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Repo deficiency question

The last post in this topic was posted 5359 days ago. 

 

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My brother had a repo four years ago. The deficiency balance is showing on his CRs as "repossession, charged off $16,877. GMAC has never tried to collect on this. During the time of the repo, he and his ex were fighting over everything including the mail. He knows he never received any certified mail from GMAC but he wonders if the ex might have received the notification of sale, etc. sent by regular mail.

 

My feeling is that if it was a legal repo, GMAC would have been all over him to collect the balance. I think he should proceed with WhyChat's letter. He can't be any worse off, right?

 

Thanks for any opinions on this!

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My feeling is that if it was a legal repo, GMAC would have been all over him to collect the balance.  I'm surprised they haven't sued over this.  That's a significant balance. I think he should proceed with WhyChat's letter. I agree, it's a good place to start. He can't be any worse off, right?  He might want to be sure there aren't any judgments for the amount entered by the OC first.  If the OC hasn't sued, there's a possibility they might now, if someone reminds them of your brother's acct.

 

Thanks for any opinions on this!

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With his problems getting mail from his ex, is he sure that he has not been sued on this?

 

If he is unsure, because of his ex holding his mail, you can probably do a check with the county court online to make sure he has not been sued.

 

Has he opted out? If not he should.

 

If no judgements are against him, since it has been longer than 2 years since the repo, sending Why Chat's letters would be the way to go (IMO)

Plus, he should order a copy of carfax on the vehicle.

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It looks like Virginia is a 5 year SOL for written.

 

 

State - Virginia

 

Oral Agreements - 3

 

Written Contracts - 5

 

Promissory Notes - 6

 

Open Accounts - 3

 

I'm including a link to Cardreport that talks about SOL

 

cardreport sol info

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It looks like Virginia is a 5 year SOL for written.

 

 

State - Virginia

 

Oral Agreements - 3

 

Written Contracts - 5

 

Promissory Notes - 6

 

Open Accounts - 3

 

I'm including a link to Cardreport that talks about SOLCardreport has been defunct for almost 2 years, and their SOL information is COMPLETELY out of date and incorrect

 

cardreport sol info

The SOL for an installment loan contract is not the issue as the contract was voided by the repo.

 

The SOL for being sued on a deficiency where ALL notices were properly delivered is 4 years, dating from the date of the resale that created the deficiency.

 

Send the repo deficiency letter, however, you might try just a simple dispute FIRST (after opting out and deleting old addresses).

 

Send a dispute as follows:

 

Dear CRA

My Name is xxxx

My SS # is xxx xx xxxx

I am sending this dispute certified mail # xxx to insure it's receipt.

 

On my credit report # xxxxx the following account(s) is/are inaccurate

Account # xxxxx

 

I have no record of this/these account(s) from this/these creditor(s)

for this/these dates for this/these amount(s)

 

Any accounts I may have had in the past with any similar creditor(s)

would have had a date of last actvity over 7 years ago and would be

obsolete.

 

If this/these account(s) is/are verified, please furnish me with the

name and address of the verifying party,the method of verification, and

the reported first delinquency from the original creditor.

 

Sincerely,

 

Make sure you use personalized stationery,and if you are doing it on

your computer ( hand written is best)use purple or teal italic font.

HAND ADDRESS the envelope and send it certified, but NOT RR.

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Thank you for the great advice!!! We pulled his reports this afternoon and will sending off letters for omitting old addresses on Monday. Then we send the dispute letter. At last I have a use for the really ugly pink floral stationary my grandmother gave me!!!

 

Thanks again.

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