topic Re: Please help - old repo - afraid to wake the beast in Rebuilding Your Credit

Please help - old repo - afraid to wake the beast

trix_r_4_kids — Sat, 19 May 2012 13:33:04 GMT

This is my first post, so please be kind with any responses. I have been reading a lot of posts and am grateful for all of the advice I have gleaned from others. Thanks to many of you, I've taken the credit bull by the horn and been trying to work my way back.

I have one "issue" that I am wary of. I know I need to take care of it, I just want to make sure I do it the right way. I have a repo from Americredit (now GM Financial) from 2008. The statute of limitations in my state is 6 years. I rec'd a dunning notice from a CA about this 2 months ago. I DV'd it and never heard back from them. The OC is still showing the total amount due, so I believe I have some recourse to still work something out with them. I know from reading posts by others that Americredit/GM is not easy to deal with. I'm confused by the charge off/written off/past due amounts they are listing. I do not have the close to $12K that they would want. I could pay $5K Do I reach out to them and offer a 40% PFD or settlement? Would contacting them now wake the beast and put me at risk for being sued? What should I do?

The details from my credit report are listed below:

GM FINANCIAL
Status: Account charged off. $9,283 written off. $11,975 past due as of Feb 2012.
Status Details: This account is scheduled to continue on record until May 2014.
Credit Limit/Original Amount: $17,796
High Balance: NA
Recent Balance: $11,975 as of 02/2012
Recent Payment: $0
Date Opened: 12/2002
Reported Since: 12/2002
Date of Status: 03/2008
Last Reported: 02/2012
Type: Installment
Terms: 82 Months
Monthly Payment: $0
Responsibility: Individual
Account History: Repossession as of Feb 2008

Re: Please help - old repo - afraid to wake the beast

Anonymous — Sat, 19 May 2012 13:37:06 GMT

If you do not need credit, seriously need it, over the next two years. I would personally wait for it to drop off in May 2014. It is only 2 more years and if GMAC decides to be a pain in the butt, no need in digging this back up.

Re: Please help - old repo - afraid to wake the beast

llecs — Sat, 19 May 2012 16:04:20 GMT

OP, my vote is to also wait, but on the basis of SOL. If you decided to do something and are still inside SOL, make sure you have 100% saved up before doing anything with that TL. Doing anything like sending a PFD or disputing can cause an increased risk in being sued, and you'd want all of it saved just in case they ever did sue. Once you have all of it saved, then you can always offer 40%, 50% or whatever.

Re: Please help - old repo - afraid to wake the beast

trix_r_4_kids — Sun, 20 May 2012 21:51:00 GMT

Thank you for your replies. I'd love to apply for a mortgage, but it sounds like I'll need to wait.

Re: Please help - old repo - afraid to wake the beast

StartingOver10 — Mon, 21 May 2012 00:11:35 GMT

@trix_r_4_kids wrote:
Thank you for your replies. I'd love to apply for a mortgage, but it sounds like I'll need to wait.

In the meantime, check your public records to see if they got a judgment against you without your knowledge. You can go online, usually the Clerk of Courts website for the county in which you were living when you had the loan, and look to see if there is a judgment recorded against your name. You can do that without waking up the beast. It is possible that they (Americredit) did what is known as "sewer service" and you never received the summons. It is happens more often than you would believe. Of course, it is equally possible that it is not at that stage yet. But it won't hurt you to find out and they have no way of knowing that you checked it out if you go to the Clerks website.

If you have a judgment, then you can take care of it now by offering a small percentage (like you are talking about) to get it satisfied. Two things: never mention you want to satisfy it to buy a house or they will not negotiate anything off and 2) make sure you get a written Satisfaction so it is recorded at the time of payment. Then you don't have to worry about going for a mortgage.

Re: Please help - old repo - afraid to wake the beast

Booner72 — Mon, 21 May 2012 00:16:22 GMT

Read up on repo laws in your state. There are lots of rules they had to follow, such as notifying you of the balance after the auction in a timely manner, etc. if they didn't follow those rules, you show up in Court, and fight it, and hopefully win so that they don't get a judgment against you.

If they did follow those rules, then if they respond to the DV, it's time to start offering up a settlment, and maybe they will take that 5K.

Do you know what you owe after they auctioned and recouped some of the loss?

Re: Please help - old repo - afraid to wake the beast

trix_r_4_kids — Tue, 03 Jul 2012 22:08:55 GMT

Thank you all for your reponses. The SOL in my state is 6 years. My DOFD with this account was 7/2007. This happened so long ago and my life was in such turmoil during that time that I honestly can't remember getting the required notices and paperwork. I do know that I made a number of last minute payments via Western Union Quick Collect that I believe were never credited to my account. I'm going to sit on this for a while and send the following letter next year:

To Whom It May Concern:

I am writing in regard to the following account and transactions:

Re: Acct # xxxx

Make of car: Bad

Model: Lemon

VIN#: 1234567890

This vehicle was repossessed by YOU in the State of STATE in February 2008, and resold a few months later.

Under the laws of the State of STATE (UCC § xx.x) and State RISA and MVISA statutes, a deficiency cannot be claimed unless all of the required notices were properly and timely given and all of the allowable redemption and cure time limits were adhered to.

Please provide copies of the legal notices and proof of the commercially reasonable manner of the resale of the subject vehicle.

If no such proof is provided within 14 days from receipt of this notice, the alleged claim of a deficiency will be considered null and void, and any continued collection activities, or continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA.

In addition, if you singularly or severally fail to comply with the above requests, I reserve the right to seek damages against all parties, under all available State and Federal statutes and UCC § 9 remedies.

Moreover, You are informed that you are not allowed to contact me via telephone, email or any other electronic means, as it is inconvenient. You are only allowed to communicate with me in writing.

Sincerely,

N.E. Consumer

Re: Please help - old repo - afraid to wake the beast

rckstrscott — Wed, 04 Jul 2012 05:02:44 GMT

@trix_r_4_kids wrote:
Thank you all for your reponses. The SOL in my state is 6 years. My DOFD with this account was 7/2007. This happened so long ago and my life was in such turmoil during that time that I honestly can't remember getting the required notices and paperwork. I do know that I made a number of last minute payments via Western Union Quick Collect that I believe were never credited to my account. I'm going to sit on this for a while and send the following letter next year:

To Whom It May Concern:

I am writing in regard to the following account and transactions:
Re: Acct # xxxx
Make of car: Bad
Model: Lemon
VIN#: 1234567890

This vehicle was repossessed by YOU in the State of STATE in February 2008, and resold a few months later.

Under the laws of the State of STATE (UCC § xx.x) and State RISA and MVISA statutes, a deficiency cannot be claimed unless all of the required notices were properly and timely given and all of the allowable redemption and cure time limits were adhered to.

Please provide copies of the legal notices and proof of the commercially reasonable manner of the resale of the subject vehicle.

If no such proof is provided within 14 days from receipt of this notice, the alleged claim of a deficiency will be considered null and void, and any continued collection activities, or continued reporting of this invalid claim on my credit reports will be considered a violation of the FDCPA and FCRA.

In addition, if you singularly or severally fail to comply with the above requests, I reserve the right to seek damages against all parties, under all available State and Federal statutes and UCC § 9 remedies.

Moreover, You are informed that you are not allowed to contact me via telephone, email or any other electronic means, as it is inconvenient. You are only allowed to communicate with me in writing.

Sincerely,

N.E. Consumer

From my understanding, you cannot compel an entitiy to send you what you are requiring. I think only actual legal action will get what you are asking for.

-scott

Re: Please help - old repo - afraid to wake the beast

RobertEG — Wed, 04 Jul 2012 08:43:48 GMT

The letter relates to the obligation on the debt, and assertions of legal impropriety on their part. It is certainly your perogative to interpret the law, or take or threaten to take legal action. However, in doing so, I would state a basis for any such assertions.

Neither verification of a debt under the FDCPA nor verification of accuracy of credit reporting under the FCRA mandates the party to produce documentary evidence in support of their verification. Those are administrative, not legal, proceedings. I see no statement of facts that consitutes a violation of those statutes.

I would delete any reference to violation of either the FCRA or the FDCPA out of it unless you explain the violation. I see no violation, particularly if the reason is lack of documentation.

Re: Please help - old repo - afraid to wake the beast

Repo-ed — Wed, 04 Jul 2012 14:37:58 GMT

Do.Not. Wake. THAT. Beast!

Keep saving up the money, and hold out on SOL. I'm in the EXACT same boat as you (and nearly the EXACT same time frame with regard to DoFD). Thankfully my SOL expires towards the end of this year.

Mine is scheduled to fall off in 2 years just like yours, and I would LOVE to entertain a mortgage, and I certainly can now with my scores since I'm VA Loan eligible, but I'm going to hold off until that TL falls off for good!!!

You do not want to reset that SOL, being so close to it.