topic Re: Repossession Question. in Rebuilding Your Credit

Car Repossession Question.

Anonymous — Sun, 27 Jul 2008 08:47:09 GMT

Hey all I just stumbled across these forums today and found all this great information about letters of GW and such. Never knew anything about any of this! Great site and I will be posting any stories of success or no success. Thanks to everyone who dedicates great information.

On to the reason I posted this thread. I had a car loan through Fifth Third Bank that I paid off last month and it was repossessed in February 2007. At the time I was having financial issues but paid them their money that same month to get my car back. I have been Active Duty military since March 2006. Is there anyway to write some sort of letter even though this loan is paid off to try and get the Repossession status changed to paid as agreed? I am figuring they will careless about it now since they have received their money from me.

I am being told I will need a co-signer for any new auto loans because of this. Advance thanks to any help. It's really appreciated.

Re: Car Repossession Question.

Anonymous — Sun, 27 Jul 2008 15:15:29 GMT

Does the account just show repossession or does it show a string of lates?

Re: Car Repossession Question.

Anonymous — Sun, 27 Jul 2008 17:00:47 GMT

Did you go Active Duty before or after you bought the car? I am asking due to the fact that you could have used the SCRA. I see that the car is now paid off but I have done a lot of research into this (I am Active Duty) and found that it does not matter when you submit your orders, by law, they must lower your interest rate, late fees, etc, not to be over 6%. This 6% is all inclusive.

As for the question about it showing repossession, does it show that it was paid afterwards. If it does they are reporting correctly. Once it was repossessed, regardless of whether you got the car back, it will always show as a repo.

You can try a GW letter to see if they will remove the repo. Since it is now paid off you would have a better chance. It really depends on the OC.

Re: Car Repossession Question.

Anonymous — Sun, 27 Jul 2008 17:59:54 GMT

The car is showing on EX as 'Potentially Negative' but the last reported date was Dec 06 as 60 days which after the repossession in February I was current on all my payments after. On TU it is showing as 'Potentially Negative Closed' but does not show ANY payment history. EQ is showing 'Unknown' state showing a 30day in July 2006 and 30 day in November 2006 and [OK] thereafter. I'm just confused as to how all these have different reports on my payments. Despite the Repossession state back in February 2006, shouldn't the accoounts show as 'Current Closed' since I have never missed a payment after February of 2006? I paid the car off June 16th 2008.

Yes I used the SCRA for the 6% interest rate also once I joined the military.

Message Edited by Lafever on 07-27-2008 10:59 AM

Re: Car Repossession Question.

Anonymous — Sun, 27 Jul 2008 18:19:39 GMT

If you just paid off the car in June, it may not have been reported as of yet.

Re: Car Repossession Question.

Anonymous — Sun, 27 Jul 2008 18:58:53 GMT

Alright, well lets say another month passes and it's still the same? The balances are already showing as $0.

Message Edited by Lafever on 07-27-2008 11:58 AM

Re: Repossession Question.

hoping2rebuild — Mon, 28 Jul 2008 05:16:09 GMT

I am trying to rebulild my credit so I pulled from All 3 today and noticed that

I have a Repossesion on my credit that has been reported by a Utility company. Is there anyway

to get this changed?

Re: Repossession Question.

Anonymous — Mon, 28 Jul 2008 07:30:29 GMT

A repo by a utility company? Sounds like some wires got crossed there. I'd DV to learn more.

Re: Repossession Question.

hoping2rebuild — Sun, 03 Aug 2008 05:27:10 GMT

I did a DV to the utility company so I am waiting to see what happens

Now I have noticed that is was showing as a repo for 05 06 and 07 but shows as payments being made on time in 08 is this a trick to try and make this stay on my report longer?