Voluntary Repo - NEED HELP PLEASE!

Not exactly sure what you're looking for, or what you're all bent out of shape ABOUT.

Voluntary, involuntary -- honestly, to a credit risk score, it doesn't make a difference. A repo is a repo and it is a HUGE negative factor. Whether you turned it in voluntarily or not doesn't matter to a future lender (or your risk score) -- the fact of the matter is that you didn't "pay as agreed", and the end result was that the original lender had to take the car back, sell it off, then go through the legal hassles of trying to get the difference from you.

If your biggest worry is how it's listed on your credit report, then you are missing the big picture. You don't want it on your history to begin with -- but in your situation, it would be tough to do much of anything.

Have they sued you for the balance yet? (Have you been to court and/or has there been a judgement issued?

How much do you owe them now?

Do you have any $ to offer as settlement (partial payment to be accepted as full settlement)? If not, then about all you have that you can do is dispute the REPO vs. VOLUNTARY issue and/or dispute the amount(s) or date(s) in question.

Or you can do what many here do and dispute it about once every other month as "NOT MINE" and hope to luck out one time.

 

The import issue here is did they follow state repo laws.
From the tone of the posters' notes it appears repo laws were not followed.

 

Re: Re: Voluntary Repo - NEED HELP PLEASE!

I wouldn't bet on a 'tone' -- and I wouldn't jump to any conclusions until (a) she provides the name of the STATE of which you say the creditors violated the laws in and (b) more specific details on what exactly was said or done.

According to her post, she's got a rude car salesman and NOTHING in writing from anybody (other than the original purchase contract, assuming that there was one). A bad attitude from a car salesman isn't covered under state statute regarding reposessions. Without anything to work with (e.g., an agreement on repayment and/or reporting terms with the lender, post repo), I can't quite figure out just which "repo law" you're referring to (that was violated).

As far as wrong dates and/or wrong amounts -- she hasn't provided any detail to us, so we can't just blindly assume this as fact. I wouldn't be surprised if she didn't know WHAT dates/amounts should/would/could be used (no offense, Jayla - just stating what appears to be the case).

 

Re: Re: Voluntary Repo - NEED HELP PLEASE!

"The amount is wrong which I think I can prove with a letter they sent to me quoting a different amount. My fear is that they can say they added some stupid fees or something to cover it. How can I get this accurately reported on my credit and better yet, removed? These people will not give me anything. Not even a detailed statement showing payments."

I don't know about you, but that looks illegal to me.


OP- what state are you in?

 

Re: Re: Re: Voluntary Repo - NEED HELP PLEASE!

What looks illegal? In the majority of most cases like this, they are 100% in the right when adding interest, collection fees, attorney fees, court costs, etc. It's in the finance agreement that was originally signed and/or it's in a judgment received from the court. There's nothing illegal in that. Whether or not the borrower thinks the fees are "stupid" is irrelevant.

How did the original borrower request her "detailed statement showing payments"? Phone call? Not good enough. Do it in writing with return receipt, and keep copies of everything sent, as well as detailed notes on what you did and when you did it.

Is she actually responding to a civil lawsuit -- in writing?

Is she actually disputing a debt with a CA that's trying to collect, and demanding proof -- in writing?

 

Re: Re: Re: Voluntary Repo - NEED HELP PLEASE!

Jayla,

Who are you financed with? Was it a lease or buy?
Who is the manufacturer? What were your terms in your contract?

They can charge you any repairs and the difference between payoff and how much it sold for at auction.

It is definitely always good to get something in writing. Now it your word against hers.

Michelle

 

I pulled two credit reports which I just received in the mail. On these reports, the repo is showing as REPOSSESSION.
Jayla
============
A repo is a repo VOLUNTARY or by force. so it is listed correct here.
THE END ** *** ** LB 59
""""```--~~~~~~~~~--```'""'''

 

I think that most of the repo laws are concerned with the actions of the creditor on an involuntary repo, such as, did they give the proper notice, etc. This was a voluntary repo. In my (non-lawyer) opinion, many of those laws won't apply. But we do need to know if it's a state where they can collect or sue for a deficiency balance.

 

As far as I know...A REPO IS A REPO...

The only thing different is that they were given the car and the keys and they did not have to pay a REPO COMPANY to take it at 2:30am from your driveway

 

Jayla,

You still need to read your contact with the finance company and see what it allows for. I would also be concerned about the two letters. Have you requested a complete breakdown? Be firm with them about getting one if you haven't.

I do NOT know the Texas repo laws, but I am sure someone here does.

Michelle

 

What year make and model car was it? You had roughly a $14,000 loan and the car was only worth $4500?

I have seen people that upside down before but finance co.s are notorious for auctioning the car off for less than it's value.

 

This is taken from Whychat's website links:

General Website: http://community-2.webtv.net/Y-chat/WhyChatsCredit/


http://www.repobounty.com/stateinfo.htm
-------

Texas

TITLE STATE: Yes
SECURITY INTERESTS: Shown on title held by Lienholder.
LICENSE REGISTRATION: Texas State Department of Transportation, Division of Motor Vehicles, 4000 Jackson Ave., Austin, Texas 78738. Tel.512)465-7611.
RECOVERY REQUIREMENT: As per UCC, repossession allowed without committing a breach of the peace.
DOCUMENTS REQUIRED FOR LIQUIDATION: Repossession affidavit (D12-264) if Texas title; out of state repossession affidavits accepted.
PLATES: Remain with the vehicle.
--------
This is under General Repossession Laws towards the bottom of the page:

http://www.independentdealer.com/finance/finance9.asp

I hope this helps!

 

I've been through a very similar experience with Subaru Credit. I busted a leg; my wife's seasonal job ended and was between jobs and insurance coverage. Something had to take a back seat: the car payments.

I kept in touch with Subaru, but ultimately they wanted the car back. I refused to surrender based on a letter from them offering to "work with me" to get caught up. After they threatened a replevin lawsuit, I agreed to take the car to the original dealership and surrender it, but not before writing a letter to Subaru indicating that I was surrendering the car only to avoid their threatened lawsuit. I also stated that if they sold the car at auction that they weren't taking steps to further mitigate their losses.
About four months later, Subaru reports--you guessed it--REPOSSESSION/CHARGE OFF.

They sued, I responded, and we settled. That settlement occured over a year ago. After disputing the reporting, Equifax and TransUnion deleted the entire tradeline. Only Experian continues to report--even in the face of court documents evidencing the settlement.

The moral of the story is that it will show up. Just have the documents prepared to dispute what you can.

 

Great stories and advice from all.

I've been fighting (using letters) a voluntary repo since 1999 by Ford Motor Company. My experience thus far:
1. True.....a repo is a repo is a repo. Creditors don't care. Your in the hole as long as it's there.
2. Persistence is key. Keep writing letters and be sure to track them.
3. It takes time and patience. Since 1999...I've been tracking my volun. repo (agressively since 2001) using every tactic I could find.

What's working:
1. After my car was sold in auction, I had to pay a $3000 bal. Ford Motors sent my account to their collection agency for payment. I worked out an insallment plan with them and paid them off after about a year. Note: pay what you owe.
2. The volutary repo eventually showed up on all 3 reports. Get all three reports and study them. Look at how your paid off/ or unpaid balances are showing. Verify the address of the creditor reporting the repo. In my case, the collection agency was reporting the repo. True hell wasn't the voluntary repo....it's when you're trying to rebuild...but don't let the system break you....be strong and creative. If you need another car, there's always some out there willing to finance you. You may not be in your dream car...but rebuilding means sacrifice and lessons learned.
3. Begin sending kind letters to the agency reporting the paid off volunt. repo. In many cases, though you've satisfied the collection they are laxed in updating the creditors with this information. Eventually, send stronger letters to the agency reporting.
4. If the reporting agency still does not act, then this is becomes your advantage... start writing to the 3 credit bureause and tell them that the collection agency has not complied to your request to remove inaccurate information and that you are requesting them to investigate within the 30 day (by law) period and confirm or remove.
5. In my case this method worked with experian, they removed the voluntary repo entirely. TransUnion is now reporting it as a voluntary surrender...funny..my score improve with change in language, and Equifax hasn't changed.
6. Keep in mind that the car finance company will still be reporting your account to the 3 bureaus as well.

Good Luck,

seal

 

I've been fighting (using letters) a voluntary repo since 1999 by Ford Motor Credit. My experience thus far:
1. True.....a repo is a repo is a repo. Creditors don't care. Your in the hole as long as it's there.
2. Persistence is key. Keep writing letters and be sure to track them. Think of the process as chess game.
3. It takes time and patience. Since 1999...I've been tracking my voluntary repo (agressively since 2001) using every tactic I could find.

What's working:
1. After my car was sold in auction, I had to pay a $3000 bal. Ford Motor Credit sent my account to their collection agency for payment. I worked out an insallment plan with them and eventually paid them off after a year. Note: pay what you owe.
2. The volutary repo eventually showed up on all 3 credit reports. Get all three reports and study them. Verify you're paid off status. Verify the address of the collection agency reporting the voluntary repo. In my case, the collection agency was reporting the repo while Ford Motor Credit kept reported my bad payment history to the all 3 credit bureaus. True hell wasn't the voluntary repo....it's when you're trying to rebuild your life.....but don't let the system break you....be strong and creative. If you need another car, there's always someone out there willing to finance you. You may not be in your dream car...but rebuilding means extreme sacrifice and lessons learned. Note: Don't screw up again...yes life happens...but always be ready in case the worst shows up.
3. Begin sending good faith letters to the collection agency reporting the paid off volunt. repo. In many cases, though you've satisfied the collection they are laxed in updating the 3 credit bureaus with this information. Eventually, send stronger letters to the collection agency reporting. Note: become a pest...your best bet is to get some secretary or executive admin who's tired of getting your repeated letters....they will remove you completley after awhile.
4. If the reporting agency still does not act, then this becomes your advantage... start writing to the 3 credit bureaus and tell them that the collection agency has not complied to your repeated requests to remove inaccurate information and that you are requesting them to investigate within the 30 day (by law) period and confirm or remove. Note: be sure to attach a sample of the letter you've sent to the collection agency as evidence.
5. In my case this method worked with experian, they removed the voluntary repo entirely. TransUnion is now reporting it as a voluntary surrender...funny..my score improve with change in language, and Equifax hasn't changed.
6. Keep in mind that the car finance company will still be reporting your account to the 3 bureaus as well.

Good Luck,

seal