What to do about my repo??

[pimp_33_99]

I have a repo from gmac with a last payment made around 12/03 and a chargeoff of around 11,000 dollars. It just reports as a chargeoff from gmac and has not been reported by anybody else. I am just wondering what to do, I dont have the money to pay it off and I dont know what they are going to do. I have never really been contacted by them, they used to send a few letters but that is it. I havent heard a thing from them in over a year, do you think they will sue me or just leave me alone? Also if I buy stuff like land or something to that extent will it entice them to come after me. Also I am opted out so they cant get my credit report.

Edited December 2, 2006 by pimp_33_99

[MarvBear]

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[hoapres]

You might wish to ask MarvBear to move this to the general credit forum for more responses.

 

I suspect that GMAC is likely to leave you alone. If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.

[NAN101]

If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.

 

I don't know if I agree with that - with an $11,000 amount, they might just get in before SOL.

[hoapres]

If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.

 

I don't know if I agree with that - with an $11,000 amount, they might just get in before SOL.

 

 

Not from my (granted limited) observation of repo lawsuits in mine and neighboring jurisdictions. Plaintiff tends to "strike while the iron is hot" being within a year of the repo. The rational being that your chances for collection are likely to be better and/or Plaintiff has the mechanism in place to quickly proceed to trial in the event that the answer is filed. Plaintiff probably has a de facto if not de jure trial binder with the contract and the required repo notices.

 

Plaintiff probably won't want to wait until the last minute to avoid any possibility of a SOL defense.