Zeljka411

Santander Reposession

7 posts in this topic

Zeljka411    0

Hi, new to the forum, thank you to all of you for so much information.

I have a repo on my reports from Santander USA.  I have a question regarding how it is being reported on my reports (all 3 big ones).  It does not show up as a collection account.  It shows up as so (attached image).  It shows a balance that seems to be increasing.  I have received no attempts to collect either by phone or mail.  I do not remember receiving anything from them after I picked up my belongings when the car was repo'd.   Any ideas if I should try to negotiate a settlement or leave as is until its scheduled fall off date of 2020?  My scores right now have rebounded about 60 points each as some public records no longer appear, so I am at 575 across the board and I was just approved for a small line of credit which I will use wisely to raise my scores.  After going to cash for everything, I only have this account and my current Auto payment account on my report - nothing else!  Crazy after all these years.  

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Harry Seaward    836

Was the auto loan through Santander?  Perhaps they took it over from whoever you had the original loan with?  It says it's an auto loan and shows payment history back to when the account was current, then 30, 60 90 late, etc so this appears to be an 'original creditor' reporting.

It seems Illinois follows the UCC, and the UCC SOL to collect on an auto repo deficiency is 4 years.  As far as disputing, I would let sleeping dogs lie, at least until after March of 2018.  After that you can try disputing the item, but since they have updated the account regularly, I would expect them to simply correct whatever info that may be inaccurate and continue to update.

I would also anticipate them suing you in the next 6 months or so.  They may not, but be prepared just in case.

Settlement is always an option.  I would be sure you get whatever terms you agree to in writing, and try to get the trade line removed as part of the settlement.  Just a bit of caution, as with a dispute, any contact from you could trigger a lawsuit, albeit unlikely if they hadn't planned to sue otherwise.

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Harry Seaward    836
3 hours ago, Zeljka411 said:

Thank you!!  I though it was 10 years in IL (time they have to sue).   Thanks again for taking the time to respond.  

 As I explained, repossessions fall under UCC (Uniform Commercial Code) in Illinois. The SOL on a repossession under UCC is 4 years.

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Zeljka411    0

Also, I did not answer your original question.  I do not remember any other bank being involved, I believe Santander is the original and only creditor. 

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Harry Seaward    836
4 hours ago, Zeljka411 said:

Also, I did not answer your original question.  I do not remember any other bank being involved, I believe Santander is the original and only creditor. 

I asked this because you commented that it didn't show up in your reports as a collection account. The only time it should show as a collection account is if the entity reporting it is a debt collector. Since Santander is the original creditor it seems to be reporting correctly, at least as far as the account type is concerned. 

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