topic Re: Car Repo in Rebuilding Your Credit

Car Repo

Anonymous — Fri, 28 Mar 2008 00:36:23 GMT

Hi everyone. I am new here, got a very bad credit rating and trying to get back on track. My story goes like this:

I had a car repossessed back in 2005, never made first payment, just made a bad decision and now I owe the difference between how much the bank sold the car for and the amount in my contract. Now, it appears as a charge off in my CRs 3 times. First entry is from the original creditor, then the other 2 is from the CAs the bank sold the debt to. I am now in the process of settling the debt with one of the CAs. This has been affecting my CRs for the last 3yrs. I wanted to get refinancing for my car which is at 19% but could not get any. Now my question is, after the last payment of the settlement amount has been paid, would I have a right to dispute with the original creditor and the other CA that this debt has been settled? Or does the original creditor know that it has been settled? How would this affect the balance reported on my CRs?

Re: Car Repo

Anonymous — Fri, 28 Mar 2008 15:14:50 GMT

Okay, I'm dying of curiosity:

What makes one buy a car then not even make the first payment? Some extreme life event? Or did you suddenly decide you hated the car?

Re: Car Repo

Anonymous — Fri, 28 Mar 2008 17:07:41 GMT

The dealer decided not to take my trade, entered me into a new contract with a new car because I was made to believe that this car salesman could sell my old car. He never did and avoided me numerous times when I tried to talk to him personally about it, around that time I was about ready to return the new car to the lot. I had to travel more than 70miles each time and I finally gave up. Had both car repoed, but I chose to redeem the old one. This is just one of the things you have to go through when you don't know the law.

Re: Car Repo

Anonymous — Fri, 28 Mar 2008 18:53:48 GMT

bump

Re: Car Repo

Anonymous — Fri, 28 Mar 2008 21:08:53 GMT

I don't understand what you're disputing.

From what you've said, you did have a charge off, even if it is settled now.

Which specific information on your credit report are you claiming is inaccurate and worthy of dispute?

Re: Car Repo

Anonymous — Fri, 28 Mar 2008 22:05:32 GMT

There are 3 listings for this item: one is from the original creditor which was the bank and then 2 others from the collection agencies which bought the debt. It has been affecting my scores for the past 3 years, so I decided that I settle it with one of the collection agencies, which handles it. I haven't disputed it yet since the nego just started and expected to be completed in 6months. Now, since the balance that I owe appears 3 times, even though this is just really one item, somehow I knew the balance needs to be readjusted on my credit reports as they now appear as "way too large" for which I actually owe. I wanted to know if this is "worth disputing" after 6months, since after the settlement it should appear as "Paid", or "Settled" or "Paid Chargeoff" whatever is most appropriate.

Message Edited by workmywayup on 03-28-2008 03:05 PM

Re: Car Repo

Anonymous — Sun, 20 Jul 2008 16:50:29 GMT

I am reviving this old thread that I started. I have disputed this matter again with the CRAs. It turned out that TU and EX had different opinions when I called them on the status of the dispute.

EX rep told me, only one of them could report the balance on the account. TU told me the opposite - that it is "LEGAL" that both OC and CA reflect balances. I have to wait until the middle of August for Triad to respond to the dispute.

Re: Car Repo

Anonymous — Sun, 20 Jul 2008 17:56:42 GMT

The OC...and 1 CA can report at the same time...not both...so you need to dispute the other CA listing...as "not mine"...but are you doing a PFD with the other CA...not simply paying it off...try your hardest to get it deleted...but even if you settle with the CA...the OC TL wil lremian for the 7-7.5 years...so what you need to do is...after you pay off the CA...go back to the OC...sending GW letters...for the negative notations to be removed...

Re: Car Repo

Anonymous — Sat, 02 Aug 2008 20:34:52 GMT

Woohoo, dispute success with TU! Collection Agency No. 2's entry "REMOVED" from my report as of today, August 2nd. Another score bump in TU Wish EQ and EX were not so far behind

However, Collection Agency No. 1 and Triad still showing different balances.

slyhouse, did you mean OC and CA could both appear on my reports and display different balances on their entries(because right now they are)? Is it correct to dispute that Triad 'entry' should show whether the account was transferred/sold and balance should be 'ZERO'?

Re: Car Repo

Anonymous — Sat, 02 Aug 2008 20:56:27 GMT

You can have 1 OC and 1 CA reporting at the same time. AS to the amount

If the OC assigned the account it will show a Bal $ ????

If the OC sold the account then they must report..Bal $0

What is your SOL? it would come under promissory note.

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

Re: Car Repo

Anonymous — Sun, 10 Aug 2008 20:49:49 GMT

Happy, sorry for the delayed response. My SOL here in CA is 4yrs. so I still have a year to go. Another update: CA1's entry has been dropped from my CRs too. What does this mean?