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Auto repo and Asset Acceptance


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Hi All: I need some advice on how to handle this situation.

In a nutshell:

1. Wells Fargo Bank repo in 1999 in TX.

2. Asset sent me a letter a month ago for the balance $10,495.

3. I DV'd them and they sent me an account statement.

Here's my questions:

1. Is the SOL up on this debt, I now live in GA?

2. What should be my strategy for dealing with Asset?

I will appreciate your input.

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The SOL in TX is 4 years across the board.

The SOL for a written contract in GA is 6 years - HOWEVER, the SOL for a REPO, per the UCC is 4 years - period. If you were not properly notified of the sale and didn't get the proper post-sale paperwork telling you how much it sold for, what you owe, etc., then the UCC SOL is only TWO years.

The written contract becomes null and void once the car is repo'd, so the UCC 4 year SOL would apply.

Send ASSet a cease and desist telling them to pound sand- the debt is time-barred.

You need to read this:



and possibly use this letter:


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Not to mention that figure of 10K plus doesnt sound right. The amount you should owe is the deficiency between the book value when repo'ed and what they were able to sell it for at auction. Now the figure may be that high because of interest and extra fees but I would demand an accounting.

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I had the exact same situation with Assett Acceptace on a repo from 1994. They were still calling me last year after getting my phone number off of a fraud alert on my credit report. I posted how I dealt with them here.


When my car was repo'd I owed about 6K - I never saw a statement for what it sold for or any of the paperwork. Never got any of my personal belonging back or instructions on how to get it back (Including my AKC registration card for my dog, So I could not register her and the AKC would not replace it.)

If your SOL is up, have some fun with them. I think you'll agree it's fun to take out all your stress on Assett Acceptance. Just laugh alot at them, tell them to hang up (they probably won't). You'll probably end up speaking to a supervisor eventually (repeat).

Oh, and don't forget to keep and eye on your credit report in case they are trying to re-age the debt. I think they like to do that.

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The deficiency balance is the amount owed on the note, minus whatever the vehicle commanded at auction or sale, plus reasonable repo fees etc. If he was 5k upside down, he's still legally responsible, whether or not the vehicle was worth that much or not.

Not necessarily so. Lady already nailed this one. Repo's are not that hard to accomplish in a legal manner. Problem is that too many lenders could give a hoot about following the law. Their arrogance negates any debtor responsiblity in any state.

Pound sand is the correct response!

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I have a similar question. Posted in another section (I'm a newbie) and never got an answer.

My hubby's ex bought a car in his name while they were married. She never made a payment and he made her return it within a month or two. He did not realize it was in his name. This was in 1999.

This month we started receiving phone calls from a "lawyer" whom I believe works in the collection part of the company. The car was sold at some point of time and he is trying to collect the balance. We haven't received any paper work. We thought since he had a phone number, he had the address. Nope, sending it to the old address which is the ex's. We informed him yesterday of his mistake after he got very rude with us. He is supposed to be sending the validation stuff to us.

I was thinking that the SOL would be up in June of this year since that is when she bought the car, but after reading this, I am hoping that it is already up since it was voluntarily repo'd and auctioned off. Again, he never received any paperwork on this. We are waiting to see the paperwork and see if it has his signature on it to begin with since she was known for forging his name.

Please tell me that I can tell this man to kiss my behind when he contacts us again!!!!!

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Is a voluntary surrender considered the same as a repo as far as the SOL? He doesn't know if they sent anything to the house because his ex would hide mail. We have never received anything since he moved and they started calling. By the way, I live in Ga if that means anything.

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  • 2 weeks later...

Well there are a few items that you may want to look at.

1. If his wife put the car in his name without his knowledge or Power of Attorney thats fraud

2. Did the dealership know about the car being put in his name while she was supposed to make the payments . Also fraud but classified as a straw purchase which makes the contract full recourse to the dealer. (the dealership has to pay it off.) And is illegal in some states.

3. Did the dealership know that she was signing for him without a Power of Attorney then I think they are Accessory to fraud.

4. If Asset is across state line and the dealership commited fraud - then it is interstate bank fraud (welcome to the FBI may I help you find your cell, you'll be bunking in here with Bubba)

I'll try to think of more for you. but that is a start. As KentWA said DV and limited C&D. Make them verify the identity of the original person signing the contract with a copy of his state ID or DL and all signatures. If they mail you a copy of the contract look for any changes in the contract terms that were not initialled.

have fun

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She would have had to use his SSN to have it on the note...That's identity theft. More than half of all ID theft reported was committed by a relative so this is not unusual.

Go to the police station and file an identity theft report. Send that to the CRAs and the collector. They are required by law to remove it from the credit report and cease all collection activity upon receipt of that. They are also forbidden to sell it off or assign it to any one else.

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