Ok, I mentioned before how a friend was having problems with his auto loan. It was recently charged off and reported as such to the CRAs. Well, I called the finance company and they agreed to accept partial payment now and the balance due will be paid next month. They said that once it was paid we need to write to them asking them to reopen the account and change it to paid status. Here is my question.. Should we send a letter BEFORE sending the second and final payment asking them to write back indicating that they would reopen the account and update it as paid (not paid chargeoff) once they get the final payment next month? OR..should we just deal with the chargeoff after payment is made by disputing with CRAs and all that. I'm just afraid of pissing the finance company off.
Good Lord! Pay them before they get fed up and just repo the car. You have nothing with which to bargin.
They've already said they are not going to repo the car after the phone call. Moreover, if they repo the car, it would just cost them more hassle since friend is going to pay them anyway. They won't get even half of what he owes if they sell the car which means they will then have to deal with getting the money from him. Therefore, paying them in full now is saving them a whole lot of hassle.
Question? you mention that the "Final Payment" is due next month, is this correct? If this is the case, they why would they repo a vehicle that only has one payment left? That would be a waste of money for the finance company. They woulfd have to weigh the expense of the payment versus that of a repo. If this is not the case, I strongly suggest that before you dispense any funds to the finance company that you bargain to have the nergative connotations removed from your credit report. It is better to deal now them after you have played all of your cards and you have no more cards to play!
Reshod, I stated that the balance due would be paid next month. There WAS another year of payments left but friend can afford to pay it off in full and it is only thing finance company would accept anyway. They are not going to repo the car as of now if they receive the first payment today. That is why I asked the question about the letter Reshod. Want to know if I should get what rep said to me in writing before dispensing final funds. Above poster seems to think that under the SQ we have no cards to play..I say that we do. So is the letter a good idea you think? Others?
What if they refuse to put it in writing and say bring in the car? If the only way you could keep the car is agree to make a years worth of payments to retire the note, I can tell you for sure the finance company is more than tired of dealing with your friend.
Well he doesn't even want the car. He just wants his credit fixed. He doesn't drive the car at all. As I said if you had read, he is not making a year's worth of payments. He's paying balance in full. Geez....reading comprehension folks!
Also wanted to add that the creditor has illegally called friend's ex at an address where my friend never lived harassing them. So they don't exactly have clean hands.
So basically your friend wants his cake and he wants to eat it too? The best, honest, reporting DCX could offer him is paid/ XX times 30, XX times 60, XX times 90. You get the ideal. Why should DCX make it easy for him, he did not fulfill his end of the contract. He should pay them, then thank them for not repoing the car, eat his humble pie and send a goodwill letter once DCX has final payment. As for... They had no choice, you posted earlier that he moved without forwarding an address and stopped making payments, at that point he became a skip. If they are listed on the credit app as contacts/refs they can call them.
Vanili - phone call ? hehe do not be naive - what if the REP did not tell the REPO department that this is solved? What if the info was NOT passed or corrected? The REPO GUYS are on COMMISSION vanili.... Your dude's ride is very much at risk. Follow keepmine's advice - pay it this afternoon via FEDEX, and keep the car where it is hidden now until you get title release. I would not sit on this one feeling good..... dogman
The friend was not listed as a reference and he talked to the finance people on the phone ..plus they had his work info from his credit report so it WAS illegal for them to call the friend. As for reporting the car payments as late, he doesn't care about that. They can report it as late. He just doesn't want it reported as a charge off. And I KNOW that the finance company CAN do this b/c other finance companies have changed tradelines to paid as agreed after a few late payments. At least he PAYS his debts unlike those of you who tell others not to pay instead of paying.
I'm NOT naive that's why I asked you guys who have more experience if I should write them a letter. No one has bothered to even give a yes or no. Anyways.... The rep did say that the repo agents would be notified and the first payment WAS wired to them today. He doesn't give a rats ass about the car. LIke I said he doesnt drive it. It's been parked in the same place for months. He travels and rents cars or just walks. It's a bitch having a car in a city.
ATTITUDE is poor vanilli - vanili - I see you have done 141 posts. whats with the attitude about paying or not paying? YOU recently came to this board with: "I have perfect credit" "He is hiding his car because it is 90 days past due?" you story really doesn't jive too well. Regardless... but - drop the attitude - people that do not evern know you - like myself - will not repond again. If you think I am being harsh, I am not. People with attitude just don't get responses. AND YES, I was serious about THE CAR being at 100% risk. BUT - that's my opinion and you can't tell me I am wrong. ALSO, what you do not understand is MANY OF US KNOW EACH OTHER....if you offend one, you are probably offending many more groups. ----------- dm OK - now that we got you initiated.... lots of people have great ideas for CERTAIN SPECIFIC SITUATIONS - but all the concepts are to be used in the right instances. Pay the dudes for the car - or drop the subject - just take action. dogman
Re: ATTITUDE is poor vanilli - Where did I ever state that he was hiding his car? Someone else posted that not me. As for the story not jiving, what doesn't jive?? Someone with good credit can't have friends that don't have good credit?? As for the attitude, I got an attitude b/c people who responded to my posts have been very rude for the most part. Just b/c you all know each other doesn't give you justification to be rude. Also, I never disputed what YOU said, I was disputing what Desdemona said I believe if I recall correctly. I have been reading this board for several months and finally posted again b/c I thought I would get some responses/advice from people who had had more experience in this matter. Instead, people seem to be unable to read b/c I have to keep repeating myself. If you read my initial question, the answer was whether I should write the letter for him or not. Only person that answered was Reshold I believe. Others just keep saying to pay. DUH! Anyway.....
Re: ATTITUDE is poor vanilli - hi vanili - sorry some of the people have been rough. for me enough on the repo - if it happens it happens. later - dogman
Re: ATTITUDE is poor vanilli - Vanilli First if I sounded harsh Iâ??m sorry. But as an outsider just reading what you wrote, it SOUNDS like your friend has a poor paying history with DCX, and when they wouldnâ??t deduct his payment from his checking account he got mad and stopped paying. Now, DCX has charged off his account and now he wants to fix it. Go ahead and write your payment for paid status letter, but donâ??t be surprised if DCX says no. What will your friend do if they say no your report will read Paid Charge Off? I donâ??t know but to me it seems he owes them, he should pay and then dispute when he has the title in hand. It just seems like that isnâ??t what he wants to hear. Once again, what seems harsh in your eyes; seems logical to me.
Re: Auto Loan issue Here's the thing...he is still going to pay regardless of whether they agree to delete or not in writing. They have already agreed orally to reopen his account and indicate paid if we write to them AFTER the full payment is made. However, everytime someone talks about paid chargeoffs on here, everyone ALWAYS says that it's very difficult to get paid chargeoffs off which is why I asked if we shoudl get what she said orally in writing BEFORE they receive final payment. Right now his credit report is nothing but paid chargeoff s from 1998 and one positive auto loan from his old car.
Re: Auto Loan issue Okay, let's see what's wrong with this statement: "They have already agreed orally to reopen his account and indicate paid if we write to them AFTER the full payment is made." Okay, ORALLY, that is what is wrong with that. I can see how you are trying to get that statment in writing. I fully recommend that you try to get them to say it in writing, BUT I have been following this saga from the other thread and after that thread, I have to state that your friend has an incredibly bad payment history with this finance company. I don't know if I would mess around with that. What I would do, is call back on the phone and talk to someone who can write you a letter and then immediately fax it to you stating that the account will be reported as paid. I wouldn't write a letter and then try to blackmail them further by stating if you give me the letter, we give you final payment. You need to call, be nice and get the letter faxed. Best way IMHO.
Re: Auto Loan issue Thanks! I wasn't going to send the letter and DEMAND payment for deletion. I was simply going to write to the person I spoke to stating something along the lines of "Per our phone conversion on XXXX, Suchandsuch will send final payment to you on Sept XX, 2002 at which point in time you will reopen his account and change it to paid current status as you indicated you would do for him. The first payment should have been received by you via wire on Aug. XX, 2002. blah blah blah" And his payment history actually wasn't so bad with them. In 5 years he's had the car, it was only 90+ days late twice and 60 days 5 times. Not bad considering he went through some serious issues in 1998 and start of 1999. This was the only account of his that was current and paid after his problems that led him to let his credit go back then.
Re: Auto Loan issue This is my opinion on Credit Repair in general. My Husband and I both had SEVERAL incorrect listings on our report. Those I went for first. Next I went after incorrect info (really incorrect), last I offered payment (in full) for deletions. 90 plus days twice, 60 days five times is very bad. How would you like it if you lent me 20,000 and I paid you when I felt like it? Understand that this is the business that these credit issuers are in but people seem to think that because they ran across Creditnet and sent a few CRRR letters that they will just go away. I will be the FIRST to say that if I paid an account 4 days past the due date that it is bullshit that I get a 30 day late notation. And yes, that is something that I fought. But credit reports do help lenders "see" how you pay your bills. Don't expect a lender just to delete something because you asked. They themselves rely on that when they lend to you. In short maybe many of us should look at our reports and see what we can do to change our payment pattern in the future, not depend on a prove it or remove it letter. Again, don't get me wrong....I will go after a CA like a bear if they do not follow the law but I think many people need to face what they did and fix it. OK DONE
