voluntary repossession

[llecs]

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dvroberts81 wrote:
With all the 0%APR offers now, my 10.9 seems very steep.Lesson learned.

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I know how you feel. We were stuck with a 19.9% rate on a $25k loan. We just made the last payment last week and on hindsight, we are thankful that we didn't give up. Otherwise we'd have 2 repos instead of one.

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:
With all the 0%APR offers now, my 10.9 seems very steep.Lesson learned.

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I know how you feel. We were stuck with a 19.9% rate on a $25k loan. We just made the last payment last week and on hindsight, we are thankful that we didn't give up. Otherwise we'd have 2 repos instead of one.

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And this is why so many of us recommend DON'T BUY A NEW CAR if you can't qualify for a good rate.  You will end up regretting it.  You will end up with some type of buyers remorse.  You will end up seeing how you could have made better use of your money.  It is very short lived...the thrill of driving away in that new auto with the nose bleed APR.  Like the Chinese Water Torture.....drip, drip, drip....those payments and interest that are painless in the beginning, over time develop into painful torture.

[Anonymous]

My son-in-law got divorced and they had a car which was primary account holder was his ex-wife and he had to sign as the joint account holder.  Well she went bankrupt and he had only had the car a short time and was told by American Honda that he would have to break the 1st lease which he had given them a down payment of 2000.00 and then would have to take out another lease in his own name but would need 3,000.00 to put down on the least.  The lease at the time was for 3 years and he only had 6 months into the lease.  they told him he would have to voluntarily return the car which is what he did.  However it is on his credit report since 7/2002 when this happened.  Is there any way for him to get this removed from his credit report.  When he called American Honda they told him they could keep it on his credit report up to 15 years.  I do not believe they can keep it on for 15 years as there is no judgement or lien about it.  I would like to see if there is anyone who knows a way that this could be taken off his credit report. Any information anyone has that could guide him on how he can get something done on this would be appreciated.  It will be 7 years 7/2009.  He needs it off his credit report before September so any information out there will b e helplful.  thanks

[Anonymous]

If he returned the car, it will stay on his record for 7.5 years I believe from the date it was sold (not the date he turnd it in and there may be quite a difference in these dates)

If he paid the deficiency balance of the lease (there would have been money owed after the car was auctioned) the company may be willing tor emove the items.

[Anonymous]

Thank you for the information.  He just pulled 2 out of 3 credit reports and one says it comes off his credit repor in May 2009 and the other one says June 2009 so we will see.  I never heard it to be from the date it was sold but I don't know all the rules.  I thought it went by the date of last activity not the date of the last payment.  It is confusing.  The dates that EQ has is May 2001 and Experian has June 2001 but the report says the last payment was 9/2001 so which is it.  I hope it is May and June because then they will have to remove it then.  It is just very confusing.