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I posted a thread in the general credit forum but figured this may be more appropriate for the automotive, so I apologize for the cross post:
So my question is about this settlement:
I had an SUV repo’d in summer of 2017 (originally purchased in 2012). Since I handed over the keys when they picked it up, I guess they considered it voluntary, so it’s listed as a charge-off. I just wrapped up a divorce at the time and I kept the vehicle as a result but it was still in both me and my ex-spouse’s name at the time it was taken.
Fast forward to now and it’s been awhile since they have contacted me. I disputed with all bureaus to try and get it off my reports and it was deleted on EX but it was verified on EQ and TU.
Based on the outcome of this settlement, will I be able to get it removed from the other two bureaus? Oh and I’m in TX by the way (not one of the states listed in the lawsuit).
Who has the title if the loan has been charged off but you still have the vehicle and the debt was sold?By KenaM
I have a friend who currently still have a vehicle but the debt was charged off and sold? Shes paying some company who claim to be collections but they havent sent any proof of the original loan. Her credit report shows the original loan charged-off.
I was wondering if anybody could help a close friend with this.
He unfortunately answered to a buy here pay here place and took his car ($8k value) and traded it in for a car he thought was in pristine condition from a guy who has a foreign name sounds like hes from Nigeria or something. Even though the guy was selling his cars outside of an old office building, my friend gave him the benefit of the doubt because, well entrepreneurship right? The problem is the next day all the check engine lights and a bunch of safety airbag etc. errors came up. He called the guy right away and the guy cussed him out and told him to just make sure to pay his monthly payment. My friend doesn't have a lot of money and the car seems to drive ok so he lets it go.
So my friend pays the first payment via credit card. My friend notices its a really amateur credit card processor like square. Anyway,. The check engine oil light comes on and he has a mechanic go to do a oil change and theres only 1 or 2 quarts of oil with metal shavings in the oil. This car obviously hasn't been taken care of at all. My friend calls this dealer and complains about the condition of the car and the dealer again says don't bother me and then won't respond to any emails or texts or pick up the phone when he calls. So when the 2nd payment is due my friend figures this guy will get paid late. So when he goes to pay him, he contacts his company (dealers girlfriend) and theyve added a late fee to which my friend didn't budget for. My friend cites the fact he had to put money into repairs and asks them to waive the late fee and they refuse. When my friend finally has the money to pay the payment AND late fee, they say they will only take certified check now and he has to drive an hour to bring it to them in person. Obviously this causes more time to elapse.
At the 30 day late mark, they file with the magistrate court saying that want the car back or the entire balance of the loan all at once. It actually say "foreclosure" on the served paperwork. I was not aware of any such thing as a vehicle foreclosure. This Nigerian guy has obviously done this to multiple people in the past. He never gave my friend a chance to be a good customer. He can't seem to find a lawyer because there's no money in it for the lawyer.
Anybody got any advice for this guy? He's a good guy just kinda bad making money decision like who to buy a car from. What exactly is the scam this dealer is running and how do we counter it?
I was trying to find out some type of understanding on repossessed vehicles in the state of Virginia. I would like to ask is it legal for a loan company to charge interest on a repossessed auto loan that has been written off as uncollectable? I had a bad health situation last year and we lost our main car. I remember receiving one notice stating that I owed like $5000 but now on my credit it is stating that I owe like $22,000. The vehicle was sold last year in November at a repo auction. It was a new model vehicle in excellent condition and the loan balance at the time of repo was $24000. It doesn’t make since for me to owe $22000 on an auto that was sold for around $15000. Can someone please help me understand this? The loan company was Santander. I live in Virginia and I think they keep pumping up the balance to try and hurt me.
Ok...ok don't laugh at me too hard. I know it sounds crazy but IF....I could pull this off and of course potential ramifications come into play; so let me have it to keep me focused.
I have a Santander account at $1800 that was written off and sold to NCB. Both are not scheduled to fall off my credit reports until mid year 2020. The car, well for all argument sake, will run and has a great deal of sentimental value to me (and my daughter). Yes, I know it is a piece of metal that can be replaced. MarvBear has been helping me over in the Automotive section regarding some of the things I was working on getting beater etc.
This is my oldest account (over 12 years), so helping my AAOA(correct???), as all my positive tradelines have been created just this year.
So, here is where all the IF's come into play (insert some of the Keven Hart's Ok...OKKKKKay....Okkayyyy's in here now lmao).
If, the Florida motor vehicle information confirming the title lien is still in Santanders name(again from other post in Automotive); and I want to get the title thus going through Santander ultimately at some point. If I wait till both Santander and NCB fall off my report, I will still want the title and will have to go through this with Santander at some point, correct to get a title?
So, I am thinking "IF" I contact Santander and work this deal out---(yes I know good luck)
-We agree to a dollar amount of $900.00 (total amount)
-This will get NCB removed (part of the agreement-after my first payment is received)
-The even bigger IF...request they re-age it and remove all the negative payments (stop laughing now)
-even if they don't remove the negative payments, I will end up paying $900.00 and get the title
-understanding if they make this as X-amount of payments that I agree to(thus the re-aging) help to get this as paid in full as I do want to purchase a home in the near future--next 1-2 years.
-definitely getting this in writing from them
I understand this re-aging will put me on the hook for up to another long 7 years of restarting the clock if I sign an agreement with them. I remember some of the situation, where I thought I owed 1 last payment and then all this interest from "no where" came out along with my decline in body/mind unable to work scenario back then...it was a hot mess.
At the end of the day, if they said max amount you owe us is $1800(no further interest will accrue--flat out $1800), we will accept payments on this and update it on your credit report (I would have to have the removal of the baddies), with the REMOVAL OF NCB (after first payment or something) and then I get the title; I would do it.
I am looking at, I did owe them something and I want the title. Ultimately trying to turn a re-aging into something positive on my oldest AAOA and get the NCB tradeline removed off my credit report to boot.
Trying to turn the lemon to lemonade.
Ok....smack me around and keep me focused please.