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repo just got a letter from ca


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My car was repo 6months ago from triad was lender they are the ones on my cr. But just got a letter from pentagroup ca its say I have 30 day to answer them and pay full amount of debt like I have 10,000 to give them in 30 days.or they will put jugement on me. I don't have that kind of money or I would have paid them. What do I do.

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The "30 days or else" is just another intimidation tactic that CAs use. Send them a DV with a limited C&D just like you would any other collector. They're subject to the FDCPA...so did the letter include your "mini-miranda" rights?

At this point, they're just fishing to see if they can scare you into doing something you might not have too...and to see if you respond with any money. If you haven't got any...fight back...

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And, by the way, it just occured to me that there's a post here somewhere about asking the lender to repay YOU the up front interest they charged on the loan. Car lenders generally load all the interest on the first year or two payments. You'll have to search around for it, because I don't remember exactly where it was...

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The "30 days or else" is just another intimidation tactic that CAs use. Send them a DV with a limited C&D just like you would any other collector. They're subject to the FDCPA...so did the letter include your "mini-miranda" rights?

At this point, they're just fishing to see if they can scare you into doing something you might not have too...and to see if you respond with any money. If you haven't got any...fight back...

no the letter did not include mini-miranda rights. I will dv. Thanks for your help
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Most car loans are done on PRE computed interest.. so its kinda like a mortgage but not entirely.

Basically all the interest is added at the beginning and you pay down that balance.

Say you bought the car for 5995..

Interest is like 2000 so you owe 7995

Car is repod after you have paid 2000

All payments made must then be subtracted from the 5995 NOT the 7995

So basically you owe 3995 before they add repo fees and then subtract what the vehicle got at auction

Also make sure EVERY SINGLE LAW was followed in your repo. Check your state laws for those.

Lots of luck

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And, by the way, it just occured to me that there's a post here somewhere about asking the lender to repay YOU the up front interest they charged on the loan. Car lenders generally load all the interest on the first year or two payments. You'll have to search around for it, because I don't remember exactly where it was...
I could not find that info I did search came up with nothing. Thanks.
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Most car loans are done on PRE computed interest.. so its kinda like a mortgage but not entirely.

Basically all the interest is added at the beginning and you pay down that balance.

Say you bought the car for 5995..

Interest is like 2000 so you owe 7995

Car is repod after you have paid 2000

All payments made must then be subtracted from the 5995 NOT the 7995

So basically you owe 3995 before they add repo fees and then subtract what the vehicle got at auction

Also make sure EVERY SINGLE LAW was followed in your repo. Check your state laws for those.

Lots of luck

thanks where can I find laws in my state va. Also can someone pm me a dv letter I could send to them. Iam still new to all of this.
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  • 1 month later...

Are you saying they reported it to your reports AFTER YOU SENT THE DV?@!?!?

If so this is a HUGE violation of FDCPA...

Are they listing the account correctly?

Does it match EXACTLY what the OC is reporting.. and is the OC reporting a 0 balance since they have sent it on to a CA?

Did the CA buy or did the CA just start ccollecting

You really need to get on the ball on this one.

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Also, you need to check Article 9 of the UCC (Uniform Commercial Code)

http://www.law.cornell.edu/ucc/9/

There are specific laws regarding repossessions - from how they repo they recover the vehicle to what notices they must send you and when.

Refunding interest would be in your state UCC. You can search the VA Code here:

http://leg1.state.va.us/000/src.htm

Don't forget to file a formal complaint against this CA too.

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Are you saying they reported it to your reports AFTER YOU SENT THE DV?@!?!?

If so this is a HUGE violation of FDCPA...

Are they listing the account correctly?

Does it match EXACTLY what the OC is reporting.. and is the OC reporting a 0 balance since they have sent it on to a CA?

Did the CA buy or did the CA just start ccollecting

You really need to get on the ball on this one.

yes as soon as I sent them the dv letter they are reporting it.yes it matches what oc is reporting yes the oc is reporting too the balance is not 0. Idont know if the ca brought the acct.
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Also, you need to check Article 9 of the UCC (Uniform Commercial Code)

http://www.law.cornell.edu/ucc/9/

There are specific laws regarding repossessions - from how they repo they recover the vehicle to what notices they must send you and when.

Refunding interest would be in your state UCC. You can search the VA Code here:

http://leg1.state.va.us/000/src.htm

Don't forget to file a formal complaint against this CA too.

how do I file a formal complaint.
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Are you saying they reported it to your reports AFTER YOU SENT THE DV?@!?!?

If so this is a HUGE violation of FDCPA...

Are they listing the account correctly?

Does it match EXACTLY what the OC is reporting.. and is the OC reporting a 0 balance since they have sent it on to a CA?

Did the CA buy or did the CA just start ccollecting

You really need to get on the ball on this one.

yes as soon as I sent them the dv letter they are reporting it.yes it matches what oc is reporting yes the oc is reporting too the balance is not 0. Idont know if the ca brought the acct.
if this is a violation of fdcpa what can I do. Can I sue them? Do I need to send them a letter. How can I get this of my credit report?
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