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Ok so about 3.5 years ago my truck was stolen and I did a police report and the insurance company paid most of the remaining loan 
GAP did not pick up the 7500 balance during that time I was able to get another truck via lease (my credit was excellent and I was still paying the other truck note while waiting for GAP to respond) it is almost time for me to turn my truck in in Feb and the balance from the stolen truck is still on my credit reporting as "charge off as bad debt profit and loss write off." In Ga auto debt can only report for 4 years (from my understanding) so Nov 2022 it should be removed but again my lease is up in Feb 2022 so I have to do something. My concern is that the auto lender is going to wait until next year to sell the debt to another company who can then report for another 7 years. What are my options as its been almost 4 years and the lender has yet to sell the acct. I have no intentions on paying it that was their decision to not pick up the debt vie GAP but I also dont want to wake a sleeping dragon by prying into this with the CRAs.  

 

Thanks in advance,

 

Val

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19 hours ago, Val said:

In Ga auto debt can only report for 4 years (from my understanding) so Nov 2022 it should be removed but again my lease is up in Feb 2022 so I have to do something. My concern is that the auto lender is going to wait until next year to sell the debt to another company who can then report for another 7 years. What are my options as its been almost 4 years and the lender has yet to sell the acct.

 

Are you by any chance citing what you believe to be the SOL for a car loan?

 

SOL and permissible reporting period are entirely different concepts.

 

Unless your state has a law that is more forgiving than FCRA, the debt will report for ~7 years from DOFD.  This applies to both the original creditor and any debt collectors/debt buyers who report the TL.

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Sale of the debt does not reset the reporting window. 

 

Why did your GAP provider not cover the balance left unpaid by your insurance carrier?  What steps did you take at that time to hold their feet to the fire? 

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19 hours ago, cv91915 said:

 

Are you by any chance citing what you believe to be the SOL for a car loan?

 

SOL and permissible reporting period are entirely different concepts.

 

Unless your state has a law that is more forgiving than FCRA, the debt will report for ~7 years from DOFD.  This applies to both the original creditor and any debt collectors/debt buyers who report the TL.

Yes that is what I was talking about maybe I got misinformed online but I saw that it said 4 years for Ga for all debt except mortgages which is 6 years. So SOL is the time “time period they have to come after you vie legal consequences” but they can report for up to 7 years…correct.

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14 hours ago, centex said:

Sale of the debt does not reset the reporting window. 

 

Why did your GAP provider not cover the balance left unpaid by your insurance carrier?  What steps did you take at that time to hold their feet to the fire? 

GAP refused because the officer put in the report that I left my keys in the car which was not what happen at and I showed him my keys. The officer was lazy the store clerk told the cop that the manager would be back in 30 min so he could watch the video and the officer said “I’m not waiting around here that long.” He was scared because it was a bad area. So basically he made up a report and the GAP insurance refused coverage I reached out the police department several times to correct the report but they never did. We literally went back and forth for 7 months. 

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