Repo, after divorce, car in both names?

Question

The judge said she got the car in our division of property Feb. 2002 . I made car payments till May 2002 because my contact info was the only they had. My-ex and I didn't talk for those months, in may I got a hold of her and told her to start making the payment and never looked back, I guess she changed the contact info, the end result was the car got repo'ed. This affected my credit. I found out it was on my report in May 2003 and called wells fargo. They said they would remove the repo from my credit report and gave me a letter that states, account was paid in full after I gave them a check for over a grand. I was 20years old, would have did it different now. Now in 2007 the repo still stands and wells fargo says it's a valid repo and will continue being reported till 2008. Any way to fix this?

Answer 1

Send a letter describing the circumstances to the three reporting agencies. Include a copy of the "paid in full" letter.

Answer 2

The dates don't make since. You didn't say when the car was repo'ed, however assuming the first missed payment was June 2002, since you paid it through May 2002, it should not come off until June 2009. As negative information is on your report for 7 years from the date of the negative item. So in that respect if it is to come off in 2008, think of that as a gift(unless your dates are incorrect).

Did they state that they would remove the actual "repo". If you have that in a letter in writting you should be able to send that to the credit reporting agenices as a dispute to have it removed. If it was just something they "told" you, you are probably stuck with it on there because they did actually repo the vehicle. What you were most likely told would be removed was a collection account for the remaining balance(the over a grand that you paid). The repo is still having an effect, but it is a small amount by now, if the rest of your report has been good since.

Answer 3

I look at this scenario every day at my job in subprime auto finance. No you cant really fix it. If you called the lender and sent a check for the ballance it would still show as a charged off auto on your credit and have pretty much the same consiquences when you go to buy another car or whatever.
If the reasone your asking is because your trying buy a car and want the same rate you had on the note with the ex, forget it. You might as well bight the bullet and buy a car. Maybe if you can get financed at your credit union you still a have a shot at probably more than last time, but still better than alot of people in your position.
I see some people who keep bad credit for longer than normal by calling and looking into bad, old credit and re-opening it. Thus putting it back on the credit report as a paid charge off(repo non the less). Or an account that went bad and is behind.
Best thing is to say screw Wells Fargo and the ex.

Answer 4

NOPE..Sucks… that’s how it works…if your name is on a contract and the car gets repoed there is nothing you can do, the bank SHOULD have called you for payment before the car was picked up, that really sucks that they didn’t. You can however have a statement put on your credit report that states this car was given to ex in divorce and you were never contacted for payment … it could help a little, the good this is that this will be off your credit soon!! IF anyone ever finds themselves in this situation & it happens all the time, make sure to have the judge order the other person to refinance the car or home or loan or whatever it is in their OWN name only… get you off of it! Just b/c the judge said they have to pay does not mean that you are off the hook with the bank! Not at all… you can sue the other person for not paying but you cant fix your credit.

note- this is driving me crazy... the letter will not do anything.. banks will lie to get money... AND you can not just have your name taken off a loan! even if a judge says you do not have to pay it!!! that only lets you take the other person back to court for not paying.... it will still be on your credit! i was a repo agent for 7years people.....

Answer 5

I think Wells Fargo is giving you a hassle. You should have the settlement in hand and go talk to someone else at the bank. I don't think it is a valid repo because the car should have been transferred over to just her name. Call a couple of banks or go into the bank you now use and ask them what the correct procedure should have been concerning the loan. If WF is ruining your credit unfairly, I would have a very interesting talk with them. My credit would be repaired immediately. Don't think they don't hire idiots at banks. I've had problems with idiots at WF in the past.

Answer 6

Two answers here are great, just one little thing, when you send Wells Fargo the paperwork and a copy of the letter, make sure that you send it certified with a signed receipt requested. The forms can be found in the Post Office. That way they can't claim that they never received the information.

Answer 7

you got to hold out one more year but the best way to beat that is to start your credit over by just going to a buy here pay here and keep that car for a year and pay for it but you will need to apply for a credit card and that dont mean use it like you want ,you will use it to repair your credit once you keep that car, that credit card ,and probly a friedmans jewlery card and keep the payment up for at least (6) months and that will override that repo and your credit will be back on track so just pay your bills on time and yea it will go away

Answer 8

Easy....call Wells Fargo and send them a copy of the letter that they sent to you saying that they would remove the repo from your credit if you paid it in full.

If that doesn't work, you can take them to small claims.

You have it in writing, so there shouldn't be an issue.

Answer 9

you would probably have to get a written sign from your ex claiming she claim full responsibility for the car payments and maybe they might overlook it. because usually divorces would have an effect on both parties.