soclose Posted July 15, 2003 Report Share Posted July 15, 2003 I'm still dealing with this auto loan with Arcadia Financial. DOLA (last payment) was 5//00 - car was repossessed 10/00. The thing is - I'm just trying to figure what the amount should be - and hopefully settle for deletion. So - I called them to find out and they still charging interest - there's $5000 accrued interest on the account. The chargeoff occurs at the time of repo, right? After charge off, the company sells the car, deducts the amount of sale off the balance and can pursue collection of the amount due. But can they charge interest on that? Link to comment Share on other sites More sharing options...
sisflomi Posted July 16, 2003 Report Share Posted July 16, 2003 This again is something that you will have to look up for your own state. Each one has its own laws about car repos. Link to comment Share on other sites More sharing options...
soclose Posted July 16, 2003 Author Report Share Posted July 16, 2003 Does anyone have any advice on where to find comprehensive information regarding this issue in SC - I've searched and searched and can't find anything - I've read most of the statutes regarding repossession and credit reporting/collection and I may be missing something but they don't seem to address interest. I thought after charge-off an account is considered closed and therefore non-interest bearing - but I can't find anything concrete that I can research to verify. Link to comment Share on other sites More sharing options...
melisadawn Posted July 16, 2003 Report Share Posted July 16, 2003 After our car was auctioned off on the status says sold/transferred. Went to Asset Acceptance and they have added of 2000$ in interest. We were trying to see how you find out what it was auctioned for as we do not think it was deducted. This is back in 1997. Will keep an eye on this post as this is our major debt on CR. Link to comment Share on other sites More sharing options...
soclose Posted July 16, 2003 Author Report Share Posted July 16, 2003 Melissadawn, I know what you're dealing with! I've gone to the SC state legislature website and read the consumer protection code and still don't quite understand what the deal is on interest charges. If I can get everything else fixed - I think I'm going to have to call an attorney - I want to go forward from here with no problems and don't want this to haunt me forever - I want to know for sure what my standing is and how to remedy it. And if they've done something wrong - I want to know so that I have bargaining power/leverage in negotiation. If I learn anything that may apply to you, I'll let you know. Link to comment Share on other sites More sharing options...
sisflomi Posted July 16, 2003 Report Share Posted July 16, 2003 You will find the repo info either in your states retail installment sales or vehicle sales sections and you will find some under your states ucc codes. I don't have time to look right now, but will do a searh for you both. It took me months to find it for myself. Its there, and I know what to look for now, so it shouldn't take me too long to find it for you both. I will post when I do find it. Link to comment Share on other sites More sharing options...
melisadawn Posted July 16, 2003 Report Share Posted July 16, 2003 Here are a few from sis I haveThese links might help you with repo laws http://www.independentdealer.com/finance/finance9.asp Buy Here Pay Here http://www.independentdealer.com/humanresource/human.asp OH Retail Installment http://community-2.webtv.net/YChallenge/storage/page13.html and from KbHere is some information which Calawyer posted originally - I just managed to find it and repost: http://d4003921.u51.infinology.com/cgi-bin/cutecast/cutecast.pl?session=HK9Db3BGUwDwAS7Smwevw5XYL0&forum=19&thread=9593Not sure if any will help you. Did not look at them all yet, but still looking to see how to find what auction was for. But it addresses various angles - thought you might like to review this one. Know it addresses out of SOL - but still interesting. Link to comment Share on other sites More sharing options...
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