Settle Repossession?

Anonymous · ‎11-07-2014

Hello all,

I was just contacted by a rep from a CA representing Honda Finance. I have a charge off with them totaling about 9500. They gave me the offer if paying a full 1800 for this month or split in 2 payments to settle account or half the amount over 12 months. I'm trying to get a house by the end of 2015, what should I do?

RobertEG · ‎11-07-2014

If a repo, do you have a final accounting of ther loss after they sold the vehicle?

Anonymous · ‎11-08-2014

Yes the 9500 is after they sold it.

RobertEG · ‎11-08-2014

Ideal would be to obtain their agreement not to report their collection upon your payment of the debt.

That might require paying a bit more in the settlement, or possibly even the full amount, but it would prevent score damage.

Anonymous · ‎11-08-2014

They said only honda would determine how it's reported. I will attempt to call Honda and see. If I settle will I take a big hit to my score?

RobertEG · ‎11-08-2014

They are giving you incorrect information.

They are the one who determines whether they report their collection, not the OC.

Anonymous · ‎11-08-2014

It's a company hired by the OC to collect the debt. Does that make a difference?