If i was to contact the bank and set up a plan to pay it off will it come off my credit report or will it stay on there as a repo. In which case i should just let it be.
2006-07-13 15:49:28 · 5 answers · asked by lupe J 2 in Business & Finance ➔ Credit
I finance cars so I deal with this every day. Even if you pay the bank it will still show on your credit report as i9 (charged off). i is for installment loans and a i1 is an account in good standing. There is now way to get it off of your credit report, other than disputing it with the credit bureaus, which may or may not work. If it has been three years and you have re-established your credit since then, you should be able to get another car loan. If you haven't you will need someone to cosign with you. After a year of good payment history you most likely will be able to refinance in your name only.
2006-07-13 16:28:28 · answer #1 · answered by tomdchi 2 · 1⤊ 0⤋
What to do would be based whether the bank did the repo in a legal manner.
They would have had to send you all of the required notices in a timely manner. Such as - sending you notice of intent to repo, sending you notice of intent to sell and sending you the deficiency notice after the sale - all in the required time limits.
If they did not send all or some of those, it is an illegal repo and you are not legally bound to pay.
Repo's void the original contract so you would not be held to the statute of limitations for a written contract in your state. They fall under the UCC for statute of limitations, which is 4 years.
I would suggest going to the site that I've linked and go to the credit forum. Do a search on repos and some reading. If you have any more questions, feel free to ask them in that forum.
There is also some links to some repo information letters that you can send, if the original creditor failed to provide all of the required notices.
If the original creditor had sent all of the required notices, you might think about waiting them out until the 4 year mark. Or if you want to pay, be sure you are covered and not only send the repo info letters I mentioned, but also send a pay for delete.
2006-07-14 01:56:01 · answer #2 · answered by echo 7 · 0⤊ 0⤋
you need to contact the bank and make special arrangements with them. Get it in writing!!! If you pay it off, it will show that it is paid on your credit report and not a repo. They will more than likely do this for you. Repeat: get it in writing!!!! Good luck
2006-07-13 22:55:52 · answer #3 · answered by celestine 4 · 0⤊ 0⤋
You may be better off to do nothing... but if you contact the bank, you should try to make a deal to pay the principal owed, but only if they agree to show the account paid in full, contact member...
2006-07-13 23:21:28 · answer #4 · answered by Adios 5 · 0⤊ 0⤋
bad idea because once you start paying on it the clock stars over and it will be on your report for 7 more years instead of the 4 you have left, leave it alone they have already written it off
2006-07-13 22:57:20 · answer #5 · answered by cook3402000 2 · 0⤊ 0⤋