How to dispute a car repo

[BustedVisaCardParticipant]

I don’t have too much detail.. However!

I got one of my 3 free credit history reports for the year. The two I couldn’t get they had wrong info so my security questions were wrong.

Anywho, with experian I had an auto loan back in 2006. The loan defaulted in 2007. I was a co-signer for the ex. I tried to help the bank recover the vehicle but she had it hidden, three states away!!

Anywho, currently on my report the same auto loan company still has it showing “180″ each month up until January this year. So each month it’s showing past due greater than 180 days.

Credit was $15,600 and $12,400 of that is used. Past due balance of $1,080.

Does this seem right???

The car was in great condition, low miles (60-70k) and I would think the car would have been sold within a few months once the bank got ahold of it in 2007.

I want to dispute this, but if there is any advice or thoughts that may help me tackle the issue better!

Right now my debt to income is 70% with 7 negative accounts (3 or 4 in which are closed, because the debt was sold to another company). So this should be somewhat simple in lame terms to fix..

Thanks!

[fontanamanModerator]

Hello BustedVisaCard, sorry for the late reply.

Let me see if I got this right. The car was repossessed in 2007 and shows a past due balance of $1080 on your report? Does it appear as a charge off? I’m not sure what you mean by “Credit was $15,600 and $12,400 of that is used”.

Even though the car was repossessed, you still owe the difference of what you owed for the car and the amount that the lender re-selled the car for.

I would try to negotiate a pay for delete. If it’s only $1080 (considering it’s a car loan), then it might be worth it.

[BustedVisaCardParticipant]

No worries. I’ve been very sick.

Anywho…

It doesn’t say charge off. Just past due ” >180 days ”

Balance past due is the $1080

And when it shows your total credit line (for that account) it says $15k and $12k of that credit line is used (about the amount of the car loan left, plus repo fees).

I guess I’ll try to dispute it (maybe they don’t answer and it’s an instant off) and if they hit me back, I’ll try to work numbers with them.

It’s just odd it’s an active account and still at a high balance.

[fontanamanModerator]

Yeah, that is odd. I’m surprised that it hasn’t been charged-off after all these years. I don’t know much about repos, but I think your report should be showing only the balance that was left after they sold your ex’s car. Were you ever notified about the sale?

Here’s something I just found online about disputing repos that might help:

Quote:

If you have not been sued for the balance of the loan

Challenge the factual errors in the listing on your credit report. The loan balance, opening date, high credit, and other errors within the listing can be disputed. As with other factual credit disputes, challenge one listing at a time with the credit reporting agencies.

Always ask for a deletion of the entire listing, not a correction. And never give the credit reporting agency the information needed to correct the error, let them do their job and investigate. Besides, you want the item deleted, not corrected. If the first item you dispute is corrected, move onto the next factual error and again ask for a deletion.

More info here: http://rebuildcreditscores.com/car-repossession-and-credit-disputes/

[BustedVisaCardParticipant]

Okay thanks for the link! That helps out quite a bit

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