My auto loan was charged off about 3months ago and it went to a collection agency they called today and stated they needed the full amount in 72 hours or they are coming for the car. I asked them could I pay $100 a month but they said no. They told me to try and borrow from a relative or friend. I owe 2400 dollars and no one has that kind of money right now. so what can or should i do??? btw in texas and the original loan was for 12,000 in 2001.
2007-10-11 11:24:00 · 6 answers · asked by I love dooneys 6 in Business & Finance ➔ Credit
I would seriously consult with a lawyer, something doesn't sound right, an AUTO LOAN usually doesn't get charged
off and sold to a collection agency until after it was re-poed
Something just doesn't sound right, especially since you
had the loan in since 2001
However, what you can do, is demand the Collection Agency
to validate the debt and give you a complete payment history
and and explain and show you how they came up with the
amount you say you owe and if they PURCHASED the debt
what contract did you sign that says you owe the Collection Agency the money, they cannot re-po your car while this
is being investigated and if they do, you put the intent to sue
in the letter also. I would definitely consult with a lawyer
and read thru creditinfocenter com
2007-10-11 11:39:09 · answer #1 · answered by Anonymous · 4⤊ 0⤋
I agree there is something strange that the loan was charged off without the car being repo'd. Call the original loan company and see if they still own the debt. Try to work out payments with them. If you owe $2400, you need to come up with more than $100 a month.
If the collection agency calls again, request validation of the debt.
If all else fails, you should sell that car and hopefully get enough to pay the balance or at least not be too much short. If they repo that car, it will be sold at auction for less than its value and you will still owe the balance plus all sorts of fees.
2007-10-11 19:00:29 · answer #2 · answered by bdancer222 7 · 2⤊ 0⤋
If it was charged off, the debt was cancelled. Do you have legal aid that you can call? You shouldn't have to pay anything.
2007-10-12 02:38:28 · answer #3 · answered by SavvySue 7 · 1⤊ 0⤋
It was charged off?? If an attorney handled that you need to contact them. I am thinking that if it was charged off then they have no claim to the vehicle. That makes me think of a question to you- who is that title to the car?
2007-10-11 18:33:21 · answer #4 · answered by moneydoktor 2 · 1⤊ 1⤋
Stash the car in a garage. They can legally take it from you when parked on the street.
2007-10-12 13:09:09 · answer #5 · answered by Steve R 6 · 0⤊ 0⤋
Try calling the credit card company that issued the card and see if you can work something out with them.
2007-10-11 18:32:50 · answer #6 · answered by ziggy_brat 6 · 0⤊ 3⤋