My car was repoed in November. Shortly after it was auctioned off, I received a letter saying that there is a deficiency of $3800. A couple days ago, I recieved a letter from ford where they are offering me a 40% discount. The letter states that if I pay them $2200 within the next few days, they will update my credit report to reflect that the charge-off was paid, and that my account balance is $0. I talk to the acount rep and he told me that if I didn't take that offer, he would send me another offer of a 20% discount, which would mean that I would pay around $3100. He said that if I didn't take either offer, he would then forward the account to an attorney which would add additional fees; and I could possibly end up with liens on my property and they might even garnish my wages. I have the money, but my concern is that he told me there is no way that he could remove the repo from my credit report, and that no matter what, there will still be a charge-off on there too. Is there anything I can tell him when I pay the settlement that will get the charge-off and repo removed from my report? I searched the archives and it looks like my best option is to pay the settlement amount, and then to send a request to the credit bureaus to have them validate the accuracy of the charge-off/repo, and then pray that Ford doesn't validate. Is that really my only option, or is there something that I am missing?
Ypu know it really dosent matter if they remove the words repo from your credit report because it will list it as a charge off and while it is still paid a charged off auto loan 99.9% of the time means repo and other banks will know that so they are not really doing you any favors. If you have the money I would try tp wprl a better deal like a removal or soething like that.
You know it really dosent matter if they remove the words repo from your credit report because it will list it as a charge off and while it is still paid a charged off auto loan 99.9% of the time means repo and other banks will know that so they are not really doing you any favors. If you have the money I would try tp wprl a better deal like a removal or soething like that.
