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__________Repossesion, Gave it back! NOW WHAT?________

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I purchased a car with a very high interest rate 26%, had no choice at the time. Anyway the car had 200,000 miles on it and would not run, still owed $8000 on it and I gave it back. It now shows up of course from Americredit as a charge off. I have some money to settle with them. Should I CALL or WRITE? Strategy is to say a family member gave me some cash and I want to settle for 0.50 on the dollar. When I called last time they agreed to a $4500 pay off. If I do this how do I make sure it's DELETED from my credit reports?

 

Thanks!

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I had lots of friends that had / have AmeriCredit and unless they file suit against you I would advise you against paying them a dime. They already make 26% in interest, it's greedy companies like this that put our economy in the trash. Just my two cents.

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You owed $8000 on the loan or is the $8000 the deficiency amount?

How long ago was it repo'd?

If it has just repo'd, in the last month or two, has it been sold yet?

Have you received the required notices, including the deficiency notice?

Have you read through your states repo laws to make sure they followed all of the required laws?

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You owed $8000 on the loan or is the $8000 the deficiency amount?

How long ago was it repo'd?

If it has just repo'd, in the last month or two, has it been sold yet?

Have you received the required notices, including the deficiency notice?

Have you read through your states repo laws to make sure they followed all of the required laws?

 

I owed $8000 on the loan when I gave it back to them.

It was sent back about 4 years ago.

Americredit got it and sold it at an auction

I have not received anything, it's on my credit report and I want to remove it. I have cash to pay.

Never looked at the repo laws no..... but it's the last bad mark on my credit report.

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You should read over Why Chat's repo letter:

http://whychat.5u.com/repoltr.html

 

You should also do a search on here using the search term repo and do some reading.

You might also do a search for Americredit and see how easy or difficult they have been with others.

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I def. wouldnt give them a hot cent till i knew what i was up against, and what they sold it for, etc etc etc............

 

Chi has given great advice, and WhyChat has LOTS to learn from on his info.........

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I agree that you should not pay a cent. It's very difficult to arrange a pay for delete. You can probably still qualify for an FHA mortgage or another auto loan. Make sure that you can't get sued by checking out your states SOL. I know you want to "do the right thing" but making another payment will reage the account and extend the amount of time it will take for the baddy to drop off.

 

I just got an FHA mortgage with a 6 year old auto chargeoff.

 

Good luck rebuilding.

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do not pay them... and let the sleeping beast lie.. it will fall off in due time and if that is your last baddie.. so be it. I have one on mine that is 18K and a CO EVERY month and I will be dammed if I am paying them a dime. If I end up with that as my last baddie.. so be it for me I will wait it out.. you should as well. JMO

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I had a loan with Americredit also acouple years ago, that went into default and I had to give the car back. They tried to collect and sold the collection and wrote it off as bad debit on my credit. I never offered them a Dime, as it would not have helped , it would have still remained on my credit as a repo as well as a collection with the Company they sold the loan too. Americredit very rarley files suit, as this only cost them more money in attorney fees etc, so chances are they will not file suit. I waited a good year after they charged off the act and sold it , and started disputing with all 3 CB's ( I started the disputing process around Nov right before the holiday season) it took a couple months but I got the collection erased off of all 3 CB'S. So lay low and let some time pass, and then start the dispute process or hire lexington law to do it for you, they do a great job if you dont have the time to work on the baddies your self. Good Luck it will get better.

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So lay low and let some time pass, and then start the dispute process or hire lexington law to do it for you, they do a great job if you dont have the time to work on the baddies your self. Good Luck it will get better.

 

That is a very bad idea. It doesn't take long to do things yourself, and the scattergun actions of Lexington tends to get you put on the "ignore" list at the CRA's.

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