PFD With DriveTime

[Dragonfly66]

I filed BK13 back in 2010. DriveTime was included in that. I had the BK dismissed in 2011 because I couldn't maintain the high payments. Since then, they had been reporting an outstanding balance of $8,494.37, even though I originally owed $15K+ on the car that I voluntarily surrendered right before the BK13. This leads me to believe they re-sold the car and this is the outstanding balance. I never actually got any paperwork saying they did that, though.

 

In January 2013 DriveTime sent me a letter offering to settle with me for 10% of the $8,494.37 balance, so they were willing to take $849.44, and they would update the CRA's to reflect my account as "settled" (their word). By this time I had just purchased a new car a month before, so I am assuming they must have realized the likelihood of me paying them was slim and none. I never responded to the settlement offer.

 

Now I am looking at it again and thinking they may be willing to do a PFD now, if they were willing to settle for so little back then. My thought is that they have probably all but written this off and they aren't expecting anything from me, so they would be more amenable to a PFD to collect on an account that they had written off.

 

My questions are:

 

1. Does my rationale make sense, or am I dreaming? I know DriveTime is supposed to notoriously difficult to deal with.

2. Has anyone out there had any success in getting DriveTime to do a PFD? If so, how did you get them to do it?

 

Any help would be greatly appreciated because I'm in rebuilding mode and would love to get them off my credit, or at least have them reflect more positively.

[Dragonfly66]

<Bump>

[Dragonfly66]

<Bump>

[ivansdad]

They are trying to collect/settle on a debt that was included in BK?? Isn't that a big no no? You may want to ask a mod to move this to the bankruptcy forum.

Edited October 8, 2014 by ivansdad

[Dragonfly66]

No I dismissed the BK13 so they are free to contact me about the debt now.

[LionelDizzle]

Ok iam had a similar story. But I never files bankrupt. I got the 10 percent settlement. Job purposes I took the deal. Paid 800.00. I drove to the dealership and asked them if I paid I need something in writing that they will delete it off my reports. Got the letter and paid spoke with manager onsite and he made the call to AZ. To this day it's been a year. Just FYI.

 

 

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Sorry for the verbage utilizing my phone.

 

 

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[mattneed]

Lookup whychats repo dispute try that route to just get it off without paying.

[Dragonfly66]

Ok iam had a similar story. But I never files bankrupt. I got the 10 percent settlement. Job purposes I took the deal. Paid 800.00. I drove to the dealership and asked them if I paid I need something in writing that they will delete it off my reports. Got the letter and paid spoke with manager onsite and he made the call to AZ. To this day it's been a year. Just FYI.

 

 

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Sorry for the verbage utilizing my phone.

 

 

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Thanks, Lionel. Do you know if they reported the settlement to the IRS? Were there any tax implications? They had language in my letter saying that they "may" report it, which would also cause the unpaid amount (the difference between the $800 and the $8,000) to be considered income. That may be something I'm willing to deal with to get it off my report but I was just curious if they did that with you.

[Dragonfly66]

Lookup whychats repo dispute try that route to just get it off without paying.

Thanks, Matt. I'll check that out also.

[Dragonfly66]

UPDATE: So, I sent a PFD letter to Drivetime referencing the 10% settlement offer they made to me back in January of 2013. I sent my letter to them on 12/13 and got the green card back that verified they received it on 12/16. I've been patiently waiting for a reply which I didn't expect until after the new year holiday. Today I go to myfico to pull my credit and check my scores and WHAMMO! They've deleted it from both TU and EX! For some reason they left it on EQ. On top of that, my TU score bumped up from 644 to 652. I found this rather strange, but I'm also excited to see it gone from 2 out of the 3 CRA's. Now I have to hope that they will accept my PFD offer to pull it off EQ. At this point, I'm willing to pay the 10% just to have them off my reports for good. Yay, me!

[HoustonLynne]

UPDATE: So, I sent a PFD letter to Drivetime referencing the 10% settlement offer they made to me back in January of 2013. I sent my letter to them on 12/13 and got the green card back that verified they received it on 12/16. I've been patiently waiting for a reply which I didn't expect until after the new year holiday. Today I go to myfico to pull my credit and check my scores and WHAMMO! They've deleted it from both TU and EX! For some reason they left it on EQ. On top of that, my TU score bumped up from 644 to 652. I found this rather strange, but I'm also excited to see it gone from 2 out of the 3 CRA's. Now I have to hope that they will accept my PFD offer to pull it off EQ. At this point, I'm willing to pay the 10% just to have them off my reports for good. Yay, me!

Hey, that's pretty awesome!

[Dragonfly66]

UPDATE: So, I sent a PFD letter to Drivetime referencing the 10% settlement offer they made to me back in January of 2013. I sent my letter to them on 12/13 and got the green card back that verified they received it on 12/16. I've been patiently waiting for a reply which I didn't expect until after the new year holiday. Today I go to myfico to pull my credit and check my scores and WHAMMO! They've deleted it from both TU and EX! For some reason they left it on EQ. On top of that, my TU score bumped up from 644 to 652. I found this rather strange, but I'm also excited to see it gone from 2 out of the 3 CRA's. Now I have to hope that they will accept my PFD offer to pull it off EQ. At this point, I'm willing to pay the 10% just to have them off my reports for good. Yay, me!

UPDATE #2: You are not going to believe this, but I found out why Drivetime suddenly deleted their entries from 2 out of 3 of my credit reports. Their sorry butts have been sued by the CFPB! At least one of the infractions was exactly what they did to me (improperly reporting the date of the repo so that it looks more recent that what it actually was). Luckily I had that old settlement offer from them that I was able to use as proof that the car was repo'd long before they said it was. I'm gonna push them hard to get this off of EQ now. check out the link below

http://www.consumerfinance.gov/newsroom/cfpb-takes-first-action-against-buy-here-pay-here-auto-dealer/

[FromGoodtoGreat]

Way to go!!! Congrats!!! Yeah time for it to be gone from EQ as well.

 

 

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[HoustonLynne]

 

UPDATE: So, I sent a PFD letter to Drivetime referencing the 10% settlement offer they made to me back in January of 2013. I sent my letter to them on 12/13 and got the green card back that verified they received it on 12/16. I've been patiently waiting for a reply which I didn't expect until after the new year holiday. Today I go to myfico to pull my credit and check my scores and WHAMMO! They've deleted it from both TU and EX! For some reason they left it on EQ. On top of that, my TU score bumped up from 644 to 652. I found this rather strange, but I'm also excited to see it gone from 2 out of the 3 CRA's. Now I have to hope that they will accept my PFD offer to pull it off EQ. At this point, I'm willing to pay the 10% just to have them off my reports for good. Yay, me!

UPDATE #2: You are not going to believe this, but I found out why Drivetime suddenly deleted their entries from 2 out of 3 of my credit reports. Their sorry butts have been sued by the CFPB! At least one of the infractions was exactly what they did to me (improperly reporting the date of the repo so that it looks more recent that what it actually was). Luckily I had that old settlement offer from them that I was able to use as proof that the car was repo'd long before they said it was. I'm gonna push them hard to get this off of EQ now. check out the link below

http://www.consumerfinance.gov/newsroom/cfpb-takes-first-action-against-buy-here-pay-here-auto-dealer/

 

EXCELLENT news.

[Dragonfly66]

Way to go!!! Congrats!!! Yeah time for it to be gone from EQ as well.

 

 

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After thinking about it some more and re-reading that link to the CFPB, I'm going to give EQ an extra 10 minutes to see if it comes off there as well. One of the conditions is that they have to delete the entry from your credit file permanently. EQ may just be slow to do it. I'll keep you posted.

 

 

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[goturtlego]

Awesome!

[Dragonfly66]

As a quick update to this thread, DriveTime did delete from EQ (finally!) and my score went up 14 points. What's interesting is that they deleted their account from EX also and I thought they had deleted from TU, but found out they only suppressed it on there. It says it's "suppressed pending additional information from grantor". It doesn't make sense that they deleted it from the other two but suppressed it with TU. It feels like they are trying to be tricky so I decided to file a complaint with the CFPB to have it deleted. I'll let you know how it goes.