My Aunt had a truck repo last month. She called the finance company and told them to come and get the truck. Something about the transmission and motor both needed work and it would cost more to fix it then she owed on the truck or something like that. Anyway she called them 10 months ago, the car has been sitting at her house all this time as it will not run. She has not made the payments. The just came and got the truck last month. My question is, when would the date of last activity be? the day she told them to come and get it since she made no more payments after that. or when they get around to selling it and notifying her of the balance. Its already been 10 months. Any opinions? Candi
thanks George but what if they didnt pick the car up for 3 years? Just wondering about the date of last activity.
I wouldn't place much concern on the "last date of activity" as much as determing the "commencement of the initial delinquency". If I am not mistaken, one of the FTC letters is specific in that "the seven year period of reporting adverse information begins from the commencement of the initial delinguency". Also, regarding the repossession. Check on your state laws regarding repos. In most states, the creditor MUST notify you in writing as to date, time and place of sale. Failure to do this waives the right to a deficienty judgment. Also, if the vehicle was disposed of in a commercially un-reasonable manner, and the consumer was deprived of fair market value, then what was received at said sale becomes payment in full. Many sleaze bag dealers, try to circumvent the law and figure most folks will just accept the deficiency any pay it. Most of these thieves sell the car down the stree to their buddy, split the profit and still collect from the creditor. We have watched this rep scenario for a long time. The song is the same. Ask this question when a repo occurs. Why don't you see more deficiency judgments ? Especially from used car dealers. The big boys, Ford, Chrysler, GM, Etc mostly play by the rules, but occassionally they also trip. Good luck, RegisP
