Thought I might ask the board what their collective wisdom is on how my friend might approach this: She signed for lease for her son and the car was repoed last summer. She had great credit prior to this happening (high 700's) and now has this one blemish on her report. What would you advise as far as possibly getting this removed from her report? She did pay Honda Finance for the car in full as soon as she found out about it. I am thinking that disputing through the CRA's would be the place to start but since I am rather new I wanted to get some feedback from our more experienced members. Thanks,
Disputing with the CRAs would be where I would start. If that does not work, then ask the OC to delete.
I'm not a seasoned member, but if she paid the car in full after she found out about the repo, did she get the car back?
She might write a letter to the oc explaining that as a cosigner, she should have been notified the minute the payment were late. Had she been notifie, none of this would have happened as evidenced by the fact that she paid it off. Ask them to remove the tradeline as a good will gesture for them screwing up. I don't know what law may govern something like this, but maybe there is a law that obligates a lender to notify a cosigner if there is problems with an account.
From my shaky research today on repos, it seems like the creditor has NO duty to notify. This seems to apply in NJ. Maybe I am misunderstanding. I have posted here about a friends repo and her Mom was the cosigner and I know that her Mom wasn't notified in advance of the late pays. Seems like it varies state by state though.
Unfortunately this was not a co-sign situation. She had signed the lease for son. He was having the bills mailed to his address so Mom was not aware until too late when son came clean about his financial difficulties.
