Jump to content

Auto Loans that are Charge Off's


sutliffhl21
 Share

The last post in this topic was posted 5372 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

My state is Pa. I have an auto loan through Capital One from almost 2 years ago and a loan through a local credit union that have been repo's now for almost 2 years. I am looking to buy a home, and I was told that all of my chargeoff's, repo's, etc must be paid before anyone will even look at me. My question is, does anyone know if Cap 1 will settle an auto loan for less than whats actually owed? The amount left on the loan, even after the vehicle sale is $40,000.00. They can't honestly expect someone to even all of that for a car that they dont even have anymore. I would be willing to settle for maybe a 1/3 of it..MAYBE even half of it. And if they dont settle with the consumer, are there companies that will contact them and settle the debt for you? And my other question is, do local credit unions usually settle? I mean, I dont see why they wouldnt because if they don't, the odds of them getting a penny are slim to none, and they should know that.

Link to comment
Share on other sites


My state is Pa. I have an auto loan through Capital One from almost 2 years ago and a loan through a local credit union that have been repo's now for almost 2 years. I am looking to buy a home, and I was told that all of my chargeoff's, repo's, etc must be paid before anyone will even look at me. My question is, does anyone know if Cap 1 will settle an auto loan for less than whats actually owed? The amount left on the loan, even after the vehicle sale is $40,000.00. They can't honestly expect someone to even all of that for a car that they dont even have anymore. I would be willing to settle for maybe a 1/3 of it..MAYBE even half of it. And if they dont settle with the consumer, are there companies that will contact them and settle the debt for you? And my other question is, do local credit unions usually settle? I mean, I dont see why they wouldnt because if they don't, the odds of them getting a penny are slim to none, and they should know that.

 

So I'm confused, you mention a Cap One Auto Laon and a loan through a CU...they're both repos? Cap one does settle for less than the balance on credit cards, not sure about auto loans.

 

The amount left on the loan, even after the vehicle sale is $40,000.00. They can't honestly expect someone to even all of that for a car that they dont even have anymore. I would be willing to settle for maybe a 1/3 of it..MAYBE even half of it. And if they dont settle with the consumer, are there companies that will contact them and settle the debt for you? And my other question is, do local credit unions usually settle? I mean, I dont see why they wouldnt because if they don't, the odds of them getting a penny are slim to none, and they should know that.

 

Your kidding right? You owe someone $40,000, or whatever the open amount is, which sounds substantial and you can't believe the want it back? You signed the contract, you owe the money.

 

For a debt that large, it certainly pays to skip the collector and go straight to an attorney to file suit IMHO.

Link to comment
Share on other sites

I lost my job and lost the vehicles. I was earning good money and could afford them, and then I was laid off. I was stupid to get myself into that situation in the first place, and now am trying to clean up the damage. Is there attorney's or agencies that will represent you and contact these companies directly for you to negotiate settlements?

Link to comment
Share on other sites

I lost my job and lost the vehicles. I was earning good money and could afford them, and then I was laid off. I was stupid to get myself into that situation in the first place, and now am trying to clean up the damage. Is there attorney's or agencies that will represent you and contact these companies directly for you to negotiate settlements?

 

Certainly understand that one.

 

I think there's a sticky on lawyers...don't quote me on it.

 

You might want to find an attorney who specializes in consumer credit, but certainly any attorney with experience in contracts can help you.

 

You can always do a google search

http://www.locatealawyer.com/

Link to comment
Share on other sites

The last post in this topic was posted 5372 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      185276
    • Most Online
      2046

    Newest Member
    Nolo
    Joined
×
×
  • Create New...

Important Information

Guidelines