topic Re: Anyone have success settling a repo in Rebuilding Your Credit

Anyone have success settling a repo

ESA2012 — Fri, 01 Feb 2013 20:03:59 GMT

I have about 3000-5000k saved up to try and settle a repo from 2009 (originally americredit now turned over to gm finacial) they never try to collect from me anymore but it sits on my credit as a repo charge off. The amount is roughly 18100.00 Is it pointless to try and settle for so low? Even to ask for a delete? I just want it taken care of. I don't even know the best way to approach these giants. I'm pretty inimidated. Any suggestions? Advice tips? Should I call or write a letter? Anyone ever have success?

Thanks

Re: Anyone have success settling a repo

Anonymous — Fri, 01 Feb 2013 20:09:04 GMT

Before I did anything I would check your states SOL and see if it has expired.

Re: Anyone have success settling a repo

ESA2012 — Fri, 01 Feb 2013 20:10:52 GMT

It is still with SOL it is only 4 years old and sol is 5 years

Re: Anyone have success settling a repo

Anonymous — Fri, 01 Feb 2013 20:16:18 GMT

This is one of those between a rock and a hard place.

The debt is pretty significant. If you ask for a settlement and they say no, they could very well end up suing you.

If you let it go, they could wait until the last month before SOL expires and bring a suit against you.

I would almost be inclined to let it go and keep saving money, then if something does happen you would have more to work with.

Have they ever attempted to collect?

Re: Anyone have success settling a repo

ESA2012 — Fri, 01 Feb 2013 20:51:07 GMT

They have not sent me letters back in 2009 after they resold the car in auction. I even tried to dispute because the amount is very significant IMO and does not sound justifiable but nothing ever comes from it. Credit bureaus validate the debt. I was not the main person on the loan though, they main person might be getting notices I am unaware of. I'm afraid they might sue but I really need to look into buying a bigger home for my family. Soon. This is such a barrier.

Re: Anyone have success settling a repo

trix_r_4_kids — Fri, 01 Feb 2013 23:11:47 GMT

ESA:

Your situation sounds very similar to my own. (See my post about this at http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Please-help-old-repo-afraid-to-wake-the-beast/m-p/1408322)

Like you, I wanted to care of it but thought the balance was too overwhelming. In addition to money I've been saving, I was planning to use our tax refund and a work bonus to offer a settlement. That was my plan until I got a 1099-c in the mail from them yesterday. I'm still looking into how this will affect my credit report.

My advice to you is the same as the advice I received from others. Keep saving and try to hold out for SOL.

Re: Anyone have success settling a repo

js0319 — Sat, 02 Feb 2013 03:05:06 GMT

Is the balance owed being reported by Americredit/GM Financial, or is a CA reporting it on your CR? Either way, whatever you pay is going to be a lot of money.

I have had a similar situation (with 2 vehicles as opposed to 1), and the OC still reports the TL. It is with a law firm/CA, but it is out of SOL and has been for about a year. The OC has not sold the debt, and the balance being reported on the account is $0 along with the comments "involuntary repossession". At this point it is what it is, and the deficiency on both vehicles was approximately $18k in total.

Re: Anyone have success settling a repo

Anonymous — Sat, 02 Feb 2013 04:51:01 GMT

@trix_r_4_kids wrote:
ESA:

Your situation sounds very similar to my own. (See my post about this at http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Please-help-old-repo-afraid-to-wake-the-beast/m-p/1408322)

Like you, I wanted to care of it but thought the balance was too overwhelming. In addition to money I've been saving, I was planning to use our tax refund and a work bonus to offer a settlement. That was my plan until I got a 1099-c in the mail from them yesterday. I'm still looking into how this will affect my credit report.

My advice to you is the same as the advice I received from others. Keep saving and try to hold out for SOL.

1099-C have not affect on your CR. They are not reportable.

Re: Anyone have success settling a repo

Anonymous — Sat, 02 Feb 2013 04:55:47 GMT

You need to find out the statutes pertaining to repossessions in your state. They should be very specific in what is required by the OC in the selling of the vehicle. In most states, they are required to send you an itemized accounting showing the original amount owed, how much it sold for and your deficiency, including interest and fees. If they chose not to sell the car, they have to let you know that too.

They could have been required to let you know when the sale was and if it was public or private and the location.

Re: Anyone have success settling a repo

ESA2012 — Sat, 02 Feb 2013 15:31:15 GMT

@ js0319

Is the balance owed being reported by Americredit/GM Financial, or is a CA reporting it on your CR?

was never sent to a collection agency just reporting as GMfinancial.

Re: Anyone have success settling a repo

ESA2012 — Sat, 02 Feb 2013 15:32:28 GMT

I believe they did send me the appropriate notices. my interest rate was ridiculous and paying on the car for 3 years didnt put a dent in the balance. hard lessoned learned.

Re: Anyone have success settling a repo

ESA2012 — Sat, 02 Feb 2013 15:35:01 GMT

Do you think its worth it to go ahead and apply for a home loan with that monster of a beast sitting on my credit? Everything else is looking okay. I really do not know if mortgage loan company will excuse it, i always hear mixed answers on it.

I also want to join military later down the line as well and im afraid this will keep me from getting in. Comm Corps.

thanks for the input. I will keep waiting it out.

Re: Anyone have success settling a repo

ESA2012 — Sat, 02 Feb 2013 15:35:43 GMT

im sorry, i thought i was highlighting the quotes to the responses.

Re: Anyone have success settling a repo

Anonymous — Sat, 02 Feb 2013 15:44:01 GMT

I can tell you that one negative in and of itself probably would not keep you from entering the military. Now, the amount and the fact nothing has been done could. They like to see that you are attempting to take care of your debts, past and present. If you can explain the debt and why it is just sitting there, the investigator may or may not be on your side, so to speak. Some investigators are not nice and hate on everything while others seem to have more of a heart.