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But, then, you'd be out of the $$ AND the vehicle. Unless ... you sue them. You can. It would be breach of contract. And you could get back every cent you paid on the settlement AND possibly (depending on the state) gain some "damages" for the damage to your credit.
I am going thorugh the same thing, I didn't know about the repo until I pulled my credit and saw it there. I was never notifed of anything, they say they sent them but where they sent them was the key, the the incorrect address that the sales rep put on the app, since I was in a hurry and went in signed and left, they didn't have anything but my name and SS# I never gave them a address so he ASSUMED that I lived at the same as the person buying the vehicle.
He was always a trust worthy person and I felt I didn't have to worry about it WRONG!!!!!!!!!!!!
What would you need to prove breech of contract in our case?
@gdtobefree wrote:But, then, you'd be out of the $$ AND the vehicle. Unless ... you sue them. You can. It would be breach of contract. And you could get back every cent you paid on the settlement AND possibly (depending on the state) gain some "damages" for the damage to your credit.
I am going thorugh the same thing, I didn't know about the repo until I pulled my credit and saw it there. I was never notifed of anything, they say they sent them but where they sent them was the key, the the incorrect address that the sales rep put on the app, since I was in a hurry and went in signed and left, they didn't have anything but my name and SS# I never gave them a address so he ASSUMED that I lived at the same as the person buying the vehicle.
He was always a trust worthy person and I felt I didn't have to worry about it WRONG!!!!!!!!!!!!
What would you need to prove breech of contract in our case?
Message Edited by gdtobefree on 10-01-2008 10:29 AM
cadavis0609 wrote: I'm fairly certain that everything except for a bankruptcy will only report negatively for 7-7.5 years. It does however remain on your reports for 10 years, but after the 7 years, reverts back to paid as agreed. It will be on your reports for 7-7.5 years from the date of first delinquency.
All negative closed items remain on your CR for 7 - 7.5 years from the DOFD. They do not revert back to be in good standing. The only things that would cause an account to return to good standing would be an open account with lates. After the lates fell off, each in 7 years, then it would remain for 10 years.
If a vehicle is repoed then CO, the charge off will remain, whether paid or not.
The moral of the story is to never co-sign for anyone for anything. Front them the money if you really want to help. But then again, I imagine the OP realizes this...
The repo might be out of SOL, in which case the creditor can't sue. And if it's several years old, it's probably not hurting your credit that much. It should come off in 7 to 7.5 years from the date of the first missed payment.
So it may or may not be worth pursuing damages.
I haven't paid anything on it, the amt after the sale owed is 11753.00 beyond small claims court in La.
I would have gladly taken over the notes if I had been told this were happening and had a chance to redeem the vehicle before the auction.
Like I said, the salesperson filled in a address on the app that wasn't mine, he "assumed" we lived in the same house, he could have called me for the correct mailing address to put on the contract.
I am trying to remember what the SOL on this written contract is and if it qualifies for the 4 yr sol according to the UCC filings in La.
If anyone has that info handy I would appreciate it.
Ignoring any SOL and lawsuit implications, which are irrelevant to your FCRA compliance date, the derog must be deleted from your CR 7 years after the date of first delinquency on the account, which is 30 days from the due date of the first payment that was delinquent in the chain of delinquencies that led to the later creditor action. The only FCRA exception would arise if the repossession led to a legal court judgmemt, but that does not appear to be your situation.
Subsequent activities after the DOFD do not govern its deletion from your CR,