topic Re: Does this mean charge off/ repossession? in Rebuilding Your Credit

Does this mean charge off/ repossession?

cc29 — Mon, 24 Aug 2009 01:25:37 GMT

My DH has an account on his credit report that says: Paid by credit grantor, and in another place it says "Paid by the company that originally sold the merchandise". This was from a car he had for about a week in 2004. Is this the same as saying it was a charge off or a repossession? I was getting ready to file a complaint with the AG because it had been previously deleted as the result of a dispute, then reinserted without the proper notice. Experian kept verifying the account. I am wondering if I should leave it until the only late payment listed on this account falls off in 2011, or go ahead and file the complaint.

Re: Does this mean charge off/ repossession?

Anonymous — Mon, 24 Aug 2009 01:29:39 GMT

Need more info. Were you giving a time limit when you can return the vehicle without being penalized or responsible for payments?

Re: Does this mean charge off/ repossession?

cc29 — Mon, 24 Aug 2009 02:00:56 GMT

Here's how it's reporting. He had it for a short time ( a week or two), and it ended up getting impounded. He couldn't afford to get it out because the money was used as a down payment. The car dealer kept his down payment and used it to pick up the car. To our knowledge, we did not get any collection letters about this.

Status: Paid,Closed.

Status Details:
This item was verified on May 2009 and remained
unchanged.
Date Opened:
10/2004
Reported Since:
12/2004
Date of Status:
01/2005
Last Reported:
01/2005
Type:
Installment
Terms:
34 Months
Monthly Payment:
$0
Responsibility:
Individual
Credit Limit/Original Amount:
$10,726
High Balance:
NA
Recent Balance:
NA
Recent Payment:
NA
Creditor's Statement: Paid by company who originally
sold the merchandise.
Account History:
Paid by creditor as of Jan 2005
180 days past due as of Dec 2004

Re: Does this mean charge off/ repossession?

Anonymous — Mon, 24 Aug 2009 02:03:05 GMT

No, it doesn't mean it been charge off or repoed.

I am concerned why it reported 180 days late. Is the account listed in "potentially negative" category on your Experian report?

Re: Does this mean charge off/ repossession?

Anonymous — Mon, 24 Aug 2009 02:06:07 GMT

I would leave it alone. The account status (Paid.Closed) is not bad.

The 180 days late should fall off in 2011.

Re: Does this mean charge off/ repossession?

cc29 — Mon, 24 Aug 2009 02:24:35 GMT

@Anonymous wrote:
No, it doesn't mean it been charge off or repoed.

I am concerned why it reported 180 days late. Is the account listed in "potentially negative" category on your Experian report?

I was wondering that myself. I'm thinking that maybe the car dealer took a while to pay off the loan. Thank you for your advice. I'll leave it alone. I'm so glad to have found these forums. I would never have known about the late payments falling off if I hadn't read the messages here.

Re: Does this mean charge off/ repossession?

Anonymous — Mon, 24 Aug 2009 14:17:12 GMT

Why was the car returned? If it was at the dealers request, the account should not even be on your CR.

How can you have a late payment on a car you had a week?

Re: Does this mean charge off/ repossession?

Jazzzy — Mon, 24 Aug 2009 14:19:49 GMT

@Anonymous wrote:
Why was the car returned? If it was at the dealers request, the account should not even be on your CR.

How can you have a late payment on a car you had a week?

"He had it for a short time ( a week or two), and it ended up getting impounded. He couldn't afford to get it out because the money was used as a down payment. The car dealer kept his down payment and used it to pick up the car."

The dealer was likely not a happy camper at that point.

Re: Does this mean charge off/ repossession?

Anonymous — Mon, 24 Aug 2009 14:25:54 GMT

Then if that is what happened, OP is lucky it was not a repo. Legally the dealer could have let the car sit in impound since it was registered to the OP.

I would not fight the issue of a late payment. They could very well come back and post a CO/Repo.