Repo account - please help

[llecs]

IMO, if there was any chance, at any odds, I would be a bit shy in doing anything. Depends on how high the CA thinks the balance is and how many bigger fish our out there who owe more than you. I tend to be a pessimist when it comes to money, so I would guess at 100% and go forward with that assumption.

There are steps you can take. If you know the CA's name, then you can look via court records to see if they are the suing type. Also check registration/licensing in your state to see if that is required (e.g. some states won't allow a CA to sue if not licensed). Also search the OC's name to see who they assign debts to. Finally, go over your own records and memory to see if anyone broke any laws (based on your state) during the repo process. It isn't much of a defense, but you could use it as a stall tactic if they broke the law.

If you still need a balance, then you could always go through your papers and figure out what your balance was on any given day, back out any payments hence, add $1000 or so for towing, storage, etc., and calculate the balance through today, compounded, based on the interest rate you had when you got the loan.

[Anonymous]

When I called the OC, they were able to provide me who they sent the collections to, the balance of $8K, and they will send me documents of last statement, repo, auction sales..etc etc. I guess I should stop worry about their CA reporting to my credit report even though I've worked hard to remove some negative items.

My main concern is being sued and then having a judgment put on my credit report. I just hope I missed the bullet and the CA who wasn't reporting will still not report to the bureaus because that will defeat my goal of buying a house this year.

[Anonymous]

Check your state statutes and double check SOL and even contact AG about it.

In MO, car notes fall under the UCC SOL of 4 years and not written/promissory SOL.

[Anonymous]

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@Anonymous wrote:

Check your state statutes and double check SOL and even contact AG about it.

In MO, car notes fall under the UCC SOL of 4 years and not written/promissory SOL.

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Thanks sidewinder! I will definitely check again and contact my AG.

What is UCC? I already checked the abbrevation link but I do not see it there.

[llecs]

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ficonewbie01 wrote:

What is UCC? I already checked the abbrevation link but I do not see it there.

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Uniform Commercial Code. Most legal language within states' statutes uses this term to describe the various SOLs on this or that. It would include what you find on bankrate, SOLs for collecting on judgments, SOLs for crimes, etc.

[Anonymous]

Thanks!

[Anonymous]

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@llecs wrote:

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@Anonymous wrote:

What is UCC? I already checked the abbrevation link but I do not see it there.

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Uniform Commercial Code. Most legal language within states' statutes uses this term to describe the various SOLs on this or that. It would include what you find on bankrate, SOLs for collecting on judgments, SOLs for crimes, etc.

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Thanks mods! KY's SOL for UCC is 4 years!

http://www.lrc.ky.gov/KRS/355-02/725.PDF

My question about UCC is, am I going to have a difficult time proving the car loan falls under UCC and not a written contract?

Message Edited by ficonewbie01 on 05-23-2009 04:20 AM

[Anonymous]

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ficonewbie01 wrote:

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@llecs wrote:

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@Anonymous wrote:

What is UCC? I already checked the abbrevation link but I do not see it there.

---

Uniform Commercial Code. Most legal language within states' statutes uses this term to describe the various SOLs on this or that. It would include what you find on bankrate, SOLs for collecting on judgments, SOLs for crimes, etc.

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Thanks mods! KY's SOL for UCC is 4 years!

http://www.lrc.ky.gov/KRS/355-02/725.PDF

My question about UCC is, am I going to have a difficult time proving the car loan falls under UCC and not a written contract?

Message Edited by ficonewbie01 on 05-23-2009 04:20 AM

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First, you'll need to determine if it does.

In MO, I believe car loans were covered under UCC SOL as a result of a prior court opinion.

The MO AG has a consumer blog and the person from the AG's office that responds happen to tell someone else about this, which is the reason I know.