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Repossesion question


efish
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Should have put both questions in one post, but thought of it after the fact. I have an old car note, that is paid in full, although it was with my ex (joint account) and the bank almost repo'ed it. Anyway, it has been paid in full for 5 years now and they are reporting it as redeemed reposseion, paid, along with over 120 days late. I have written them 3 good will letters and they actually wrote me back all three times and said no. Any other suggestions? Tried disputing mulitple times, to no avail. Thought someone might have a better idea....

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If the car was never reposessed then it is willful (since they got the dispute letter and denied) reporting of false information to a credit file.

Send one last letter to them with an attached copy of a small claims complaint, filled out and ready to file, stating that they are in willful violation of the FCRA. Give them 15 days to respond with deletion of the inaccurate information or you go to the courthouse and file the paperwork.

If that works, great. If they don't take it seriously, sue em.

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I'm right beside you on this one, Methuss.

The key word "almost" clearly proves this. As long as the vehicle remains in the borrower's possession, it cannot be considered a repo. The definition of repossession is "To take possession of again". A lender can threaten to repo, but, must obtain possession for it to be complete. About the only way it could maybe fall into a "Gray" area is if the borrower was told to bring the car to the institution voluntarily, and the borrower was able to bring account current or pay off when they arrived, then, it could be argumentive, though still not a true repo.

The only thing I would change is to give them only 10 days from receipt of your CMRR letter, then sue. Make sure the complaint form is filled out completely, with at least 1 FCRA violation listed, and include the verbiage ar assure that you retain the right to amend the complaint. My opinion is to not give them all violations at once, or their Attorney's will have more opportunity to "earn their keep", then amend close to the date of the hearing, if it goes that far.

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