Hi all... I've been fairly successful with my road to recovery, but now I have a question about a current account. My DW and I have been paying on a reposession from 1999. It's through GMAC, and we've paid $180/month for the past three years. The balance owed is about $4,000. We owned a 1998 Camaro that retailed for about $23,000. When we had the car reposessed, the car brought $9,900 at auction, leaving us with a $12,000 bill. After reading up on this topic, I'm not entirely sure that this repo was on the up and up. My question is, is there a way to settle this for less than the full balance? We offered $2,000 and they siad they would accept $3,000. But now I'm not so sure I want to settle. I'd rather not have to pay anything. Should I dispute the validity of the repo, or some other action? I live in Florida, and the car was reposessed here. Any suggestions? Thanks!
It may be too late to dispute the repo after you have agreed to the terms to repay the balance. I'm no expert but I think too many years have passed. I had a repo fresh out of college. My brand new Honda was sold at auction and I received a letter detailing what I owed them. I tossed it in the trash and never looked back. That was 8+ years ago. Now my FICO is 750+ I don't know why people bother to repay most of these defaulted loans. If the car is gone - why bother? If your credit is already affected by the repo - how is repaying the loan going to improve it when it still says 'repo' on your credit report?
I have to agree, I had a repo in 97. But I was able to dispute it off of all my reports. The SOL is up so they can not sue. If they list it on my reports, I'll sue them. The funny thing is, they never sold the account. They sent me a bill for $3000, car sold at auction for 10,600, with $3000 still owing.
SoParkDiva, I don't get it, when you didn't pay the defienceny(hum is that right?) anyway, they didn't come after you with a judgement. Longbeach came after me after my repo... I'm trying to understand why they go after some and not others my def. bal was $4000
That has me puzzled also. I read a lot on the board about posters getting judgments on them. Maybe I did get them and just didn't know about it *shrugs* Anyway, that's all water under the bridge now because my credit is great.
