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Voluntary Repo Help Please!

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.

Voluntary Repo Help Please!

Hi everyone. I’m in the process of rebuilding my credit after some unfortunate circumstances. Last year my car was severely damaged in a hail storm and I wasn’t insured (I Know) and had mechanical issues as well. I was never notified of a sale date or whatever happened to my car after that. It’s not even showing up on my credit as a repo but is instead reporting late every month and I am still getting my monthly statements as if nothing happened. It’s the only thing on my credit with lates and I want it gone, every month it just gets worse. What to do? Should I call them and try to settle? Should I just pay the whole balance and end this nightmare? Maybe PFD? Should I find out what happened to the car? Help!!
Message 1 of 6
Established Contributor

Re: Voluntary Repo Help Please!

Welcome to the board. Wouldn’t it be nice if we could all just delete our all honesty I’d call them first. I have a repo on my report but I redeemed and PIF. Still shows the repo/redeem and will until 2022. I tired to negotiate with 5th turd bank but they’ve refused. Rightfully so I was late 18 times!! Lol.

Best wishes. Let us know the outcome.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018

Message 2 of 6
New Contributor

Re: Voluntary Repo Help Please!

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.. 

Last Inquiry 11/8/2018 (QS1 approved $300.00)
Fico Score Progression :
10/1/2018 EQ 530 TU 535 EX 540
12/16/2018 EQ 630 TU 621 EX 636
12/27/2018 EQ 639 TU 628 EX 634
6/6/2019 EQ 626 TU 565 EX 614
7/17/2019 EQ 644 TU 641 EX 678
In the garden till 1/1/2020
Message 3 of 6

Re: Voluntary Repo Help Please!

That’s exactly it! They just keep reporting and you have current lates every. Single. Month. Mine is around 6k too and it’s a lot to pay but I’ll do it if needed. I know exactly what you mean, my late husband was always a cash guy and had a successful business so that’s how we operated too but I definitely don’t have those luxuries anymore and I care about my credit. I think I’ll try to go the PFD route. Thanks for your thoughts!
Message 4 of 6
Frequent Contributor

Re: Voluntary Repo Help Please!

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.

Message 5 of 6
Community Leader
Legendary Contributor

Re: Voluntary Repo Help Please!

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....

Message 6 of 6