topic Re: Offered Capital One Auto Settlement - They denied it!!! in General Credit Topics

Offered Capital One Auto Settlement - They denied it!!!

Anonymous — Tue, 03 Jun 2008 21:25:19 GMT

Hello All,

I currenty have an outstanding total balance of $7500 on a totaled car financed through COAF. $6000 is principal balance and the other $1500 is interest. They offered to settle for 75% ($5625) of the balance, which is too much for me to afford, they knocked it down to 60%($4500), which is still too much. I offered them $3K to settle the account, but they denied it saying that was too low of an offer.

I would like to send them a letter stating what my offer is so that I have some documentation and show some good faith on my end. Is there a letter on here that is good for that?

Thanks for any all help.....

Re: Offered Capital One Auto Settlement - They denied it!!!

Anonymous — Tue, 03 Jun 2008 21:50:21 GMT

Unfortunately, showing good faith is irrelevant when it comes to credit scoring. I'm not trying to throw cold water onto your earnest efforts, but you're trying to do something for which the system will give you no reward.

Are you in or out of SOL on that debt?

Re: Offered Capital One Auto Settlement - They denied it!!!

Anonymous — Tue, 03 Jun 2008 22:06:30 GMT

New World Man,

Thanks for your response. I know that it will not help credit score wise or even my credit report. I just want to have some leverage for if and when COAF goes to file a judgement or sue me. I want to buy a home in the next year or two and want to have documentation to support why I have this baddie on my credit just 2 years after BK even though everything else on my report is in good standing.

I'm still on SOL.

Re: Offered Capital One Auto Settlement - They denied it!!!

Anonymous — Tue, 03 Jun 2008 22:11:17 GMT

@Anonymous wrote:
New World Man,
Thanks for your response. I know that it will not help credit score wise or even my credit report. I just want to have some leverage for if and when COAF goes to file a judgement or sue me. I want to buy a home in the next year or two and want to have documentation to support why I have this baddie on my credit just 2 years after BK even though everything else on my report is in good standing.
I'm still on SOL.

Okay, if you're still in SOL, that's why they're not willing to bargain down any further.

Unfortunately, I don't have an easy answer for this. You definitely want to keep them from filing suit if at all possible, because a judgment would compound your FICO score problems. Ideally, you would get COAF to rehabilitate the loan, and resume making payments so it reports in good standing, but I don't know if they'll be amenable to that idea.

Re: Offered Capital One Auto Settlement - They denied it!!!

Anonymous — Tue, 03 Jun 2008 22:24:55 GMT

Yes, they told me that I can continue to make the monthly payments, and that would keep it from leaving their office and being turned over to a 3rd party agency. The only problem is that the COAF car was totaled and I have already purchased a new car and cannot afford 2 car payments. The lowest payment they said I can pay them monthly is $300 which would be a strain on me. Hopefully they will keep countering with offers until there is one that I can afford.

Thanks for all of your assistance...

Re: Offered Capital One Auto Settlement - They denied it!!!

Kris1228 — Wed, 04 Jun 2008 01:40:35 GMT

Hello,

I was in a similar situation in 3/2006.. My boyfriend totalled my car, owed 6300.00 on it and no insurance. Luckily he had some cash stashed away and 3-4 weeks later gave me a cashiers check for 6300.00. I went out and bought a car for 6100.00 at a local dealership. Then defaulted on the car loan whch was through Consumer Portfolio Services. I would make payments sometimes of around 250.00, after it was charged off 6/2006 and it was sold at an auction for 1000.00!!! So what i owed was around 5400.00ish... Made a settlement for 60% and they let me make several payments over a few months. Nov 2007 500.00, Jan 500.00 and final payment of 2200.00 in Feb 08 for total of 3200.00 settlement, No judgement because i was at least making payments. So my situation is a little different because you have a car payment and im sure 2 car payments is definitely alot for anyone right now.

I would call them and ask can they work with you on the 4500.00 settlement? Maybe 3000.00 down and several payments for additional 1500.00, of course in writing. You do not want your wages garnished or a judgement on your report. GL!!!!!