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Repossession - Car Payments

The last post in this topic was posted 1461 days ago. 

 

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They're no longer payments, but you will be responsible for any shortage between what the car is auctioned off for (which is usually a small portion of what your car is worth) and the balance of the loan plus towing, storage (at inflated costs), and repossession fees imposed by the bank. Without a deficiency balance agreement, you'll be sued for the balance.

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They're no longer payments, but you will be responsible for any shortage between what the car is auctioned off for (which is usually a small portion of what your car is worth) and the balance of the loan plus towing, storage (at inflated costs), and repossession fees imposed by the bank. Without a deficiency balance agreement, you'll be sued for the balance.

 

So of the month they repose the payments are suppose to stop.

 

what language would you use to get the credit agencies to update properly?

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They will update your report as a repossession. Not sure what you are wanting them to do they won't just not report anything. The repo will be on your report soon enough. Which from what I've read is a beast.

 

☁CloudsofLove☁

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They will update your report as a repossession. Not sure what you are wanting them to do they won't just not report anything. The repo will be on your report soon enough. Which from what I've read is a beast.

 

☁CloudsofLove☁

 

Its updated as repossed but they are still marking it 150 days late or more every month its incorrect reporting

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Once a car is reposed; do the payments then stop if you do not retrieve the car?

repos work like so.

you stop paying

they collect the car

you are sent a notice depending on your state. of a notice of repossession and a right to cure. usually 10 days from when they take possession.this notice will also tell you where the vehicle is located as you may have to collect personal belongings. they then offer the right to cure which is the deficiency balance plus towing storage etc.

 

if you do not exercise your right to cure. they then auction off the car in a attempt to recover some of the loss. what it sells for is obviously less than retail.

 

once the car is sold you will be sent a notice of sale. the amount sold for etc. you then will get a bill that shows the amount you owe.

 

lets,say you owe 10k cars hooked sold for 2k you owe 8k plus associated costs with towing storage and prep for sale.this is the amount you owe

 

this doesn't go away its like any other debt. it's sold over and over again.

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Once a car is reposed; do the payments then stop if you do not retrieve the car?

repos work like so.

you stop paying

they collect the car

you are sent a notice depending on your state. of a notice of repossession and a right to cure. usually 10 days from when they take possession.this notice will also tell you where the vehicle is located as you may have to collect personal belongings. they then offer the right to cure which is the deficiency balance plus towing storage etc.

 

if you do not exercise your right to cure. they then auction off the car in a attempt to recover some of the loss. what it sells for is obviously less than retail.

 

once the car is sold you will be sent a notice of sale. the amount sold for etc. you then will get a bill that shows the amount you owe.

 

lets,say you owe 10k cars hooked sold for 2k you owe 8k plus associated costs with towing storage and prep for sale.this is the amount you owe

 

this doesn't go away its like any other debt. it's sold over and over again.

 

 

 

Yup I know how it works but that really didn't answer the question I asked... If the car is taken in February you can not be 120 days late in May payments ended in February..

 

There is no residual balance here I know what it is.. its not listed here..

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If there was a deficiency you owe it as a lump sum and they will continue to report late every month as it goes unpaid. The loan went bad with the first missed payment and never recovered. So that is when the lates start.

 

In the unusual event of no deficiency (car sold for enough to pay off all the loan and fees) they should report zero balance.

Edited by mk_378

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the contract is cured by the repossession of the collateral

 

All that is left is the deficiency balance due

 

read the CDIA Credit reporting guidelines

 

https://creditboards.com/forums/index.php?showtopic=550411

 

And the account should be listed as a charge off after 120 Days in accordance with the OCC rules

 

 

Uniform Retail Credit Classification and Account Management Policy
Date: June 20, 2000
FDIC rules
Closed-end retail loans that become past due 120 cumulative days === from the contractual due date should be classified Loss and charged off.2 In lieu of charging off the entire loan balance, loans with non-real estate collateral may be written down to the value of the collateral, less cost to sell, if repossession of collateral is assured and in process.

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the contract is cured by the repossession of the collateral

 

All that is left is the deficiency balance due

 

read the CDIA Credit reporting guidelines

 

https://creditboards.com/forums/index.php?showtopic=550411

 

And the account should be listed as a charge off after 120 Days in accordance with the OCC rules

 

 

Uniform Retail Credit Classification and Account Management Policy
Date: June 20, 2000
FDIC rules
Closed-end retail loans that become past due 120 cumulative days === from the contractual due date should be classified Loss and charged off.2 In lieu of charging off the entire loan balance, loans with non-real estate collateral may be written down to the value of the collateral, less cost to sell, if repossession of collateral is assured and in process.

 

 

 

Thanks this is exactly what I was looking for! They sold the car it took the months.. my lawyers are handling this situation but because the contract was written on PA terms and conditions and I am in Maryland it goes into some other issues. However how its reported on my credit report is incorrect ..

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Here is another question -- what if they report something like this..

 

Days Late 30 60 30 90 30 60 would that be correct?

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Does it really make any difference how many days they report it as late or even if it is reported as late at all? It's a repossession and that is damming enough.

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