Is there anyway to expunge a repo off your credit report?
my car got reposessed last week, any they won’t let me get it back by bring the late payments current at all. So what’s next, will i have to hire a lawyer? When will they take me to court? Should i file for bankruptcy?
well they said they wanted the whole balance, which is 12,000
well if they sue me for 14k, then i would have to get a lawyer and proceed to file for bankruptcy, which i never wanted to consider, ever
i was a few months behind and it was not a buy here or pay here lot, i tried making two payments but my check bounced
Posted June 4th, 2010 in When To File Bankruptcy. Tagged: late payments, lawyer, should i file for bankruptcy.
Here is my experience with a recent repo. We fell behind because of the financial downturn and was never late with payments before the economy went to hell. We WERE talking to the finance company, they were calling everyday and we talked to them did not ignore them. We were going to get our income tax refund and made arrangements with the bank to make our payment current with the refund. If we did not get the refund that Friday by 5 pm we would voluntarily turn the car in. Thought everything was settled. However, on Thursday night they came to get the vehicle. We were stunned because we thought we had an arrangement. When we called the next day to ask what went wrong, we were told too bad they now wanted the balance in full. And by the way we did get our refund so we could have brought the payment up to date. So the whole while they were planning the repo despite the arrangements made. Some of the posters posts contradict what happens. They want the balance now because you had a chance to bring your account up to date.
June 4th, 2010 at 7:01 amIt will show up on your credit report. If they sell the car for less than amount owed, you will be held liable for the difference and they will add attorney fees, repo fees, storage fees, cleaning fees, and whatever else they can legally add on. This will not be pretty. We filed BK because of other dedt we had also.
Auto finance is what I do for a living and of course they will let you have the car back believe me they don’t want the car they want their money.
Call your lender and ask for a Manager in loss control and they will explain what is needed to get your vehicle back. They are required by law to do this before they can auction off your vehicle.
As far as your credit is concerned it already shows as "Repossession process started" after you get it back it will show as "Repossession redeemed".
June 4th, 2010 at 7:01 amYou cannot get a repo taken off your credit report, you earned it! It will be there for the next 7 years.
Why would you get a lawyer? What were you doing the couple of months or so that you knew the car payments were late? Were you contacting them then? Were you trying to get the money together? The bottom line with auto finance is if you do not pay your payments, they take the collateral back and sell it at auction and bill you for the shortfall.
Why would you file for bankruptcy? How much debt are you in? Do you have a job?
June 4th, 2010 at 7:01 amit is very unusual for a bank to keep your car instead of accepting payment. You usually have to be a few months behind before a bank will repo a car. Did you get it at a buy here/pay here lot or something? They are usually pretty quick to get their cars back.
Either way, they will sell it (probably at auction for next to nothing) and send you a bill for the difference between the balance of the loan plus fees and the amount they sold the car for. If you don’t pay this then they could sue you for the amount. Did you talk to a manager at the bank?
June 4th, 2010 at 7:01 amBy law, if a car is repossessed – the person from whom the car was taken always has the opportunity to "pay the car current" for all payments, charges etc with in a certain amount of time. Generally it is a 30 day period of time. REPO companies lie in general, the industry is very shady and dishonest at best – so be careful. You need to call the finance company who holds the ‘ note / finance contract " on your car. They have an 800 number on your monthly payment statement. Always take complete notes when you deal in any financial matter; to include the name of the person with whom you spoke, the date, their job position within the company and a direct phone number for the person with whom you spoke. Know the questions that you want to ask and the information that you need before you call. Do not let them take advantage of you and learn your consumer rights.
Yes, if you do not pay the back payments and all associated charges with in a stipulated amount of time and they send your car to the auto auction ; generally someone will call you to try and collect the outstanding balance on the loan, after your car is sold. This will take at least two months or more. Yes you will have negative account reports on your credit bureau , that will stay on your credit report for at least five to seven years. Just remember that with this tough economy and the worst recession in the last 100 years here in the United States; you are not alone, even though this is a tough experience to go through.
I hope some of this information helps. Keep your chin up….
June 4th, 2010 at 7:01 am