Well when I was 18-19 yrs old (now 24) I took a hefty loan out for a car from JD byrider. I left the car with my parents when i moved out of state and they got evicted from their house so they just left the car there. So i have been assuming that JD byrider picked it later or repossessed it. But people have told me they should have auctioned it off if they did pick it up and I should only be paying for the remaining balance of the loan if the auction didn't cover it all. (hopefully i got that right) But I just got a credit report from experian and equifax and it says that I have to pay full price of the car, even paying my downpayment back again. Was wondering whats going on with that and will anything happen to me because I abandoned the car. It looks like this case has been shifted to a couple agencies cause its on my credit more than once and for different amounts? Any help will be greatly appreciated. Thanks.
2006-09-05 02:52:47 · 12 answers · asked by April 3 in Business & Finance ➔ Credit
bad credit rating and maybe depending on state jail time.
2006-09-05 02:54:12 · answer #1 · answered by gunner40047 1 · 0⤊ 0⤋
Legally your "outstanding" debt should only be the "balance of the principle", "plus the interest up to the day it was auctioned and paid", plus "any expenses involved in tracking and repossession, and transport", less the amount recovered.
If you intend to pay the debt, have your numbers, and even then you may be able to negotiate a settlement for less.
Abandonment pis**d them off, but no court would award them more than those things mentioned. Bear in mind that any outside service involved in tracking was paid a fee. There are people who do that. I had a friend who was one.
If you have no intention of paying, it will remain on your credit score. If you have the numbers above, you can dispute the amount, but not the repo. The lender can still add on expenses incurred.
Even if settled the repo will show up and slow pay entered.
Had you called the lender before abandonment, they would have picked it up. A lot of grief could have been avoided.
2006-09-05 10:19:37 · answer #2 · answered by ed 7 · 0⤊ 0⤋
I had a car taken from me by the same company. If they get the car back they do auction it off. You are then responsible for the remaining balance, plus repo fees, auction fees and anything else they can think of to charge you. True enough, after 7 years it will come off your credit. You should call there collection dept. in Lexington, Ky and talk it over with them. After I found out they'd planned on garnishing my wages I contacted them, I paid $50/week and after 3 months of paying they updated my credit report to paying satisfactorily. When I got my taxes I paid them off. I don't think it helped my credit because I'd missed so many payments but they did do it.
2006-09-09 01:21:15 · answer #3 · answered by NETTA M 3 · 0⤊ 0⤋
You only have to wait one more year, and it will be taken off your credit report. After 7 years, by law, and by default, it is removed from your credit report.
I would wait it out, and instead of them getting greedy and wanting an arm and a leg, they will end up with what they deserve, nothing.
Get the dates down, and check with experian and equifax at the end of 7 year period, and request to have the bad credit removed from your report. By law they have so many days to comply, and if they don't , it must be removed by Federal law.
If they were going to procescute you, they would have done that a long time ago. If you were 18, thats 6 years ago.
Don't lose any sleep over it. Just wait it out, and you will not owe anything and your report will be clean and if you somehow found the car, it's yours free and clear.
Darryl S.
2006-09-05 10:02:14 · answer #4 · answered by Stingray 5 · 0⤊ 0⤋
You will definitely ruin your credit. Even if the company repossessed the car, you will still have it on your credit. I would call the company and chuck it up and pay it off. In the long run you will be glad you did it. Think about your future and wanting to buy a home or another vehicle, that abandoned car can ruin those chances.
2006-09-05 09:58:03 · answer #5 · answered by Freckled aquarius 2 · 0⤊ 0⤋
You will likely be taken to the cleaners on this one. It sounds like your debt was sold to a collection agency, and possibly resold to another agency. Each time, fees are assessed and added to your account. Furthermore, there are likely many fees associated with repossession, storage, auction and even legal fees that have been added in.
To make matters worse, repossessed cars are usually auctioned to wholesalers, not the general public. This tends to keep the selling price artificially low.
This article may help.
2006-09-05 10:09:29 · answer #6 · answered by Anonymous · 0⤊ 0⤋
seven years it will be gone off your report. actually seven years from the last payment. call them and see if they picked up the car.if they didnt then you do gotta pay it off. but if its been this long thye probably did auction it off but you still have a contract with them so they can try to pursue you.the most they can do is sue you for the payment and the judge will set up payments every month till the balance is done.jdbyrider is a bbbaaddd company to get involved with. the loan was for ten thousand right????( the tried to sell me a 1992 ford taurs with 132000 mils on it that smoked real bad for that much) but if you fought it in court if it came down to it if they got the car and auctiond it off you really dont owe them anything. good luck
2006-09-05 10:00:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋
You should call the people who gave you the loan and make arrangements for re-payment. Bad things can stay on your credit for YEARS...trust me, I know. Better yet, even go to http://www.consumercredit.com/howitworks.htm for their help. You didn't hide when you got the loan for the car and you cannot hide now.... after all, it's in your name...but I would have American Consumer Credit Counseling or someone like them advocate for you. Good Luck!
2006-09-05 10:36:56 · answer #8 · answered by Katrina 2 · 0⤊ 0⤋
im sure that if you defaulted they would have to go thru a bunch of hoops to get it back, which all costs money, so with all the penalties and stuff, you gotta expect that you will be paying a lot, i think your credit is gonna be messed up for a long time.
2006-09-05 09:55:41 · answer #9 · answered by tomhale138 6 · 0⤊ 0⤋
I think you're going to be eating Top Raman until you pay this off.
2006-09-05 10:00:52 · answer #10 · answered by S.A.M. Gunner 7212 6 · 0⤊ 0⤋