Hello my friend,
I'll tell you about my experience and will tell you what I would have done differently if I had the chance.
I had a voluntary repo in Jan. 2013. After they sold the vehicle, I owed a balance of roughly $6,100.00. Just like you, the repo never showed up on my report, just a late payment for every day, every week, every month and every year until now. The biggest problem with the way that they report, is that the account is always reporting as a recent delinquency. By reporting this way, they are ensuring that you will not qualify for any sort of credit for the next 7 yrs..
Believe me when I tell you this. I have a company that grosses over 1 million dollars per year, Ive had my secured discover card for over 2 years that won't unsecure and I've only qualified for an unsecured $300.00 credit line. I'm beyond the point of paying it off because it'll still be so recent that it's best that I wait till I can start getting early exclusions.
If I had the chance to start all over, I would have tried to ask for a PFD. If that failed, I would have paid it off to allow the negative balance to age.
The account is currently reporting between 120 and 180 days past due depending on the CRA.
My company has always made a lot of money and I didn't really care about my credit because I paid cash for everything. (I co-signed for the car for an employee and when she stopped paying, I told them where she was hiding so they can come and get her car.) I should have just paid it off .. So I would highly suggest that you pay it off if you can. Try to get a PFD if you can.. But this will potentially haunt you for 7 years.. Even if your financial situation is dramtically different in a few years. You won't be able to get anything, even if you have a decent score..
If the lates were accurate until some point meaning you actually did not pay, you should start at 30 days late all the until 180 days late then a charge off.The continued reporting of current monthly lates will never help your Fico score.If the car went to auction you will be responsible for the deficiency balance.You should call the lender and explain the situation in regards to your claims of inaccurate credit reporting and in regards to you account situation as a whole.If you are responsible for the deficiency balance it will eventually catch up to you.You should pay your obligation as agreed.
All states have specific statutory or regulatory procedures for creditor handling of repo debt, the most critical of which is providing the consumer with a timely reconciliation of the net debt after disposal of the vehicle.
Until you know what they recouped upon their sale of the vehicle, you dont know your net remaining debt.
You can, once you know the true, remaining debt, offer a pay for deletion.
If they have clearly violated state statutory or regulatory provisions of notice, that might facilitate their willingness to accept a PFD.
Perhaps an initial call to your state agency that regulates repos might provide some guidance before you contact the creditor....