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bigpoppa09

MyFako Condones this Crap

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Hi,

 

I'm trying to understand a little more about charge offs and how they work for my daughter since I've never had one. It seems very different from a Collection. She's had this car since 2014. At some point the car was stolen and recovered, then repossessed. She paid what was owed and took delivery of the car again. 

 

The car was charged off on her credit reports in 2018, and she still has the car and still makes a monthly payment of $495 per month. She has made roughly 14 payments for $495 since the Charge Off was reported. I am willing to pay off the balance outright, she only owes $816 but I'm not sure how to handle this. 

 

😕 🥜 :swoon:

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This person seems to have very good credit,  but his understanding of the basic credit issues is mind-boggling.

 

Why would you be paying a charged-off if it is already posted on your credit reports?  Wouldn't it a better strategy to pay for deletion and removal?

Edited by MP80

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15 hours ago, MP80 said:

This person seems to have very good credit,  but his understanding of the basic credit issues is mind-boggling.

 

Why would you be paying a charged-off if it is already posted on your credit reports?  Wouldn't it a better strategy to pay for deletion and removal?

They MAY have figured the amount owing was nominal compared to trying to get a different vehicle loan with a charged off but not repo'ed vehicle reporting on this account...

 

That being said, I would have to wonder why the insurance carrier didn't make things right when it was initially stolen.  Getting a stolen vehicle back is on par with a flood being returned...it ain't never gonna be right. 

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Here is how I see it...

 

After the vehicle was stolen, it was taken back by the creditors (repossession). Then the fee was paid to recover the vehicle and the monthly installment payment was made. Now it has been written off (charged-off). How can this be a proper report? He is either a miscalculation of the facts or a complete of disinformation.

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1 hour ago, MP80 said:

Here is how I see it...

 

After the vehicle was stolen, it was taken back by the creditors (repossession). Then the fee was paid to recover the vehicle and the monthly installment payment was made. Now it has been written off (charged-off). How can this be a proper report? He is either a miscalculation of the facts or a complete of disinformation.

Alternate theory...vehicle stolen, recovered, law enforcement agency notes a lien exists and contacts the bank, who then takes possession.  Not a credit-related repo but a repo nonetheless, at least as far as consumer is concerned.  Meanwhile, lacking decent insurance, the account goes into a charge-off status because payments were not being made while it was outside of the consumer's possession. 

 

Vehicle is recovered and consumer takes steps to get their raped baby back, having to pay storage fees in addition to what they owed the lender.  Again, recognizing that their crappy credit won't allow them to get something like raped baby since the new vehicle would require full coverage which, like previously, they cannot afford...never mind that this could lead to an actual repossession for failure to abide by terms of contract...

 

Who knows what really goes through their minds...but making the lender whole at least has some modicum of benefit to a manual review in the next decade...

 

On edit...should be noted that they were referencing a tri-merge report, and we all know how reliable THOSE are :rolleyes:

 

https://ficoforums.myfico.com/t5/Auto-Loans/Car-Charged-Off-But-Still-Own-the-Car-amp-Making-Payments/td-p/5814121

Edited by centex

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I'm sure he covered up the fact that sometimes the vehicle is late for a payment. You need to be late for a long time for the creditor to cancel the account. Therefore, there is no doubt that his daughter has not paid any amount for at least six months or more before implying a cancellation.

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36 minutes ago, MP80 said:

I'm sure he covered up the fact that sometimes the vehicle is late for a payment. You need to be late for a long time for the creditor to cancel the account. Therefore, there is no doubt that his daughter has not paid any amount for at least six months or more before implying a cancellation.

And likely not the first time they had problems...looks like a DriveTime or Carvana purchase based upon the lender in the tri-merge snippet...at the insane rates they charge some of their buyers, fees would add up in a hurry while sitting in impound...too bad Paul Harvey isn't around though.  I suspect ONLY Paul could get us the...rest of the story ;)

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in response to someone noting "wow you have high scores..."

 

 

Quote

 

babbles

Frequent Contributor

‎11-19-2019 04:40 AM

Re: What is a cash back auto refinance?

yeah, EX seems to be hard on my inquires over 1 year old!

 

 

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2 hours ago, hegemony said:


Nope.  Close, but no cigar.  Uncle Sam's Misguided Children don't get stationed in El Paso.  My bet is that it's a nutjob in the Chair Force.  Could be Army, but they generally have more self respect.  :)  

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APPROVING BANK:  Kia Financial
BUREAU PULLED:   Equifax Fico Auto 08 (685)
CREDIT SCOREOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  SC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE:  Kia
MODEL:  Telluride EX
MILEAGE: 2100
FINANCE/LEASE: Finance

PURCHASE PRICE: 39500
AMOUNT OF LOAN:  42xxx can't remember exactly (had negative equity to roll over as well)
TERM CONTRACTED: 72
APR/LEASE RATE: 4.99

MONTHLY PAYMENT: 693
ANNUAL INCOME:  64853
DEBT TO INCOME RATIO: ? Alot
MISCELLANEOUS COMMENTARY: Anyone near Gastonia, NC looking for a Kia should go to Courage Kia. They are awesome! Laughed the whole time. Great group. Much Much Much better than any other Kia dealership I spoke with.

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1 hour ago, hegemony said:

everything doesn't add up


FTFY

 

The only thing that would make sense is if the OP had the IQ of a re ... -- Oopss, can't use that word here -- gerbil.  
 

He needs to call the state police and his shrink.  Not necessarily in that order.  

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2 hours ago, hegemony said:

APPROVING BANK:  Kia Financial
BUREAU PULLED:   Equifax Fico Auto 08 (685)
CREDIT SCOREOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE:  SC
NEW/USED: New
YEAR OF VEHICLE: 2020
MAKE:  Kia
MODEL:  Telluride EX
MILEAGE: 2100
FINANCE/LEASE: Finance

PURCHASE PRICE: 39500
AMOUNT OF LOAN:  42xxx can't remember exactly (had negative equity to roll over as well)
TERM CONTRACTED: 72
APR/LEASE RATE: 4.99

MONTHLY PAYMENT: 693
ANNUAL INCOME:  64853
DEBT TO INCOME RATIO: ? Alot
MISCELLANEOUS COMMENTARY: Anyone near Gastonia, NC looking for a Kia should go to Courage Kia. They are awesome! Laughed the whole time. Great group. Much Much Much better than any other Kia dealership I spoke with.


$40k for a Kia????

 

I wouldn't touch a Kia if it were free.  K.I.A.

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14 hours ago, PotO said:


$40k for a Kia????

 

I wouldn't touch a Kia if it were free.  K.I.A.

Well, only $39.5K for the Kia...but well over considering they added in negative equity, a figure that will continue to grow with that...that...thing in the driveway.  Even worse is that they dragged the note out for six years and are STILL going to be paying close to $700 per month.  Too bad the dealership didn't have the COURAGE to tell the guy to seek financial counseling...

 

With negative equity, it suggests they are one of the types who have to have a new car every few years and don't make more than a minimum payment.  Hopefully they added gap insurance since they will need it down the road if anything happens to the vehicle...

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On 11/27/2019 at 11:40 PM, centex said:

Well, only $39.5K for the Kia...but well over considering they added in negative equity, a figure that will continue to grow with that...that...thing in the driveway.  Even worse is that they dragged the note out for six years and are STILL going to be paying close to $700 per month.  Too bad the dealership didn't have the COURAGE to tell the guy to seek financial counseling...

 

With negative equity, it suggests they are one of the types who have to have a new car every few years and don't make more than a minimum payment.  Hopefully they added gap insurance since they will need it down the road if anything happens to the vehicle...

 

No, you missed the crucial part:

 

K.I.A.

 

I'd much rather be called the n-word, r-word, mf-word, ESAD-word, FOAD-word, g-word, Tophie-word or any of the most horrible insults you could ever imagine, but NEVER K.I.A.

 

I wouldn't touch a KIA with the shitee end of a stick even if it were free.  Even if you paid me, I wouldn't touch it.

 

Killed In Action.

Edited by PotO

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APPROVING BANK: American Honda Financial
BUREAU PULLED: Experian
CREDIT SCORE: 806
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Michigan
NEW/USED: Used
YEAR OF VEHICLE: 2014
MAKE: Honda
MODEL: Odyssey
MILEAGE: 54,165
FINANCE/LEASE: Finance
PURCHASE PRICE: $23,053 (with tax, fees, gap coverage, etc.)
AMOUNT OF LOAN: $23,053
TERM CONTRACTED: 72

APR/LEASE RATE: 3.99%
MONTHLY PAYMENT: $356
ANNUAL INCOME: $70,000
DEBT TO INCOME RATIO: ~38%

 

at least it is a Honda so it may last 6 years of the loan but WTH? 23k and you think you need 72 months to "afford" a 6-7 year old used car?

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On 11/29/2019 at 11:44 PM, PotO said:

 

No, you missed the crucial part:

 

K.I.A.

 

I'd much rather be called the n-word, r-word, mf-word, ESAD-word, FOAD-word, g-word, Tophie-word or any of the most horrible insults you could ever imagine, but NEVER K.I.A.

 

I wouldn't touch a KIA with the shitee end of a stick even if it were free.  Even if you paid me, I wouldn't touch it.

 

Killed In Action.

 

The words "NO KIA" are embedded into my Avis profile. 

 

Still, I wonder how something that feels like a riding lawnmower encased in plastic has achieved a considerable reputation for quality.  I have the greatest respect for J D Powers, and KIA has a surprising representation among its award recipients.

 

Notwithstanding that, PotO pretty much took the words out of my mouth ...

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APPROVING BANK: US Eagle CU
BUREAU PULLED: Qualifying @ dealership EX, CU pulled all. 🤬
CREDIT SCORE: 809

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: NM
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevy
MODEL: Silverado 
MILEAGE 2900[?????]
FINANCE/LEASE: Financed

PURCHASE PRICE: 48K
AMOUNT OF LOAN: 35K
TERM CONTRACTED: 72m
APR/LEASE RATE: quoted 4.59% signed at 4.09%
MONTHLY PAYMENT: $569

 

 

809 score and over 4% APR? and 72 months on a turd? SAD!

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Jaybeltran805

Regular Contributor

‎12-11-2019 04:17 PM

AMEX financial review ..

Well my wife accidentally made a dumb big purchase with one of my Amex cards (Hilton) and I got hit with a FR , and honestly I’ve always paid in full , always made payments on time .. so if they want to go ahead and still do the FR because a dumb move my wife made I’m just gonna cancel my 3 cards , credits gonna tank but oh well , but I don’t wanna show them my stuff because I’ve been great with them on payments and were my go to cards . So I’ll just cancel my accounts n my credit will take a big hit sadly.. any help on what I should do ?

 

 

Quote

but I just don’t think it’s right for these companies to ask for all that personal information when you make all your payments and pay in full all the time .. like wow

someone may have lied about income!!!!

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1 hour ago, hegemony said:

APPROVING BANK: US Eagle CU
BUREAU PULLED: Qualifying @ dealership EX, CU pulled all. 🤬
CREDIT SCORE: 809

SOFT PULL/HARD PULL: HP
CUSTOMER STATE OF RESIDENCE: NM
NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevy
MODEL: Silverado 
MILEAGE 2900[?????]
FINANCE/LEASE: Financed

PURCHASE PRICE: 48K
AMOUNT OF LOAN: 35K
TERM CONTRACTED: 72m
APR/LEASE RATE: quoted 4.59% signed at 4.09%
MONTHLY PAYMENT: $569

 

 

809 score and over 4% APR? and 72 months on a turd? SAD!  FUNNY!

 

FTFY

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