A little background, I bought a new truck in july of 2000. Around jan of 2001 I lost my job and knowing I couldnt afford the payment I did a voluntary repossesion. They sold the truck and placed a judgement against me for the remaining amount. I never had a late payment while I had the truck. Even when I called them to come pick it up I was still up to date on my payments. I recently checked my credit report and it says I was 120 days late 19 times after the truck was repossessed and sold. The last on being posted oct of 2004. which is over 3 years after the truck was sold at auction. Can they do this and is there anything I can do to make them correct it? thanks for any help
It doesn't matter if your payment history was perfect before the vehicle was repo'd. The fact is the vehicle was repo'd and technically you still had an outstanding loan on the vehicle. Did you forget that part? Just because you gave the vehicle back doesn't mean the loan is forgiven. The clock continues to tick on the loan until the truck is sold. So that 120 days is probably the time that elapsed since you gave the vehicle back and they sold it. It's perfectly legal. You should have asked a friend or relative to assume the loan. you nver allow them to repossess your vehicle.
Once it was reduced to judgment, the old loan does not exist anymore - it should be showing a -0- balance. When were you sued, and the judgment obtained?
