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Paid Off Repo

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Anonymous
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Paid Off Repo

I was out of work about 2-3 years ago.   I fell behind on my car payment and my car was repo'd in 9/06.   My parents got the car out and got a loan in their name, which I pay.   I am looking to buy a new car late this summer.  I sent a good will letter to the bank asking for it to be removed since it was paid off within a week after it being repo'd and the story of why I was late.  (out of work and disabled son with school issues)  If they don't remove it, which they don't have to do, how badly will it affect my chances of getting a new car.  I have had 3 other car loans prior to that loan and all were paid in full and as agreed.   My score is on its way up.. around a 630 now but hoping to get a collection removed that the agency is reporting every month as a recent delinquincy.. so hoping to have a high 600 by the end of the summer and I have about 2,000 to put down.
Message 1 of 6
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Anonymous
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Re: Paid Off Repo

*** Update ***

 

I GWed the bank.  They just called and said they were going to update my credit report to show as paid in full rather than repo!  They said it should be reported in the next 30 -45 days.

 

*big sigh*

 

I can't wait to see the new report.....   patience grasshopper!

Message 6 of 6
5 REPLIES 5
Anonymous
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Re: Paid Off Repo

Why are you replacing the current car?

Message 2 of 6
Anonymous
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Re: Paid Off Repo

I bought the car when my son was about 5... he's now 10 and it's really too small for him back there not to mention camping gear, baseball stuff, fishing poles, scooter, etc for whatever activity we are doing.   I would just tell him to tough it out but it really seems to be too small all the way around.   It's not a bad car.  It's cute and runs well (now) but its just not right for us anymore since our lifestyle has changed and he's gotten bigger.

 

Also, I just put a bunch of repairs into it.. then was told it was in great condition but I would need to replace the sway bar in the next year most likely.  I googled that online (but I plan to call back for a quote) and that is going to run another $1100 possibly.  I really don't want to keep putting money into a car that isn't working for us.  I just had the front and back brakes done (along with a couple other things) and that ran $700.   Before that I had to have the windshield washer motor replaced.. that was 300..    Granted after the sway bar is replaced... whenever that needs to be done.. he said it could be a year down the road.. could be longer or shorter.. supposedly it wont need more work.. but who knows.    It's almost 6 years old and has 60k miles on it.

 

Prices are pretty decent on cars now.. provided I get things cleared up and my credit a little better.. which I am working on.  I wont owe anyone anything (except 4k on my car) after mid May.  My credit card is paid off each month in full and has been since I got it in October. I will have been at my new job a year in mid May also.. I should be able to finance a car that better suits our needs... I'm just hoping this paid repo doesn't hurt me too much if the good will letter doesn't work.

Message 3 of 6
Anonymous
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Re: Paid Off Repo

The repo will most definitely hurt your chance of getting a loan.  Thye will likely require a substantial down payment as well as a relatively high rate. 

 

Good luck with getting it sorted out.  I would not pin any hopes on getting the repo changed.  They generally do not like to remove repo/BK/Foreclosire remarks.  they are more apt to remove late marks once a loan has been caught up.

Message 4 of 6
Anonymous
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Re: Paid Off Repo

The loan was paid off 2 1/2 years ago.  I got a new loan to get the car back. 
Message 5 of 6
Anonymous
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Re: Paid Off Repo

*** Update ***

 

I GWed the bank.  They just called and said they were going to update my credit report to show as paid in full rather than repo!  They said it should be reported in the next 30 -45 days.

 

*big sigh*

 

I can't wait to see the new report.....   patience grasshopper!

Message 6 of 6
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