Santander Voluntary Repo Help.

[cjane1]

Hi all,

I did a voluntary repo with Santander 2yrs ago and have not heard anything from them. I would have thought they would call or at least send a letter demanding payment. I did pull my credit report and it is on all three of them.  Since I live in Texas I am afraid when it gets closer to the SOL I will be hearing from them. Has anybody had this experience with them?

[RobertEG]

Have you ever received an accounting of the remaining debt after they disposed of the vehicle?

Have you contacted them to request such an accounting?

[MortgageMinded]

I had done the same in the past due to health issues,  I had paid for almost 3 years on time.

They should have sent you a document outlining what the vehicle sold for at auction as well as the amount of the deficiency (amount you STILL owe after the vehicle was sold). I had not heard from them in 3 years either, almost out of SOL myself, they did try to assign the debt to another company and I am waiting for the SOL in hopes of settling it in full for a lot less.

Good luck.....

[cjane1]

Yes, they did send me the information. I want to fix my credit so I can purchase a home and trying to get rid of all of the bads on my credit report . I owe a little over 7000.00 on the repo and just wondering if I should call and ask for a settlement of 1/2 what I owe.

[gdale6]

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@cjane1 wrote:

Yes, they did send me the information. I want to fix my credit so I can purchase a home and trying to get rid of all of the bads on my credit report . I owe a little over 7000.00 on the repo and just wondering if I should call and ask for a settlement of 1/2 what I owe.

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If this is still within your states SOL you are most likely not going to get a 50% settlement, they would most likely refuse and quite possible sue you for the full amount plus costs and interest. Inside the SOL I would not offer below 75% and I would not even contact them if I could not settle for the full amount.

[MortgageMinded]

I just looked again and found I am out of the SOL, they did assign my debt to another company who just sent me a DL recently (the CA is not on my CR and the OC is showing it as a CO at the deficiency value). The CA sent me a settlement offer with a 45 day expiration.

+1 to gdale6, he helped me last year when I asked this same question. I just sat low and waited and now I hope I can get a 75% settlement, though they are offering only 50% of the deficieny amount which is still very attractive at this point.  Your experience may be different.   I was always sweating that they would come back and want the full balance due on the deficiency. 

Not sure how long this will take to catch up on my CR's, but worth the wait and headache and will save me THOUSANDS. Thanks gdale6!

[Anonymous]

I did the same thing with them a long time ago.  About one year after,  i received an email from the with a 30% settlement offer.  The only wierd thing was they added $5000.00 to what the balance on the credit reports showed. They also said in the email that they would promptly send me the title after payment lol.  I got an email the next day with the correction we are sorry but we would not be sending the title etc etc.  

I will say though i was suprised that i never received any type of phone calls or anything in the mail from them trying to collect.  Just out of the blue they sent the settlement offer in the email.  

[Anonymous]

also when i say 30% offer i mean 30% of the balance.

[MortgageMinded]

Did you settle with them or the Collection Agency?

[schjones1978]

You might be able to get 50%. I was offered 50% and I actually still have the car but it's "charged off" and out for repo. They told me if I choose to settle they will considered it paid in full and send me the title.