Disputing reposessed vehicle

[hopin_n_wishin]

I'm a long time follower but first-time poster... I am finally serious about cleaning up my credit after many years of hoping and wishing... A car was repossessed several years ago (originally with Roadloans, but sold to Santander during my ownership of the vehicle, then I got letters from Drive Financial post-repossession). It is currently showing on my credit report under Santander as having been charged off but showing a balance of $6066, however that's the amount that it was sold for at auction (i think). My issue is that I want to dispute the amount and correct the information, but after having held onto the sold notice from auction, I cannot locate the actual paperwork I got from Drive which shows the actual amount I still owe after the sold price. What is the best way to approach Santander/Drive (?) in disputing this information? Eventually I want to be able to settle with them the remaining $2600... the remainder on the loan was $8436, according to my credit report. I have the other letter from Drive that I received when the car was actually repossessed showing what i needed to pay to reclaim the car, if that helps.

[llecs]

Welcome to the forums!

I'd make sure you had at least $6000 saved up before doing anything, assuming it is still within your state's statute of limitations. You wouldn't want to send any letters and have them sue instead. When ready, customize a letter asking them to breakdown the charges of how they got to the balance they are claiming you owe. The letter would go to whomever is reporting the balance, and I'd use the address listed on your CRs.

When the vehicle is sold, there's a balance owed, but the lender can continue to add interest each month plus the fees to tow it, store it, etc. I was there too many years back, but decided to redeem it. It's not a fun process.

[RobertEG]

I agree that the balance purportedly owed is a disputable matter, and is of significance.

Just a caution that you may run into obstacles by using only the dispute process.  Their is no requirement in either the CRA or direct dispute processes that requires the furnisher to provide documentary evidence, such as a break-down of the asserted debt.  They are required to investigate your assertion, compare your documentation with theirs, and if they feel the reporting is accurate, send you a verification of its accuracy.  You then have them on record as stating they have performed a reasonable investigation, and verified accuracy.

To get to the meat of the matter, i.e. having each side document their case, would ultimately require getting the issue before a judge.

I hope the dispute process works, but you may ultimately have to resort to legal action if it cannot be resolved administratively.