topic Re: Reposession - Not Really in General Credit Topics

Reposession - Not Really

Anonymous — Wed, 09 May 2007 17:37:27 GMT

OK, situation is this: DH had leased a vehicle in 1998. Paid all lease payments. Acct paid in full as of Oct 2003. Wanted to change lease over to loan, but due to BK, bank said no. BK was filed in 4/2003, but lease was not included. It was paid separate from the BK. Asked if he could return the car a week later, bank said ok. Due to return on Saturday, they came for car on Friday. Reports as charge off with open collection for 13K. They say this is deficiency balance. Deficient for what, I have no idea, since the lease was up and payments were made. Never received any notification that car was repo'd or that they would sell car until 2 years later when they sent letter saying we owed $13K. I am currently disputing this as I have no idea why they are saying he defaulted when he paid the lease. I have asked for all documentation, but they won't budge and say they don't have to prove anything. It's killing his credit score. Also SOL expires I guess in October of this year, as that would be 4 years out from date of supposed default [there is no default]. Any advice???

Re: Reposession - Not Really

Tuscani — Wed, 09 May 2007 17:39:14 GMT

First, double check the SOL to be sure it is accurate for your state:

http://www.whychat.5u.com/States/states.html

I bet they would provide documentation if you send a ITS letter.

Re: Reposession - Not Really

Anonymous — Wed, 09 May 2007 17:45:12 GMT

Thanks, Tuscani, it is accurate. I live in PA. What is an ITS letter? All I can think of is intent to sue???

Re: Reposession - Not Really

Tuscani — Wed, 09 May 2007 17:46:30 GMT

Yep.. Intend to sue

Re: Reposession - Not Really

Anonymous — Wed, 09 May 2007 17:48:09 GMT

Actually, I don't think they have any documentation. I have been trying to get this resolved for 2 years now and no one will send me anything. They keep saying that they have the information and it was sent to me, but they don't send me any proof. I mean, I know that the account was not in default, it never, so it may possibly be a wrongful repossesion. However, I know that they can take their property any time they want, but I was more concerned that they repo'd and didn't follow procedure. We were never notified of intent to sell, or given an opportunity cure said default. Just not sitting right with me.

Re: Reposession - Not Really

Anonymous — Wed, 09 May 2007 17:49:19 GMT

Sorry for my ignorance, but do I need a lawyer for that letter, or can I just send it off myself?

Re: Reposession - Not Really

Tuscani — Wed, 09 May 2007 17:50:15 GMT

I would engage a lawyer for this one.

Re: Reposession - Not Really

Anonymous — Wed, 09 May 2007 17:52:19 GMT

Right O. Thanks. I'll give my attorney a call and see what he can do with these yahoos.