Auto Repossession

Anonymous · ‎03-24-2009

My car was repossessed in April 2003; however, TMC kept reporting it monthly until February 2007. Does this mean it will be 7 years from February 2007 before it's removed? If so, what can I do to change this to the original date.

TIA

Donks3369 · ‎03-24-2009

Dawg,

If the car was repossessed in April 2003, and you haven't made any payments, or possibly promises to make payments, then this should be removed around April 2010. This can be confirmed with a simple call to the CRA or by pulling your annual free credit report.

However, is there anything else you still owe on the vehicle? If it did not sell for enough at auction you are still responsible for the remaining balance. If this is the case they may end filing suit to get their money back.

I don't think there is any legal way to change this.

Anonymous · ‎03-24-2009

Donks is correct. It will report for a max of 7 1/2 years from the DOFD. Which is likely before the date of the repo.

Check your reports that come directly from the CRA. On EQ, you should see a DOFD. On TU and EX you'll see a removal date.

Anonymous · ‎03-24-2009

Thanks for the response. It is reporting that I owe around $10k. I haven't heard anything nor have I seen it go to collections. The thing that bothers me the most is that it only stopped reporting in 2007. I'm afraid this is the date they will go by when determining when it should be removed.

Should I contact TMC and offer a PFD or just leave it alone?

Anonymous · ‎03-25-2009

Dawgpound wrote:
Thanks for the response. It is reporting that I owe around $10k. I haven't heard anything nor have I seen it go to collections. The thing that bothers me the most is that it only stopped reporting in 2007. I'm afraid this is the date they will go by when determining when it should be removed.

Pull your reports directly from the CRA. What does EQ list the DOFD as? What does TU and EX list the removal date as?

Should I contact TMC and offer a PFD or just leave it alone?

Is it beyond SOL? Can you PIF?

Donks3369 · ‎03-25-2009

Dawg,

I would be concerned that they might file a lawsuit before this is done. I find it hard to believe they would let this amount go.

Anyway, like Sidewinder said, do you know what the SOL is on this? Do you have any money to pay this off?

You can always wait to see what happens and hopefully they don't wake up. If they do however you can always pay before you go to court. Good luck.

Anonymous · ‎07-10-2009

I was reading about the auto repossession. I was wondering can anyone "ball park" the number of points your credit gets hit when your car is repossessed? Thank you