GM financial/americredit

[bmfmustang]

Question on a repo,

 

Gm financial repo 11/2011 so beyond the 2 year, but all bureaus state only c/o - no repo notes.

 

Definitely not timely or organized with notices.

 

No CA involved yet.

 

How shall I proceed. 26000 loan they auctioned for 9,000 2010 Lincoln MKZ? Commercially reasonable?

 

I think not.

[CG in TX]

If your main question is whether or not the price is commercially reasonable, the answer would be...it depends. If it had a legitimate book value of $26K and they sold it at a private sale for $9K, probably not. If they sold it at an auction, yes, it will be considered commercially reasonable.

[nysbadmk8]

Question on a repo,

 

Gm financial repo 11/2011 so beyond the 2 year, but all bureaus state only c/o - no repo notes.

 

Definitely not timely or organized with notices.

 

No CA involved yet.

 

How shall I proceed. 26000 loan they auctioned for 9,000 2010 Lincoln MKZ? Commercially reasonable?

 

I think not.

 

Due to the amount (15,000)... I would contact an attorney for a consult.. I cant see them not seeking a judgement for this in the future.

 

As for the sale price of the car... Anything goes. They off'ed it at auction. Why would they protect your interest after the fact?

[bmfmustang]

Good call on the consult, but I never got the required docs from them for the auction. In addition in reading why chat.s threads

It seems if they haven't sued me yet, they don't have the paperwork right and would have done it by now.

 

I am thinking if I must I will do 667 for 12 mo and PFD to get off my report. Would like to buy house in 18 months.

[shifter]

PFD isn't usually offered on a payment plan.

[bmfmustang]

Either way if I pay and get changed to paid collection, I will most likely be able to obtain a mortgage as long as no other baddies... At least in theory.

 

The other interesting thing is it isn't reporting as a repo, just a charge off? Any clue on that?

[RedHairedLady]

Either way if I pay and get changed to paid collection, I will most likely be able to obtain a mortgage as long as no other baddies... At least in theory.

 

The other interesting thing is it isn't reporting as a repo, just a charge off? Any clue on that?

My husband and I had a vehicle repoed in 2012 (lender was Ally) that is (well was, before we filed for bankruptcy) reporting as a charge off, rather than a repo.