topic Re: Repo account - please help in Rebuilding Your Credit

Repo account - please help

Anonymous — Thu, 21 May 2009 16:27:32 GMT

I made a mistake not too long ago of disputing a repo account online right before I joined this forum. I'm concerned that I have woken the dog and it's going to bite. My credit report does not have a collections from the OC but the OC updated the account to show last activity date as 4/2007. I called the OC to find out what is going on and before I knew it, they transferred me to their collections department. I didn't know at the time I was talking to a CA rep and she was getting my info...address, phone #..etc etc. She then informed me that she will have to play a recorded message and that's when I realized it was a CA. The message informed me that if I don't dispute the letter then they will consider it valid.

So, I got worried and called the OC again to find out when was my DOFD and according to the rep, the last payment I made was in 10/2004. However, when I called all 3 credit bureaus, there is a variation of DOFD.

EX = dofd = 11/2003
EQ = dofd = 10/2003
TU = dofd = 08/2004

I'm worried the CA will start reporting to the credit bureaus and try to sue me since it looks like it's within the SOL?. My question is:

Is the last payment to the OC the DOFD or the date CRA is reporting?

A lesson learned and hope others will learn from this mistake.

Thanks

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 16:48:21 GMT

One more thing. Did they re-age the account? This is what's showing in my report from myfico.com

Citifinancial Auto

Status as of Mar, 2007
Date opened Nov, 2002
Date of last activity Mar, 2007
Date paid out Not Reported
Date closed Mar, 2007

Re: Repo account - please help

llecs — Thu, 21 May 2009 16:55:28 GMT

No, it isn't re-aged. DOLA has nothing to do with the age of the TL.

You'll need to order the reports directly from the CRA. IMO, many CSRs give inaccurate info. The reports directly from the CRAs will show what the DOFD truly is. Looks like TU's info is off.

DOFD has nothing to do with the date of last payment. DOFD is the day you first became late and never recovered. So, aside from the est. removal dates on TU and EX (subtract 7 yrs to get DOFD) and the DOFD date on EQ, look for the first 30 day, then 60 day, then so on. The month of the first 30 day without being current again is your DOFD.

How long is your SOL for your state for car loans (IMO, use written as the basis)?

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 17:06:34 GMT

Since I inadvertantly spoke with a CA rep, I probably will see their CA account on my report soon?

The SOL for written contract is 15 years.

Re: Repo account - please help

llecs — Thu, 21 May 2009 17:12:56 GMT

ficonewbie01 wrote:
The SOL for written contract is 15 years.

Ouch. The answer would likely be no, but maybe the debt could be argued as a promissory debt, rather than written. Is promissory sooner than written? In any case, I would start saving for the worse-case scenario.

ficonewbie01 wrote:
Since I inadvertantly spoke with a CA rep, I probably will see their CA account on my report soon?

Maybe. Maybe not. If the OC is still reporting a balance, then you won't see the CA anytime soon. Also if the OC still owns the debt, some OC-CA agreements prohibit the CA from reporting. If the CA owns the debt, then there's a good chance, but not always so.

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 17:19:43 GMT

@llecs wrote:
@Anonymous wrote:
The SOL for written contract is 15 years.
Ouch. The answer would likely be no, but maybe the debt could be argued as a promissory debt, rather than written. Is promissory sooner than written? In any case, I would start saving for the worse-case scenario.

@Anonymous wrote:
Since I inadvertantly spoke with a CA rep, I probably will see their CA account on my report soon?
Maybe. Maybe not. If the OC is still reporting a balance, then you won't see the CA anytime soon. Also if the OC still owns the debt, some OC-CA agreements prohibit the CA from reporting. If the CA owns the debt, then there's a good chance, but not always so.

The promissory debt is no better. It's 15 years too...LOL

The OC has written a charge/off for the debt and the CA owns it.

It sounds like in this scenerio, it is best to make payment arrangement with the CA to prevent a judgment showing on the report. Of course after I send a DV letter to them when and if they do send me a dunning letter or start reporting to the credit bureaus.

Message Edited by ficonewbie01 on 05-21-2009 01:19 PM

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 17:51:18 GMT

Should I make any further contact with the original creditor? I would like to know the amount still owed and what they sold the vehicle for...etc etc.

Re: Repo account - please help

llecs — Thu, 21 May 2009 17:55:56 GMT

If I was in that situation, I wouldn't contact anyone, unless I had the $$$ to PIF. Did you ever have online access to the account? Maybe you can still log in to the lender's website and see. I can still see both paid loans from 2006 and last month.

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 18:11:27 GMT

Thanks llecs. I appreciate your advice. Unforunately, I never had online account with them.

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 19:05:36 GMT

What are the chances of a lawsuit from a CA if they are not in the same state as you?

Re: Repo account - please help

llecs — Thu, 21 May 2009 19:40:06 GMT

IMO, if there was any chance, at any odds, I would be a bit shy in doing anything. Depends on how high the CA thinks the balance is and how many bigger fish our out there who owe more than you. I tend to be a pessimist when it comes to money, so I would guess at 100% and go forward with that assumption.

There are steps you can take. If you know the CA's name, then you can look via court records to see if they are the suing type. Also check registration/licensing in your state to see if that is required (e.g. some states won't allow a CA to sue if not licensed). Also search the OC's name to see who they assign debts to. Finally, go over your own records and memory to see if anyone broke any laws (based on your state) during the repo process. It isn't much of a defense, but you could use it as a stall tactic if they broke the law.

If you still need a balance, then you could always go through your papers and figure out what your balance was on any given day, back out any payments hence, add $1000 or so for towing, storage, etc., and calculate the balance through today, compounded, based on the interest rate you had when you got the loan.

Re: Repo account - please help

Anonymous — Thu, 21 May 2009 20:46:49 GMT

When I called the OC, they were able to provide me who they sent the collections to, the balance of $8K, and they will send me documents of last statement, repo, auction sales..etc etc. I guess I should stop worry about their CA reporting to my credit report even though I've worked hard to remove some negative items.

My main concern is being sued and then having a judgment put on my credit report. I just hope I missed the bullet and the CA who wasn't reporting will still not report to the bureaus because that will defeat my goal of buying a house this year.

Re: Repo account - please help

Anonymous — Fri, 22 May 2009 11:47:26 GMT

Check your state statutes and double check SOL and even contact AG about it.

In MO, car notes fall under the UCC SOL of 4 years and not written/promissory SOL.

Re: Repo account - please help

Anonymous — Fri, 22 May 2009 13:01:15 GMT

@Anonymous wrote:
Check your state statutes and double check SOL and even contact AG about it.

In MO, car notes fall under the UCC SOL of 4 years and not written/promissory SOL.

Thanks sidewinder! I will definitely check again and contact my AG.

What is UCC? I already checked the abbrevation link but I do not see it there.

Re: Repo account - please help

llecs — Fri, 22 May 2009 13:06:08 GMT

ficonewbie01 wrote:
What is UCC? I already checked the abbrevation link but I do not see it there.

Uniform Commercial Code. Most legal language within states' statutes uses this term to describe the various SOLs on this or that. It would include what you find on bankrate, SOLs for collecting on judgments, SOLs for crimes, etc.

Re: Repo account - please help

Anonymous — Fri, 22 May 2009 13:26:29 GMT

Thanks!

Re: Repo account - please help

Anonymous — Sat, 23 May 2009 08:20:49 GMT

@llecs wrote:
@Anonymous wrote:
What is UCC? I already checked the abbrevation link but I do not see it there.
Uniform Commercial Code. Most legal language within states' statutes uses this term to describe the various SOLs on this or that. It would include what you find on bankrate, SOLs for collecting on judgments, SOLs for crimes, etc.

Thanks mods! KY's SOL for UCC is 4 years!

http://www.lrc.ky.gov/KRS/355-02/725.PDF

My question about UCC is, am I going to have a difficult time proving the car loan falls under UCC and not a written contract?

Message Edited by ficonewbie01 on 05-23-2009 04:20 AM

Re: Repo account - please help

Anonymous — Sat, 23 May 2009 11:08:43 GMT

ficonewbie01 wrote:
@llecs wrote:
@Anonymous wrote:
What is UCC? I already checked the abbrevation link but I do not see it there.
Uniform Commercial Code. Most legal language within states' statutes uses this term to describe the various SOLs on this or that. It would include what you find on bankrate, SOLs for collecting on judgments, SOLs for crimes, etc.

Thanks mods! KY's SOL for UCC is 4 years!

http://www.lrc.ky.gov/KRS/355-02/725.PDF

My question about UCC is, am I going to have a difficult time proving the car loan falls under UCC and not a written contract?
Message Edited by ficonewbie01 on 05-23-2009 04:20 AM

First, you'll need to determine if it does.

In MO, I believe car loans were covered under UCC SOL as a result of a prior court opinion.

The MO AG has a consumer blog and the person from the AG's office that responds happen to tell someone else about this, which is the reason I know.