@Anonymous wrote:
Hi, I have a question regarding cars subject to repo. My husband and I fell behind on payments. We called the creditor and explained the issue and set up a payment plan until we could afford to pay off the remaining amount of the loan. We paid it off and then sold it. We thought we had done the right thing but apparently, they had reported the car as "subject to repo". Even though the loan is closed it is showing on our credit. Is there any way to fix this. They never attempted to repo the car and we followed the agreement we had with them. Just wondering because it seems as though we did all of that for nothing because even though we paid off the loan and worked with our creditor we are still unable to buy another car. Thanks!
Unfortunately if you didn't negotiate with your creditor to remove the negative reporting, even though you paid them, your credit will still suffer. At this point your only option is to pursue a goodwill request with them to remove the late payments and repo notation from your credit reports.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
