Me and the wife took out a car load, used, back in 2001. We defaulted on the loan in 2003 and the car was given back to the bank Repo). We were charged $5,000.00 from the bank after the vehicle was sold at the auction. Couldn't pay the bank so it went to collections. Didn't pay it because we couldn't. In Feb 2010 made and offer to the collection agency for $2500.00 Found out the account went back to the original bank in Jan 2010. Made the same offer and they said no, we want all the money. Offered to make $200.00 a month payment and they refused it. My question........ in feb 2011 it will be 10 years since the original loan and 8 years since collections, will this come off my credit report anytime soon?
Welcome! It should drop off your report no later than 7 years and 6 months after your DOFD (date of first delinquency). This number should be listed on the account when you examine your report. The real question is whether you may have reset the statute of limitations by offering to pay. The fact that they didn't accept your offer may make a difference--I'm not sure. What state do you live in, and were you living there at the time you bought the car?
