repos

[DAPPERSS54]

loan went bad in 2004 repoed and sold in 2005 comes off in 2011 from 3 crbs got notice today from citi auto that this was sold to santander . any adivice on what to do or expect .

[laz98]

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@DAPPERSS54 wrote:

loan went bad in 2004 repoed and sold in 2005 comes off in 2011 from 3 crbs got notice today from citi auto that this was sold to santander . any adivice on what to do or expect .

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well, they'll probably try & contact you to get some money out of you......it can't go back on your reports once it falls off, though.  so i guess that's good.

[chasmith]

I believe Citi Auto sold their entire portfolio to Santander, so that's why your loan was sold.  This indicates it hasn't been sold to a third party (yet).

You need to look carefully at your state's Statute of Limitations for this sort of debt.  Santander may move to collect, or sell to a JDB, and in either case they may consider suing.  SOL is an affirmative defense against a lawsuit and unrelated to removal of the TL from your CR.

As previously stated, the date for this to come off your report cannot change - but be careful to save copies of those old reports that prove what that was!

[Proverb]

What happens when a auto is repo but was returned back to owner within 3 days.  How bad does that hurt credit?  Will it show repo on report?  If so can you have it removed since it was only 3 days.

[Anonymous]

what happens when your car is repoed and sold for less than the value of the lone.?

i know im in the process of having my loan charged off i need to know how much my actually liablity will be when they sell the loan to a dept collector. does the book value at time of repo have anything to do with the amount of money i owed.

[Eager2Learn]

It varies by state, but generally you will get hit with the difference of what they received for the sale of the vehicle + any fees/expenses associated with the actual repo and towing and storage + legal fees + interest and penalties.  I don't think the book value comes into play in any state unless you can prove a specific underhanded situation (Car book value $20k, repo'd and sold to the nephew of an employee for $5).  

Repo's will hurt for a long time.