Too make a very long story short, i cosigned on a car for a family member. The car got repo'ed twice in a year. The contract stated if they repo'ed the car more then one time in a year, they can ask for the balance in full, even if i'm one payment behind, which i was. Once the car got repo'ed the second time, the company said they would give us a certain amount of time to pay the balance off before the car would be sold at a auction. Money was paid on the car, but they sold it anyway because it wasn't paid in full. They ended selling the account to a law firm, and i made payment arrangements with them.I got a copy of my credit report, and the company i got the car from has the account charged off. They repo'ed the car the 2nd time on 8/2005, yet they charged off the account on 9/2005 eventhough we made payment arrangements with them on 8/2005. Is this legal? Does a certain amount of time have to past before a company can charge off a account?
2007-08-22 08:10:07 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Once a car is repo'd and the balance is not paid within certain period of time, it is automatically charged off.
2007-08-22 18:59:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You could talk to a lawyer, but it sounds like the company is probably within their legal rights to do what they did.
2007-08-22 15:25:51 · answer #2 · answered by Judy 7 · 2⤊ 0⤋