I have a quick question. I called Capital One on a four year auto debt which was a surrender after calling them and setting it up in 2005. The payoff after the sale of the truck was $12,000.00 give or take a few dollars. I offered them around $6,000.00 which is everything I have. The lady I spoke with said the charge off amount was $18,000.00 and they would settle for 60% which came to $10,000.00 and some change. After awhile of talking I got them down to $9,000.00 and told them I would attempt to get the rest, I then asked for a settlement letter with this amount and she said they do not do this and that it was verbal. My question is what is the secret in order to receive a settlement letter, email, fax ect. I am not going to give them a dime until I get this in writing but they are refusing. What gives.... Is there a secret, do I hold out and just inform them without this no deal? Anyone had any situation like this. It is with Capital One Auto Finance. I am dealing with them and not a CA, at least I think so, I call the Capital One number.
As you might already understand, there is no legal requirement for them to put their settlement offer into writing. You can try to document the agreement by sending a letter to them along with a payment, but they can always deny that there was any such arrangement. It would fall on you to establish that there was existing a verbal agreement that your payment was based.on Alternatively, you can record your conversations with them (if allowed by your state, they record messages as a matter-of-course, and/or you request and receive their permission). Then a letter summarizing the agreement would have some serious backing behind it to bolster any argument of theirs in denial.
