,000 miles and they sold it for $2000.  No damages or anything so someone got a really, really good deal and I am left with a balance of $12,865. 

---

I don't think anyone would think $2000 for a year old car was fair or reasonable.  Have you contacted the OC?  Maybe someone input the numbers backwards.  I had my truck repo'd a little over 3 years ago when the market was in the tank.  Not to mention it was a lease.  I was still only left with a balance of $2600.

Sounds a bit suspicious to me.  I'd definitely call someone to find out what happened.  Or maybe an attorney.

[guiness56]

---

@cookiebird wrote:

I have a repo from 08 and I have just been ignoring and working around it. I have read alittle bit about the defiency balance and how you can fight it I just haven't wanted to tackle that yet.  Part of what i read states that when they sell the vehicle after repo they have to sell it for a fair amount. The question is what is considered fair and reasonable. My vehicle was only a year old, had less than 20,000 miles and they sold it for $2000.  No damages or anything so someone got a really, really good deal and I am left with a balance of $12,865. 

---

What state are you in?