Charged Off Wells Fargo Auto Loan - Won't Repo

[Anonymous]

I stopped paying on a Wells Fargo Dealer Services loan early 2015. Current balance is around $3,300. About 6 months later, I tried to work with them, but they only wanted payment in full. They threatened to repo. Once I felt like I had no choice (can't sell car for what is owed, and can't pay up front), I told them they could repo it, and asked how to do that. They said that they are not going to repo it.

Long story short, the loan is closed and charged off. It has not been sent to collections, and they have not contacted me in over 2 years. It just sits there. Why haven't they sent it to collections or tried to sue me or SOMETHING? They won't repo the car, they haven't sent it to collections, they don't contact me ever...

Will they eventually come after me, or have they just given up? Statute of limitations is 8 years in my state, so they still have about 5 years. It just seems odd that they haven't made ANY sort of attempt to collect in over 2 years. What are they waiting for?

[sccredit]

It basically means that the asset is not worth the cost to recover and sell.  You can try calling them and making them a low ball offer to get the title.

[Sadie5150]

Do they still have the title to your car?  If so,  that may be an issue if you ever try to sell the car.

[Anonymous]

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@Anonymous wrote:

I stopped paying on a Wells Fargo Dealer Services loan early 2015. Current balance is around $3,300. About 6 months later, I tried to work with them, but they only wanted payment in full. They threatened to repo. Once I felt like I had no choice (can't sell car for what is owed, and can't pay up front), I told them they could repo it, and asked how to do that. They said that they are not going to repo it.

Long story short, the loan is closed and charged off. It has not been sent to collections, and they have not contacted me in over 2 years. It just sits there. Why haven't they sent it to collections or tried to sue me or SOMETHING? They won't repo the car, they haven't sent it to collections, they don't contact me ever...

Will they eventually come after me, or have they just given up? Statute of limitations is 8 years in my state, so they still have about 5 years. It just seems odd that they haven't made ANY sort of attempt to collect in over 2 years. What are they waiting for?

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Like what was mentioned earlier. They think the cost of repossessing, storing, prepping and auctioning the vehicle is more than the value of the vehicle or what is owed. 

They also know that you can't really do anything with the auto due to the lien and that eventually you will call them to resolve it so that you can either salvage it or sell it outright.  The lien will survive the SOL on collections. Technically as long as they have not accelerated the note then each payment will carry it's own SOL date. I work for a debt acquisitions company and see a lot of def balance accounts and non repossessed/concealment accounts pass through. 

[Anonymous]

I had the same problem car loan was charged off/closed I never heard from them I called never got answers finally about 6 months ago I spoke to someone, mind you the loan was charged off 30 months ago the woman was very nice I explained my whole situation she was sympathetic to my situation. She asked if I could pay half of what was owed or pay so much a month which I couldn’t do what she asked I’m on disability. The car is 15 years old she said we don’t want the car it’s not worth it to us she also told me the title was going to get released after 36 month and I should just wait for it. Has anyone else ever heard of this?

[Anonymous]

Have you heard anything yet? Have you called? I’m in the same situation and spoke to someone she said they were going to release the title after 36 months.

[MitchDeerfield]

You offered to have it repo'd?  Does that mean you are willing to go their location  and drop off the keys but they refuse to take the car back? Or you are just daring them to take expensive legal action against you and also bear the high cost of locating and then forcibly  removing the old car from your premises?