cancel
Showing results for 
Search instead for 
Did you mean: 

Charged Off Wells Fargo Auto Loan - Won't Repo

New Visitor

Charged Off Wells Fargo Auto Loan - Won't Repo

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?

4 REPLIES
Valued Contributor

Re: Charged Off Wells Fargo Auto Loan - Won't Repo

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.

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $5,000, Blaze MC $2,500
Infiniti Financial lease

AU Cards: CSP $37.7k; Chase Marriott $20k; Discover $7.8k; CapOne Venture $30k
Message 2 of 5
Contributor

Re: Charged Off Wells Fargo Auto Loan - Won't Repo

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

Message 3 of 5
Valued Member

Re: Charged Off Wells Fargo Auto Loan - Won't Repo


@ellipsisbox 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?


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. 

My long rebuilding road. I am currently gardening.
Filed Chapter 7 in December 2017
I AM NOT checking any scores until January 2019
TU: 558 EF: 558 EX: 608 as of 09 Oct 2018
Vantage Scores TU: 695 EQ: 691 EX: 687
FICO 8 Exp 657 (22 Sept 2018)
FICO 9 Exp 695 (03 Oct 2018)
FICO 9 EQ 662 (11 Sept 2018)
FICO 8 TU 628 (28 Aug 2018)
*CC's:
QuickSilver One (Oct 2018) $3000
QuickSilver (PC from Platinum) (Apr 2018) $500
Secured USAA Amex (Apr 2018) $1250
Secured Discover IT (June 2018) $500
Ollo Platinum MC $800 (Nov 2018)
*Loans
AMPLIFY CU Auto Loan (72 mo) $36,744 (Oct 2018) 4.79%
Inquiries: TU-11, EQ-9, EX-9 (Most of HPs were from Auto Purchase)
Message 4 of 5
New Visitor

Re: Charged Off Wells Fargo Auto Loan - Won't Repo

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?
Message 5 of 5