Repossession...

It can be but, it isn't easy.If you've paid off the vehicle in full, contact the creditor first and kindly ask them to remove it.

 

You have far more to worry about than getting it off your credit reports. What are you going to do to get the judgment that is almost certain to result off your credit reports?

You need to think about the fact that instead of owning a car you now own one of those Toxic Assets everybody is hearing so much about in the news these days. You are most likely going to end up on the dirty end of somebody's Toxic Asset Recovery Program. (LOL)

That means a lawsuit, the garnishment of your wages, freezing of your bank accounts, possible seizure of any other vehicles you might own that are free and clear, possible seizure of any tools, guns, television sets, appliances or furniture out of your home leaving you cooking over a bbq grill and sitting on the floor to eat what little food you can afford after they take 25% of your wages?

Granted, things probably won't get quite that bad but they can make life a bit miserable. Spending time and money trying to get rid of the repo listing on your credit reports seems to me to be a waste of time and effort when you probably have a lawsuit coming your way in the near future that you won't be able to do anything about.

Now then, before some darn fool gets the idea that I'm trying to advertise something let me say that if I were to be sued for a debt I had not paid I couldn't do any better. I'd end up with some lawyer getting a judgment against me and trying to garnish whatever they could find to pay the debt with but I wouldn't be wasting my time and money trying to fix my credit.

 

Apexcrsrv: I appreciate your dedication to helping others in this forum. This is my first post, but it appears your help has been unending here...

My question is relevant to this thread. My first wife and I purchased a vehicle in 99. We then got a divorce in 2000. In the divorce decree, I was awarded the house(debt and equity) and she was awarded the truck(debt and equity). She let the truck be repossessed in 2004. When I found this had happened, I immediately paid the remaining balance <$4k and took receipt of the truck from the repo man. 5 years later, I am not trying to buy a house and the repo is on my credit of all 3 bureaus.

My question is this: The debt is indeed paid. In fact, I still own the truck. Can I get these negative spots taken off my credit report? Should I do a "not mine" or "not repo" with the credit bureaus or do I contact the lender with a plea?

Thanks in advance for any advice...

 

This sounds like a case to start with a nice, polite letter to the bank (a specific loan officer if can get their name) explaining the situation and maybe even including the relevant pages from your divorce decree. Explain what happened, how you made it right when you found out, and how you'd really appreciate it if they could help clear this up on your credit report.

 

Thanks very much for your insight ccbob!!!

Just to clarify, because I am new at this credit rebuilding: The balance for the reposession account from my credit report for all three CB's is $0. It just shows it as late payments and then repossessed with a balance of $0. What exactly do I ask them for? Are they capable of removing the account totally from my history?

Second, would placing a phone call to them be as effective, or is the letter more effective? Phone seems like I would get a more immediate response whether they are willing to help me...

 

But with the phone, you have no proof of anything that was said. That's why letters are better--they're more likely to hold up in court if it comes to that.