one?? Long story short.. I have a friend that tried to close on a house and was denied at the last minute b/c of a repo on her credit. Shocked, she asked for the info off her report to go and contact the company that put it on there... Turns out, when she contacted the company, they said that no, they dont have the car but can list it as a repo bc they dont have it. IS THIS TRUE? CAN THEY INDEED CALL IT A REPO WHEN IT HAS NOT BEEN REPOED? ANY HELP GIVEN WOULD BE APPRECIATED
Re: Re: Can they SAY repo when there isnt You cannot list a car as repoed if indeed it has not been actually repoed. Even if they are seriously considering a repossession action - they cannot report it as such until "after" the fact and not before. A repossession is not "complete" until you are given an opportunity to re-claim the car before it goes to auction or placed back into inventory for re-sale by the dealer and/or bank. Contact your state's attorney general for specific rules and regulations pertaining to repossession laws.
Re: Re: Can they SAY repo when there isnt This is interesting... She lost a loan on a house b/c of that inaccurate reporting. Surely there is something she can do in terms of an attorney b/c they are listing that way on her credit. When she contacted the company..they told her that they WOULD NOT under any circumstances remove the words REPO on her credit..that shes stuck with it (even if she pays the $ out of her own pocket or disputes it). That is sad...I swear I didnt think car companies could/would do that! Surely they have to know that its illegal to do things like that. Heck, Iget mad when someone reports me as being 30 days late when I wasnt...so I can imagine a REPO! Geesh....
Re: Re: Re: Can they SAY repo when there isnt I dont know what happened with that. What I do know is that she co signed for a car for her brother..it was at one of those buy here, pay here type lots. Well, she co signed for him b/c he (at the time) didnt have car insurance. To let him drive off the lot, she agrees to sign for him, granted that he gets the insurance. Nonetheless, something happened with her brother to where he couldnt pay the note anymore. Instead of letting them repo the car, he changes addresses and keeps moving with the car. The company couldnt find the car to repo it SO, unbeknownst to her, she goes out and attempts to purchase a house. Her closing was in the middle of November, but they called her on Tuesday to let her know that there would be no closing b/c of the repo on her credit. She was surprised b/c she knew nothing of it. When she called the agency, they said "well, we're not discussing this, blah blah blah...its a repo whether we have the car or not. We put it on your credit as payback for you not relinquishing the car.' So of COURSE she goes off on her brother and int he meantime learned a HUGE lesson..never co sign for ANYTHING for ANYONE!! SHe never knew that he was #1 late on payments and then #2 did not return the car due to reason #1.
Re: Re: Re: Can they SAY repo when there isnt Anymore suggestions or anything in credit rules that say this ISNT right?
Re: Re: Re: Can they SAY repo when there isnt Umm acutally the repo company has every right to place it on there because they tried to find the car, and had they found it, it would have been repo'd. I think its called skipping or something, However the car lot should have at least notified the co signer like a zillion times to say hey, the primary signer hasnt paid us... Im wondering if your only getting half the story, cause it sounds like she isnt telling you something.. I would put it in dispute anyhow as NOT MINE, or whatever, just to get the mortgage. Now is a good time to be shopping for one!!
Re: Re: Can they SAY repo when there isnt hey I posted a message about a similar situation. Got no responses. My credit report shows repo for a car that was totaled in an auto accident. Since I was upside down on my loan the amout the ins paid did not cover entire balance. There was about $1000 difference. I refused to pay it. So now my credit report says repo. I just sent off a dispute & I'm sending a letter to the creditor.
Re: Re: Can they SAY repo when there isnt If it was a total loss, I would scream, yell, sue, or other the Insurance agency, you should pay for a garunteed replacement, meaning that if the car is totalled out fender to fender , you should get it replaced regardless of cost, even though your paying for the estimated replacement. At least thats how mine works, Car and homeowners. In this case your right dont pay it, dispute it using every underhanded trick on the board..
They cannot report it as a repo if, in fact, it wasn't. The only way they should be able to report it as such is if in ANY way they were able to regain possession of the car. If they never regained possession of the car, they have to sue under what's called replevin. It's basically a lawsuit where you're asking a court to make someone give you back your property. What your friend should do is to somehow obtain a copy of the finance agreement. If it has language like "if you don't return the vehicle to us when we demand it, it's considered a repossession", then they may be standing on the that as their basis for reporting a repo. I'd check with the state attorney general and find out what constitutes a repo.
I am in agreement with the others. If the vehicle has actually not been repossesed, then repossion is inaccurate. The TL should be read "charge off" or "charged to profit and loss" or something similar.
Re: Re: Can they SAY repo when ther Whenever you cosign for a loan you are stuck with the loan on your credit report until loan is paid in full. She can dispute it all she wants but her brother is now a skip hazzard and it will read on his credit report unpaid collection, skip. Most likely the company has sold the acct to a collection agency and until the balance is paid it will stay on hre credit report for 7 years. In regards to a vehicle being totalled and insurance company not paying entire balance off yes it will be reported as a repo or a C/O. The best thing to do when buying a new or used car is to check to see if you can buy Gap insurance to prevent this problem.
Re: Re: Can they SAY repo when ther **SO, unbeknownst to her, she goes out and attempts to purchase a house. Her closing was in the middle of November, but they called her on Tuesday to let her know that there would be no closing b/c of the repo on her credit. She was surprised b/c she knew nothing of it.** Did the mortgage company not pull a merged file until now?
Re: Re: Can they SAY repo when ther The OC is being vindictive. Buy Here Pay Here places DON"T report to CRAs. Since her brother is hiding the collateral, they are forcing his hand by putting it on the bureau of the co-signer. You *KNOW* that if he had paid on time and paid it off, they would never have reported a GOOD TL!
Re: Re: Can they SAY repo when ther I think she should contact a lawyer and see if she can sue them. If he didn't pay, they should have notified her so that she could make the payments. That's what a cosigner if for. Now she can prove damages, as she couldn't get the mortgage. If it were me, I'd check the laws for cosigner notification of missed payments, repos, notification of cosigner before or after repo (or attempts), if it's legal to call it a repo, and anything else I could sue them for.
Re: Re: Can they SAY repo when ther You have to really be skeptical in regards to getting an attorney involved. 97% of our customer pay on time and you would be surprised that since we have had no need to contact our customers we have bad info in our systems such as address..Employment info etc. The Finance company most likely tried to contact your sister either via mail as well as by phone. Most big finance companies have everything on file such as the date of each letter sent as well as the date and time any phone call was placed to a customer and the conversation that they had with the customer.. You really want to make sure that your sister has told you everything. IYour sister should have known that she was a co signor and called in periodically to make sure that everything was fine. You would be surprised to see how many family members lie to one another about their finances..Heck even some spouses do not communicate about there finances to each other.,
Re: Re: Can they SAY repo when ther But the purpose of a co-signer is to step in if the signer does not make good. If the customer missed several payments, the cosigner is to be notified and given a chance to make the account good. That what it's all about. I'd still talk to the lawyer. If the creditor made no attempt to notify the cosigner, I still think they're in trouble. I don't care how many good accounts they have or how most people pay. The law is the law, if you require some to cosign, you follow the laws for notification.
