Carmax now with CCA

[Anonymous]

Hello and Happy New Year!

Has anyone ever heard of a collection agency called EOS CCA?  Two years ago, I voluntarily returned my car that I was making payments on back to Carmax.  I couldn't afford the payments.  They have the following on my Experian and TU credit reports:

CARMAX AUTO FINANCE    
   
Status:  Repossession.
  Status Details:  This account is scheduled to continue on record until Jul 2016.
This item remained unchanged from our processing of your dispute in Apr 2011.
 
  
Date Opened:
10/2005 
Reported Since:
10/2005 
Date of Status:
12/2009 
Last Reported:
10/2011 
 Type:
Installment 
Terms:
68 Months 
Monthly Payment:
$0 
Responsibility:
Individual 
  Credit Limit/Original Amount:
$13,494 
High Balance:
NA 
Recent Balance:
$3,427 as of 10/2011 
Recent Payment:
$0 
 
  
 
Account History:
Repossession as of Dec 2009 to Oct 2011
60 days past due as of Nov 2009
30 days past due as of Oct 2009

  
  
Balance History - The following data will appear in the following format:
account balance / date payment received / scheduled payment amount / actual amount paid
Sep 2011: $3,427 / September 17, 2009 / no data / no data
Aug 2011: $3,427 / September 17, 2009 / no data / no data
Jul 2011: $3,427 / September 17, 2009 / no data / no data
Jun 2011: $3,427 / September 17, 2009 / no data / no data
May 2011: $3,427 / September 17, 2009 / no data / no data
Apr 2011: $3,427 / September 17, 2009 / no data / no data
Mar 2011: $3,427 / September 17, 2009 / no data / no data
Feb 2011: $3,427 / September 17, 2009 / no data / no data
Jan 2011: $3,427 / September 17, 2009 / no data / no data
Dec 2010: $3,427 / September 17, 2009 / no data / no data
Nov 2010: $3,427 / September 17, 2009 / no data / no data
Oct 2010: $3,427 / September 17, 2009 / no data / no data
Aug 2010: $3,427 / September 17, 2009 / no data / no data
Jun 2010: $3,427 / September 17, 2009 / no data / no data
Apr 2010: $3,427 / September 17, 2009 / no data / no data
Mar 2010: $3,427 / no data / no data / no data
Feb 2010: $3,427 / no data / no data / no data
Jan 2010: $3,427 / no data / no data / no data
Dec 2009: $3,427 / no data / no data / no data

The original amount of this account was $13,494

I just received a letter from this collection agency the other day who is charging me an additional $192 in interest.  I do not understand if CCAs are allowed to do this, can someone suggest if there is anything I can do?  Where should I start if I want to make payment arrangements, the CCA or OC?  I received a settlement offer from this CCA for $2743, but I do not want to pay anything to the wrong company. 

Thanks for any advice...

[LS2982]

This thread should get moved to rebuilding forum.

[Anonymous]

Okay, sorry about that, I am so new to this!

[Anonymous]

It is always better to work with the OC if you can.  It looks like they still own the account so I would contact the OC and see if they are willing to work with you.  They may tell you you have to work through the CA.

CAs are allowed to add interest if it is in your original contract with the OC.  You would need to read the contract.

Is the CA not on your CR?

[RobertEG]

Interest accrues on the debt, and is due to the owner.  The debt collector is not charging interest if they dont own the debt, they are reporting the iterest due to the credtior, and as part of the total debt they are authorized to collect.

Being a repo, you need to determine what happened to the vehicle after they took possession.  Your remaining debt would be for the difference between what you owed and what they recovered against your debt.  Have you contacted the OC and determined how the debt was finally settled on their books, and thus what, if any, you still owe?

As for "remaining" in your CR, the account can remain without any deletion requirements under the FCRA.  What the FCRA prevents is the continued inclusion in your CR of any adverse items reported on the account, such as the 30 day late in 10/2009, the 60 day late in 11/2009, and the repossession in 12/2009.  Each of those have a CR exclsuion date of 7 years from their individual dates of occurance.  From the dates given, the last adverse item was the repo, and under FCRA 605(a)(5), it must be excluded after 12/2016.

The 7/2016 date may be in reference to the collection, which if reported must drop after 7 years plus 180 days from the DOFD on the OC account.  That would imply a first delinquency with the OC in about 1/2009.  That doesnt seem to match up with the 30late in 10/2009, so it is unclear as to how they arrived at the 7/2016 date, or what item it is pegged to.  Did you have a prior 30 late after which you never brougnt the account back into good standing, and was simply not reported to the CRA?

[MarineVietVet]

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@Anonymous wrote:

Okay, sorry about that, I am so new to this!

---

Welcome to myFICO.

No need to apologize. It's often hard to decide where to post a thread. IMO (In My Opinion) it'a fine right here.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thanks for your feedback. No, the CA is not on my CR at least not yet.  I will take your advice and call them.  I willl probably just pay the entire lump sum so I will not continue to accrue interest.  I will find my contract and read what it says regarding this.

[Anonymous]

Thanks for your feedback. Actually I did have the account in good standing by paying two months worth of payments at one time as I was behind before.  The car had some mechanical issues, and I tried to get them fixed, thus falling behind again. When I realized the car repairs would cost me more money that I did not have, I returned it.  I should have just kept the car after all of this. I need to work on getting this paid off with the OC first.  Do you think they will let me pay for a certain amount first say, $2,000 then the remainder in installments over the course of say 6-9 months without adding the interest? 

[Anonymous]

Thanks so much! :-)