Hi everyone, I had a car repo`d and it still showed current on my credit report. The thing is I went to several dealerships to purchase another car before the report got updated and had no problem getting a second car. My problem is with the finance company for the reposessed car. They refuse to not list it as a repo even if I pay them off. It was a 10,000 loan with only 2200
Sorry, I hit a wrong key. The loan has 2200.00 left on it. Does anyone here have a strategy to get this company to leave the status as is if I pay it off? any reply appreciated.
Unfortunately paying a repo or any other past due debt completely does not mean that the creditor will agree to delete or change your record, they have the right to keep it on your report for up to 7 years of when the repo occured. If you do pay it off though it will show as "paid in full" on your reports. You could try to dispute it and hope that the creditor doesnt verify but there's absolutely no guarantee that this will work. Alex. www.Creditinsiders.com
Don´t pay it until they agree to your terms IN WRITING! Every time they call tell them you will pay if.... Sooner or later they will agree, remember your in power they need you to pay, not the other way arround! TELL THEM THAT WHEN THEY CALL!
You're in Control Michael is right. You're in control. A lot of people can't afford to pay, so they have no leverage. Since you're able and willing to pay, you can probably negotiate your own terms, EVENTUALLY.
RE: You're in Control He's only in control until the creditor decides to sue him and obtain a judgement against him for the balance of the loan. Then, not only does he have a repo on his report for the balance of the 7 years, but he's got a judgement, paid or otherwise, that will be on his report IN ADDITION to the repo, for longer than that. If you can afford to pay it off, give your best effort to getting them to agree to NOT report it as "PAID/WAS REPOSSESSION". If you get no success after a few efforts, then it's your choice -- either pay it off and live with the "PAID/WAS REPO" status for the remainder of the few years, or ignore it, let them (possibly) get a judgment against you (which means they CAN drain bank accounts, without your consent), and then deal with the judement being on your credit reports for many years more. I had one (repo). I worked with them to settle for less than the amount owed, but they refused to report it anyway other than the truth - "SETTLED/WAS REPO". But you know what? In 10 months, the repo comes off my histories because it will be 7 years. Had I been an ass and not paid, there just might have been a judgement sitting on there for another 4 years (based on when I finally paid it).
RE: You're in Control On the other hand if the creditor knows you will pay it if he agrees not to report it, do you think he will take a chance and go through the filing of a court action? It costs him time at court which is not compensated for. Time filing out the papers. Attorney costs. He risks looosing the case on a technicality, or the case draging on for a while. He has to find your assets to attach them! He has to pay filing fees with the court every step of the way! If you let him know you know the uphill climb he´s up against then he will see it your way
I mean no offense, but why should they agree to report it any other way than the truthful way? You defaulted on the loan. They repossessed the car. Period. While I know nothing about your personal situation, and I don't presume to know, I do know that a lot of people here are trying to find ways around the system to clean up their credit (like disputing items hoping the creditor won't make the effort to verify, or attempting to make deals with creditors/collection agencies to pay off debts for more favorable reporting). I am not rich by any means, but I take responsibility for my actions, pay my bills and don't look for the easy way out. I was in grad shcool (full time) just 3 years ago and fell behind on a few credit cards. I was up front and honest and most worked with me. I had one write off $150, which I later paid. Have I tried to dispute that? Nope. It was my fault, I fell behind, so I pay the price until 2003 (it's showing as a paid charge off). Just my humble opinion.
RE: You're in Control He does not risk a judgment, because no judgment shall be entered unless he was served papers first. If/ when he's served papers, then he is free to re-evaluate his options. It's not like "pay now or risk judgement". Saar
Let me tell you something. Everyone falls into bad situations every once in a while. It does not make you a bad person. There is no law (that I know of right now)that says you can`t negotiate a better credit rating by working with the creditor so that it can be a "win win" situation for all involved. My integrity is as strong as anyone on this board. No one is here to break the law....we`re here to learn ways to work with creditors and creditbuilding.
I totally agree. Just because a mistake has been made does not mean you shouldn't try and make the best of it. You feel bad, it's time to move on.
Hey me2! You mean to tell me that you aren't going to do anything to enhance your credit when the only bad mark is $150! Well this one charge-off will prevent you from getting better interest rates for credit cards, a car, and even a home! You will have to wait until 2003 to get a reasonable loan for a house! I guess if you don't need it, then it doesn't matter! But it seems a little odd that you would not do a simple thing like write a letter that could possibly remove the only small negative mark. This quick letter could save you thousands of dollars or possibly get you into a home before 2003! That really seems odd to me. Don't you want the best for yourself? Sure you made a mistake but the smart thing to do is recover as best and quickly as possible. That doesn't make sense? A smart person knows he can't always take an easy way around his mistakes but if given a legal and moral opportunity to ease the effects his basic human survival instinct says go for it. By not taking this opportunity you are possibly inflicting avoidable suffering. I respect your humble opinion. But I like being humble and smart or as my grandma would put it...."gentle as a lamb but keen as a fox".
Keep negotiating. There's usually no rush to pay the deficiency off. Given enough time, I bet they'd agree to delete in exchange for payment (they hardly ever get paid on deficiencies.)
RE: You're in Control You can usually delete this kind of listing within a year or less if you do credit repair.
RE: You're in Control Has anyone ever actually seen a finance company sue to collect the deficiency on a repossession? It would seem like their odds of recovery are so slim that they would NEVER do it.
