Repo Question

[hoping2rebuild]

I am  working DH's credit as well as mine and he has a Repo my question is

I thought that once a car was repo'd that when it was resold they were to take

that amount off your balance owed?  His van was repo'd in 2008 and we are still

yet to receive any paper work, I have asked for everything all paper work related

to this account.

Also since they have not sent paperwork, taken the sold amount off balance due, etc

is there anything I can use a leverage to get them to budge a little on a payoff

Thanks

[GoodCredBen]

The amount the vehicle sold for should be deducted yes....

And they are required to notify you of this....

Have you by chance moved since the repo? Did you have your current address with them? 

[hoping2rebuild]

We have had this same PO Box for about 10 years

and they always mailed everything thing to it before.

[pizzadude]

What was the balance on the loan at the time it was repo'd ?   Repo'd vehicles do not bring much value at auction, and I'm sure there were additional fees added due to the repo, so there may not be much of a difference......

[Booner72]

Are they coming after you?  If they take you to court you have a good chance to fight this since it sounds like they did not provide the proper documentation to you about the amount due after they car was auctioned.

[hoping2rebuild]

No they aren't coming after him but we do want the correct balance on his CR

[Booner72]

You might wake up a sleeping giant.

[Repo-ed]

I was recently advised by an attorney (after a realtor advised me to contact the CU about the repo and set-up PA (payment arrangements)) to NOT contact them, if they have never contacted me.  No sense in waking up a sleeping dog he said.  It would reset the statue of limitations for the state of Florida, and as it stands currently, they would no longer be able to come after me (again, they never have) for the outstanding bal.

[Anonymous]

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@pizzadude wrote:

What was the balance on the loan at the time it was repo'd ?   Repo'd vehicles do not bring much value at auction, and I'm sure there were additional fees added due to the repo, so there may not be much of a difference......

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This is not necessarily so.  In our case, the vehicle sold at auction for the full amount due to pay off the repo AND, we got a check for over $600 ourselves.  Our problem is NOW trying to get a GW letter to touch the hearts of the Executive Administrator of Toyota Financial to remove the entire account from our credit reports. 

In your case though, since there is money owed, if you contact the CU, as has already been stated, you're going to have to be prepared to pay off the full amount owing.  If  you don't have the money to payoff the repo, and, you can stand to wait out the 7-7.5 years that this is going to be reporting on your credit reports, that's probably the best way to go for now.

[pizzadude]

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@Anonymous wrote:

This is not necessarily so.  In our case, the vehicle sold at auction for the full amount due to pay off the repo AND, we got a check for over $600 ourselves.  Our problem is NOW trying to get a GW letter to touch the hearts of the Executive Administrator of Toyota Financial to remove the entire account from our credit reports. 

In your case though, since there is money owed, if you contact the CU, as has already been stated, you're going to have to be prepared to pay off the full amount owing.  If  you don't have the money to payoff the repo, and, you can stand to wait out the 7-7.5 years that this is going to be reporting on your credit reports, that's probably the best way to go for now.

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As repo-ed suggested, I wouldn't advise talking to them.   Even if the debt is out of SOL, I would tread lightly ~ I don't know how the "reset" of SOL works in your state, but generally it would involve you acknowledging something in writing I think.

Discernment's repo was the best case situation, where the creditor promptly sells your car and cheerfully refunds you the difference, even after tacking on the additional fees and charges.   It would be great if this was the rule rather than the exception, but it reality it rarely happens this way....