I recently had a repossession back in 3/2010. The current balance on the account is the same as it was before the repo. My understanding that once the car is repoed the company is suppose to contact you within 10 days of the car being sold (it didn't happen). Also the balance should reflect the difference from what the car was sold for. I still have the same balance and I have not been contacted by Santander since the repo.
Right now I'm trying to resolved this issue for the least amount of money possible. My orginal balance was 17k and I owe 12k not including was should have been subtracted from the car sale. I just recently sent Santander a certfied letter asking them to verify the debt, and I'm still awaiting to hear back from them. On my credit reports it does show the account was charged off. So I'm guessing that they will contact me verifying everything. So when they do how do you suggest I resolve this issue? I will have about 6k to negotigate with as a one time lump sum, however I want to save as much money as possible.
I have also talked to a lawyer about this, he stated since I was never contacted about the sale of the car, I can sue to have it removed from my report. However he wasn't $1000 to fight this battle for me. What do you guys think?
