Two CapOne auto loans & Midland has one. Help!!

[GoGoMF]

I wanted to post this here instead of in the main forum.


Short version: We had a Capital One repo in Feb 2011 that left a $143.00 deficiency chargeoff balance after the vehicle sold at auction. Believe it or not, we were in no shape to even pay $143.00 at the time. Our goal was to keep the other Cap One auto loan we also had (and still have) through them that is nearly paid off and has been current for two years now. Midland took the deficiency and racked up over $1000 in fees.

 

I've emailed Capital One executive offices and asked them to work with me to recall the account so I can pay the $143.00 (on the $30,000 loan) in exchange for a different/better status because I have an existing, good standing, loan with them at present. I'm currently waiting for a written reply, which they emailed to me and said was on the way.

My question is should I DV Midland while waiting for the response from Cap One or just sit and wait?

Update: I received an email from CapOne that they'd be mailing something to me shortly but noticed today that my *existing* car loan had a credit issued for ALL the late fees (over $600.00 from around the time of the repo on the other loan) the day I after I received that email. This isn't something I asked for necessarily but is a nice bonus, still no change to my reports though.

 

Thoughts?

[MarvBear]

for credit reporting advice, we should be in the main credit forum. I can easily move it there if you wish.

[GoGoMF]

We can move it, I posted it there too but no answers in the last few days. Bummer. Really wanting some advice on what the heck I should do. When in doubt, wait...

[GoGoMF]

CapOne called today. First, she told me they waived all late fees from my existing loan, but didn't update the CRAs with anything other than what was there. Second, they recalled the Midland account on 2/9/13, so last month. Midland is still reporting on EQ & EX for my husband, nothing for me. She said she would be telling Midland to remove the account as they are not authorized to collect or report but won't give me anything in writing regarding that. Hmph - we'll see about that.

Essentially, CapOne is offering for me to pay the $143.21 and they will update the account with a zero balance and a "Settlement Accepted" status. It will still show all the lates and the repossession. Since I would like them to delete the tradeline completely we went back and forth about failure to update the CRAs with accurate information in the last two years, multiple violations, etc, etc. I was polite yet firm. She is asking that I fax her proof of any incorrect reporting along with a written request for what I'm wanting, which I've already done and WHY she called.

Best case, I fax her all the proof along with a well worded letter outlining all the inaccuracies in reporting & document their violations and they delete the entire trade line.

Worst case, I pay $143.21 and accept their terms. Mehhhh. I hate 'worst case'.

I wonder how that looks if I am applying for an auto loan soon. Also, won't that re-age the account from payment date and make it sit for another 7 years?

[MarvBear]

It will look like you paid the vehicle off. And someone like me will read that to mean that you did not pay the full balance.

[elizabethgrace]

I'm far from an expert, but even your worse case seems like a good deal!

[GoGoMF]

It will look like you paid the vehicle off. And someone like me will read that to mean that you did not pay the full balance.

 

But I guess my question on the 'worst case scenario' is if I only owe $143.21, and i PIF $143.21, why the H-E-L-L would I agree to allow them to report it was still repo'd and only "Settled" when in actually it was repo'd and PAID IN FULL. I'm not understanding how that is not inaccurate reporting. If I'm going to take the "settled" deal then I'm not paying the full $143.21, I'll pay $50.00 or something. No?

[MarvBear]

You really should be in the main credit forum with this. If you wish me to move it please let me know.

[GoGoMF]

Sure - thanks!

[MarvBear]

Lets go to the main credit forum

[ihatecollections]

I wouldn't accept anything other than PIF or a delete.

[ICANHASMUNY?]

pay it. regardless - Crap one is not likely to PFD. not when they just recalled the account from a JDB.

 

sure beats having ot deal with Midland for the next few years. I wouldn't make any unreasonable demands.

[ihatecollections]

Midland was a pita for me. Numerous foad letters and they still send me settlement offers. I got a wonderfull its tax time lets settle now for 20% off.

[ICANHASMUNY?]

MIdland violated the FDCPA in a big way - and after they recieved my ITS/FOAD letter,

 

the account showed $0 due on my credit reports.

 

They are now aged off.

[GoGoMF]

pay it. regardless - Crap one is not likely to PFD. not when they just recalled the account from a JDB.

 

sure beats having ot deal with Midland for the next few years. I wouldn't make any unreasonable demands.

 

I don't think paying in full and asking them to report "paid in full" is unreasonable on my part. I think paying in full and having them report "settled" is unreasonable on theirs. Am I wrong on this somehow? I feel like that's completely inaccurate reporting if I do, in fact, pay in full.

[ICANHASMUNY?]

try for "paid in full after charge off" and see if they bite.

[GoGoMF]

Been dealing with someone in their Executive Office over the last few days. They've agreed to take what is due and mark it as PIF; she said she'd be faxing me a "PIF by this date and it will report PIF" offer letter before Friday. Can't wait to have this fixed on my credit. So Marv, will this make me a little more desirable for a new auto loan of the repo is now a paid status, not charge off?