Jondor Posted March 4, 2005 Report Share Posted March 4, 2005 I purchased a used Jaguar in May 2001 and received a loan for $37,923 from Jaguar Credit. The car was repo'd in January 2003, after my bipolar ex-wife spent all of our savings and bill money on a weekend spending spree in New York. The car was financed in my name only.When Jag repo'd the car, they sent me a notice that it would be sold at auction, but I never received any confirmation of the amount it went for. In fact, I have not received any communication at all from Jag Credit in the interim two years, via mail or otherwise. They have not assigned collection to a CA.My credit report includes the following statements:Equifax - CHARGED OFF ACCOUNT AUTO LOAN (Balance Amount: $0, High/Limit: $13,174, Status: Collection, Past Due Mt.: $0) Experian - CHARGE OFF (Balance Amount: $0, High/Limit: $37,923, Status: Collection, Past Due Mt.: $0)TransUnion - ACCOUNT CHARGED TO PROFIT AND LOSS (Balance Amount: $0, High/Limit: $37,923, Status: Collection, Past Due Mt.: $0)What should my strategy be here? Because they did not send me the required follow-up communication, I believe that I am past the SOL and safe from a judgement. However, I'd like to get the information removed, if possible. Experian and TU are both reporting the full original loan amount as being owed, not the O/S balance at the time of repo (about $22,000) minus the proceeds from sale. The amount reported by Equifax also seems suspect, since it suggests that they sold an XK8 with a Blue Book value of about $21,000 for less than $8,000!Thanks for your help. I'll be sure to revisit this post as my efforts proceed and provide updates for others who may have a similar issue. Link to comment Share on other sites More sharing options...
dasani08810 Posted March 4, 2005 Report Share Posted March 4, 2005 I would advise, before you do anything, MAKE SURE YOUR SOL IS UP! Right now, it seems there is a "sleeping dog". If you wake it up by disputing, then you run the risk of a lawsuit and judgement. Get a free consult with an attorney and find out exactly how long the SOL is on something like this. Then, once you KNOW there is nothing they can do to drag this into court......DISPUTE LIKE A MAD MAN!! BTW, sorry for the Bi-Polar spouse thing....been there done that. Link to comment Share on other sites More sharing options...
divemedic Posted March 4, 2005 Report Share Posted March 4, 2005 Me too. If I had known what bipolar really meant, I would have run when I met her Link to comment Share on other sites More sharing options...
workinninetofive Posted March 4, 2005 Report Share Posted March 4, 2005 I thought I knew too.. but just looked it up.. WILD shopping sprees & WILD sexual affairs??! Link to comment Share on other sites More sharing options...
CreditDiva Posted March 5, 2005 Report Share Posted March 5, 2005 wow...and I wondered what was wrong with me..have to remember to use that one in court... Link to comment Share on other sites More sharing options...
divemedic Posted March 5, 2005 Report Share Posted March 5, 2005 The sex and parties were great. The problem is, the behavior knows NO restraint. She was as likely to hurt as to be nice,the only thiing that mattered was her. The bipolar person is COMPLETELY self serving, living purely for the moment, with no thought of consequence. It sounds cool until you live it. It was bad on my mental state and a disaster financially. It was great at first, but a year later I wondered at my own sanity and had picked up over $30,000 in debts- all in less than a year. Link to comment Share on other sites More sharing options...
mmmagique Posted March 5, 2005 Report Share Posted March 5, 2005 My best friend is bi-polar. And yeah you are right, to a point on the self-serving thing. When she is manicing she is all that matters. Afterwards though she is a very caring and giving person.She and her husband have divorced each other twice, been married three times. He is a great guy, and loves her and puts up with all the stuff you guys mentioned. Whenever she thinks about leaving him again, I always tell her that no one is ever going to love her and put up with her the way he does...I guess there's someone for everyone... Link to comment Share on other sites More sharing options...
Jondor Posted April 26, 2005 Author Report Share Posted April 26, 2005 Any additional thoughts on this? I may be coming into some money soon, and would like to negotiate a pay for delete if appropriate, but I need to first establish whether or not they violated any laws during the repo.Does anyone know of a good guide to state repo laws, or what the guidelines are in Texas? Link to comment Share on other sites More sharing options...
codename_fortyseven Posted April 26, 2005 Report Share Posted April 26, 2005 SOL in Tx is 4 years. You should be halfway to the SOL in Texas, but I think that would depend on when exactly the repo sale was. If you are going to come into some money soon, I'd be looking at setting up a corporation or something like that to recieve the funds. Link to comment Share on other sites More sharing options...
LadynRed Posted April 27, 2005 Report Share Posted April 27, 2005 SOL in TX is 4 years, yes, BUT, repos fall under the UCC - look under Article 9. Per the UCC, the SOL to collect a deficiency from a repo is 4 years - BUT, if you were not sent all the proper documents and notifications regarding the sale and post-sale details, then the SOL drops to TWO years. So, since they didn't follow the rules and didn't send you the required documentation post-auction, they blew it and the SOL to collect is OVER. Link to comment Share on other sites More sharing options...
Jondor Posted March 8, 2006 Author Report Share Posted March 8, 2006 Just to update. Jaguar Credit has hired a CA and is attempting to collect the debt, so the "dog" is no longer "sleeping."I sent a DV letter and questioned whether or not they followed all of the UCC rules for a repo since they entered a secure garage to take the vehicle (breach of peace) and did not send me documentation of the sale. We'll see what happens next.In the meantime, can anyone tell me if Texas requires me to receive credit back for unrealized interest? I have read the Texas UCC, but am still unsure. That would make a big difference w/r/t the balance owed, if it ever comes to that.Thanks again for your thoughts. Link to comment Share on other sites More sharing options...
DocDon Posted March 9, 2006 Report Share Posted March 9, 2006 They also have to sell the car for a "reasonable amount".$8K for a $20K car..... that's kinda stretchin' it.... Link to comment Share on other sites More sharing options...
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