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Found 5 results

  1. I'm currently delinquent on my Auto-loan with M&T Bank and currently is out for reposession. I just spoke to the manager and looking to do a voluntary Repo of the vehicle. I couldn't get exact information on the Credit Board regaridng this, but below are my questions: 1. I understand this stays on my credit for 7 years just like any other bad-credit history that could be bumped off. Is it the same with the Vehicle Repo? Can I bump this from my report just like any other credit pulls? 2. What are the other consequences of a Voluntary Repo? Thanks, Jd
  2. There are quite a few things on my credit report. I don't know where to start. I have a credit score of 510. I'm 25 years old and didn't have the income or knowledge for maintaining great credit. I now have the income ( I think) to fix my credit. I just don't know the 1st step. Someone please help. I'm sure I need to provide additional information. Thanks
  3. Hi Everyone, I'm new to Credit Boards, so please be kind. To give you a little background, back in 2007, I was laid of as part of a corporate buyout, which left me without income for 6 months. I eventually found a new position, which required relocating to another state. Thankfully, I've been happily employed with my new company for the past 6 years. However, as a result of my unemployment, I had two auto loans that were reposessed in Sept & Oct, 2007. Loan #1 is reporting a deficiency balance of $11,382. Loan #2 is reporting a deficiency balance of $16,798. Both are reporting active lates each month, which is why they are hurting my credit report so much. They are both past the SOL (which is 6 years, both in the state of Repo and my current state). I verified the DOFDs with the OCs, and they are set to fall off my credit report in April & May, 2014. However, my wife and I would love to get these off my report sooner, so we can think about purchasing a home while interest rates are low. These two trade lines are keeping us from qualifying. Here's how they look on my CRAs: 1. Nissan-Infinity LT (address, phone) (account #) (address id#) Date Opened: 4/2006 First Reported: 4/2006 Date of Status: 11/2010 Type: Auto Lease Term: 39 months Monthly Payment: Not Reported Credit Limit or Original Amount: $27,272 High Balance: Not Reported Recent Balance: $11,382 as of 5/2013 Status: Account charged off, $11,382 written off. This account is scheduled to continue on record until April, 2014. Creditors Statement: Involuntary Reposession/Balance Owing 2. US Bank (address, phone) (account #) (address id#) Date Opened: 6/2006 First Reported: 6/2006 Date of Status: 7/2008 Type: Auto Lease Term: 48 months Monthly Payment: Not Reported Credit Limit or Original Amount: $39,797 High Balance: Not Reported Recent Balance: $16,798 as of Jan, 2013 Status: Account charged off, $9,312 written off. $2,345 past due as of Jan, 2013. This account is scheduled to continue on record until May, 2014. I'd love to dispute these using Why Chat's guidelines. I've opted out, deleted as many old addresses as I could, & pulled carfax reports. Now I'm not sure which process is the best under my circumstances. Should I dispute these using Why Chat's Repo Letter or Why Chat's SOL Letter? In your opinion, which would have the fastest results? I'd like to get these off as quickly as possible. Thanks in advance for all your help.
  4. I have a question... I am trying to help a friend clear a repo on her credit. It is from 2.5 years ago. The $26k (crazy, I know) note was carried by the lot and they were given a company car so no longer needed the vehicle. They contacted the car lot who told them it was no problem to bring it back and nothing derogatory would be placed on their credit. Now, years down the road, they find a $20,000 collection on their credit reports. I was reading up in Whychat's repo letter to suggest to them, but my questions are this... They spoke with the lot and took the vehicle back with the understanding there would be nothing held against them. The vehicle was just put back in the pool of available vehicles and was not auctioned. It's my understanding that they can only be liable for the difference in what was owed and what the vehicle sold for at auction. Where did $20k come from?!? And, they received NO notifications of any sort regarding the vehicle being labeled as a "reposession". None. And, and... they STILL do business with this company and have current car notes with them! Would Whychat's letter still be appropriate? What would you all suggest? Thanks!
  5. Advice needed ASAP. I currently have an open auto loan for a 04 Dodge Intrepid through Credit Acceptance. The car no longer runs; the head gasket is blown and it isn't worth it to spend the large amount of money to fix it. I am upside down on the loan and behind 3 payments. I spoke with the finance company and they stated that I could do a "voluntary surrender". They would have someone come pick up the car, sell it at an auction and apply the proceeds to the balance. I would then be responsible for paying off the remainder of the loan. My concern is that this is going to show up as a reposession on my credit report. I have been driving a rental car since the car gave out and will need to get a reliable car soon to go to work. My credit is poor right now but I have once secured credit card and a store credit card in good standing. I also have high income. My question is, how badly would this reposession hurt my credit? Would I be able to get an auto loan with this repo on my report? Should I just file for chapter 7 bankruptcy instead letting the car get repo'd? Help!!

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