New way to go after Crapitol one repo?

Anonymous · ‎04-24-2015

I have one negative item left on my credit report, a repo from Capitol One, and after meeting with a Consumer attorney on Wednesday and being reassured they couldn't get a deficiency judgment against me I'm ready to go on the offensive. There is a large 14k charge off on my CR, but the real amount according to Capitol one and the court they repod the car through is 19k. I disputed the amount and Capitol one verified the 14k. I didn't tell the CRAs the real amount so I'm thinking of disputing again except including the court documents. I have several other inaccuracies for the account that I'm planning to dispute one at a time just to be a pain in the butt for cap 1 and the CRAs. The account would age off this October.

Does anyone here have any idea why they would be reporting a lower amount? It doesn't make sense to me except that maybe they are hiding something, I know they were recently in big trouble for hiding their subprime auto loans that would have been in the same time frame that mine was charged off.

gdale6 · ‎04-24-2015

@Anonymous wrote:
I have one negative item left on my credit report, a repo from Capitol One, and after meeting with a Consumer attorney on Wednesday and being reassured they couldn't get a deficiency judgment against me I'm ready to go on the offensive. There is a large 14k charge off on my CR, but the real amount according to Capitol one and the court they repod the car through is 19k. I disputed the amount and Capitol one verified the 14k. I didn't tell the CRAs the real amount so I'm thinking of disputing again except including the court documents. I have several other inaccuracies for the account that I'm planning to dispute one at a time just to be a pain in the butt for cap 1 and the CRAs. The account would age off this October.
Does anyone here have any idea why they would be reporting a lower amount? It doesn't make sense to me except that maybe they are hiding something, I know they were recently in big trouble for hiding their subprime auto loans that would have been in the same time frame that mine was charged off.

I would cease disputing it, every time it updates after the dispute it drops your Fico unless it had been already updating monthly. I would ask for the early exclusion from TU now and 2-3 months in advance of the scheduled drop date on EQ/EX.

Anonymous · ‎04-24-2015

@Anonymous wrote:
I have one negative item left on my credit report, a repo from Capitol One, and after meeting with a Consumer attorney on Wednesday and being reassured they couldn't get a deficiency judgment against me I'm ready to go on the offensive. There is a large 14k charge off on my CR, but the real amount according to Capitol one and the court they repod the car through is 19k. I disputed the amount and Capitol one verified the 14k. I didn't tell the CRAs the real amount so I'm thinking of disputing again except including the court documents. I have several other inaccuracies for the account that I'm planning to dispute one at a time just to be a pain in the butt for cap 1 and the CRAs. The account would age off this October.
Does anyone here have any idea why they would be reporting a lower amount? It doesn't make sense to me except that maybe they are hiding something, I know they were recently in big trouble for hiding their subprime auto loans that would have been in the same time frame that mine was charged off.

As mentioned above, go for early exclusions as you should be eligible now or close to with Transunion. I do understand your frustration, but to argue for a higher amount owed makes no sense as the most that would happen would be that they increase the amount of debt on your reports to correct the information and that would likely result in more point loss. I also don't understand why you are upset with Capital One, if they were kind enough to loan you money to get a car and you did not pay it back, why would they be the bad guys?

Anonymous · ‎04-24-2015

I'm upset with them for the same reason they can't get a deficiency judgment against me. I would have been happy if they sold the car properly, instead of them buying the car at their auction for 3300, and later resold the car for 16,000 at another auction a month later. I now have a massive debt, and they still made enough in my 2.5yrs of payments and second sale of the vehicle to cover the cost of the loan plus they write off the charge off. I would have paid them a deficiency balance as long as it was arrived at fairly. This is why I want to get to the bottom of their reason for under reporting what I owe, and they know they are doing it. If this would have been real estate valued over 150k it would have been illegal for them to get this kind of windfall and cause me damages, but sadly Louisiana consumer law has it's flaws. They get to write off the bad debt while still profiting, and I would have to pay them 19k to to have the account settled, so they would get 2.5yrs payments, 13k for the car, and 19k from me. That comes out to 52,000, I'm thankful they can't win a judgment, but at the same time this is fundamentally wrong. Some states are starting to put an end to these practices and even going after capitol one. If they would have said, hey we got 16k for the car so you owe us 3k, I would pay in a heartbeat and have much better credit for it and they would have their money. That would be fair.

Anonymous · ‎04-24-2015

@Anonymous wrote:
I'm upset with them for the same reason they can't get a deficiency judgment against me. I would have been happy if they sold the car properly, instead of them buying the car at their auction for 3300, and later resold the car for 16,000 at another auction a month later. I now have a massive debt, and they still made enough in my 2.5yrs of payments and second sale of the vehicle to cover the cost of the loan plus they write off the charge off. I would have paid them a deficiency balance as long as it was arrived at fairly. This is why I want to get to the bottom of their reason for under reporting what I owe, and they know they are doing it. If this would have been real estate valued over 150k it would have been illegal for them to get this kind of windfall and cause me damages, but sadly Louisiana consumer law has it's flaws. They get to write off the bad debt while still profiting, and I would have to pay them 19k to to have the account settled, so they would get 2.5yrs payments, 13k for the car, and 19k from me. That comes out to 52,000, I'm thankful they can't win a judgment, but at the same time this is fundamentally wrong. Some states are starting to put an end to these practices and even going after capitol one. If they would have said, hey we got 16k for the car so you owe us 3k, I would pay in a heartbeat and have much better credit for it and they would have their money. That would be fair.

I understand now. I would be pretty upset about that too. That definitely sounds like some shady business practices. I apologize for my comment earlier, I often see many people that get their selves into trouble always pointing the blame at someone else for their predictaments and I hate seeing that because the only way to ever grow and improve is to accept responsibility when we make mistakes. Granted your mistakes may have led to the repo, but the problem you have here seems to be much more than a self inflicted one. As I said earlier, try for the early exclusions, start with Transunion, they will do them up to 6 months out from the 7 year mark. Equifax and Experian up to 3 months out from the 7 year mark.

Anonymous · ‎04-24-2015

I understand now. That seems down & dirty to me! You have no recourse for this? Seems like something they should not be able to get away with. Have you contacted the Consumer Financial Protection Bureau? They normally fight for you in matters like these.

RobertEG · ‎04-24-2015

I dont understand.

Their charge to profit and loss on their books would be the net loss betwen what they recouped upon sale of the vehicle and the unpaid balance on the loan that they were left holding. I dont see a discusiion of the unpaid loan amount and the amount they recouped.

Anonymous · ‎04-25-2015

Sadly it's perfectly legal, Louisiana has a Deficiency Judgment Act, but it doesn't cover consumer transactions that fall under our UCC. Researching Louisiana law is kind of crazy, I've been so worried about being sued and my attorney was just like nope they used the executory repossession process which is considered extremely harsh in our courts so it's a given there will be no judgment. All I can do now is to complain about all the amounts and dates they have wrong on my CRs. The worst part is that I was trying to do a voluntary repo with them before I had surgery, and they just ignored me. I will look into sending letters to the CFPB and possibly forcing them to send me a 1099c through my State AG.

Anonymous · ‎04-25-2015

No worries, I had two sacral tumors they found in my back when I was in the military and they were classified as pre existing condition so everything went upside down from there. I'm lucky I didn't own a home, the car and some minor medical bills were the only things that hit my credit. What I did wrong was to not look into bankruptcy, it sounded scary, but it would have probably been the best thing to do. I wasn't proactive enough with my credit, but lesson learned.

Anonymous · ‎04-27-2015

Update

I was denied an early exclusion by TU today, but I was able to speak with someone from Cap1 that was ready to get things moving. We started negotiations at 50% of the principle balance with no late fees and interest and ended at 35% which I feel is fair. I would like to apply for a mortgage in the future and not lie about any outstanding debt, and to also just have this behind me. I told him I would sleep on it and that tomorrow they would have my decision, I'm going to also try to get them to early delete or remove the lates after the charge off date and I figured to bring that up tomorrow when they realize they'll get some money on an uncollectable debt. If they don't offer some kind of relief on my credit report I'll take them to arbitration and my attorney will get the money as I'm sure we'll have to use the courts to compel them to arbitration. I was informed that Cap1 has no plans to take legal action against me, and I feel like I have some leverage after confirming that I do have the original court documents and the affidavit they used to repo the car.