topic Re: Wells Fargo Auto Loan charge off in Rebuilding Your Credit

Wells Fargo Auto Loan charge off

Anonymous — Tue, 01 Mar 2011 00:46:51 GMT

I had two vehicles financed through wells fargo auto finance and one of the vehicles I fell behind on payments and I returned the vehicle. I never recieved any paperwork on the repossession. I just continued paying on my other vehicle and paid off the other vehicle. I was told over the phone that I have x-amount of days to come up with the full purchase price of 21k. I never did that, didn't have the money and never recieved any paperwork saying how much I owed. Now, 2011, I read my credit bureau reports, and experian says, "current closed" payments after charge-off. Transunion states, charge-off/payment after charge-off. And Equifax reads current status charge-off/sold transferred to another lender in April of 2009. What does all this mean? They never sent me anything regarding it was sold, for how much, or if I owe any money. I don't want to call them for fear that they will try to collect or file a suit. Should I leave well enough alone? I'm just curious cause they haven't made any attempts to collect the money from me or the co-signer. also, i am wondering if the company who purchased the vehicle is a collector, i have had no new collections on my report since the wells fargo recovery. its due to fall off in 2014, another question is, can the company who purchased the vehicle report the collection in the near future and start the whole 7 year process over again?

Re: Wells Fargo Auto Loan charge off

IOBA — Tue, 01 Mar 2011 01:32:52 GMT

You ask many questions. I even have a few...

I had two vehicles financed through wells fargo auto finance and one of the vehicles I fell behind on payments and I returned the vehicle. Did you get a receipt or any paperwork from the place you returned the vehicle too? Something, anything to prove the vehicle was returned? Who did you return it to? The dealership or to a Wells Fargo branch?

I never recieved any paperwork on the repossession. Are you referring to after you returned the vehicle? Did you move after your returned the vehicle?

I just continued paying on my other vehicle and paid off the other vehicle. Did you receive clear title to vehicle #2, which you paid off?

I was told over the phone that I have x-amount of days to come up with the full purchase price of 21k. I never did that, didn't have the money and never recieved any paperwork saying how much I owed. When did you receive the call saying you needed to cough up 21k for vehicle #1? Was it a few days after you returned the car? Was it a year later? Who make the call - them to you, or you to them?

Now, 2011, I read my credit bureau reports, and experian says, "current closed" payments after charge-off. I believe this means that the account is closed, they charged off the balance, and you made a few payments after the charge off. Did you? Is it possible that any money from vehicle #2 was applied to vehicle #1?

Transunion states, charge-off/payment after charge-off. Same.

And Equifax reads current status charge-off/sold transferred to another lender in April of 2009. I believe this means that the lender, Wells Fargo, charged off the debt, and sold it collections (another lender).

What does all this mean? They never sent me anything regarding it was sold, for how much, or if I owe any money. Sometimes they do, sometimes they don't. They would consider it your responsibility to follow up and make things right.

I don't want to call them for fear that they will try to collect or file a suit. They could do this with or without you calling them.

Should I leave well enough alone? That depends. Some people on this site would say leave it alone. Others would say pay it off. What do you want to do? Make right on the debt?

I'm just curious cause they haven't made any attempts to collect the money from me or the co-signer. also, i am wondering if the company who purchased the vehicle is a collector, i have had no new collections on my report since the wells fargo recovery. Hard to say. If you call Wells Fargo, explain that you would like to take care of this debt, IF there is a leftover balance after they resold the car. Ask them to send all the paperwork, to include copies of the vehicle being resold, and the price it sold for. Once you have the documents, you can negotiate a payment plan.

its due to fall off in 2014, another question is, can the company who purchased the vehicle report the collection in the near future and start the whole 7 year process over again? The charge off status will stay on the credit report for about 7 years after it was charged off. A CA can report for 7-7.5 years after DOFD.

What state are you in? What were the terms of your purchase? Returning the vehicle? Did you have an agreement that the bank would take back the vehicle?

Re: Wells Fargo Auto Loan charge off

Anonymous — Tue, 01 Mar 2011 02:55:23 GMT

Did you get a receipt or any paperwork from the place you returned the vehicle too? No I didnt recieve any paperwork from the ford dealership. Something, anything to prove the vehicle was returned? Who did you return it to? I gave the vehicle to a local towing company to have them forward it to wells fargo as per wells fargo request. The dealership or to a Wells Fargo branch? to a wells fargo branch.

Are you referring to after you returned the vehicle? Yes, returned the vehicle and waited for any paperwork that should have followed. Did you move after your returned the vehicle? I have been at the same address for 10 years. Even when I was paying on my 2nd vehicle, i was recieving statements to my address.

Did you receive clear title to vehicle #2, which you paid off? Correct, the title is clear and is in my name.

When did you receive the call saying you needed to cough up 21k for vehicle #1? I called them a week after the repo, haven't had any communication since. They told me it would be up for auction, and if it covered the balance, i wouldnt have to pay, but if it didnt, i would have to pay the balance.

What state are you in? Alaska. What were the terms of your purchase? 72 Month agreement, if i defaulted, they would sell the vehicle and I would have to pay the remaining balance owed, because these vehicles sell far below actual cash value. Returning the vehicle? Did you have an agreement that the bank would take back the vehicle, Yes. As far as paying the off the loan, i know i defaulted on the loan, but I don't see myself paying 21k for no vehicle in return. i mean it has been a number of years, my credit score has since recovered, it just seems that if another collector bought the debt, that i would see it on my credit report by now, or have collectors calling about this debt. on my experian, it says closed current, equifax says its sold/charge off, and transunion states payments made after charge off which i have not done, and when i was paying off the 2nd vehicle, no payments were made to the first loan.

Re: Wells Fargo Auto Loan charge off

Anonymous — Tue, 01 Mar 2011 03:00:14 GMT

both these vehicles were financed in 2007

Re: Wells Fargo Auto Loan charge off

IOBA — Tue, 01 Mar 2011 16:50:50 GMT

My suggestion is to call and get the paperwork. It sounds like you are ready to take care of the debt. Since you are initiating the resolution of this debt, Wells Fargo may be more willing to work with you for PFD. Figure out what you can afford to pay before you call.

Re: Wells Fargo Auto Loan charge off

Anonymous — Wed, 02 Mar 2011 02:55:57 GMT

Thanks for the help, I will contact them and see what I owe, trying to rebuild the bridges that i burned in when i was 18. I am now 23 and have paid all debts except for this one, looking to be in the 700 club by august-janaury 2012. Current transunion fico is 650, experian fako 650

Re: Wells Fargo Auto Loan charge off

IOBA — Wed, 02 Mar 2011 03:23:50 GMT

Think positive. Be positive.