vibrance

Purchased by another lender

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Question:

I have an a voluntary repo on my trans cr from Americredit- Why does it say purchased by another lender?I ask is because I was contacted by Calvary Portfolio saying that they purchased it from Americredit. Iwas not sure about how to go about dealing with Calvary since they are not reporting it on my credit report. The lady told me I am accruing interest of like $4 daily. Right now the account is like $5000 more now than it was before they got it, can they do that? I have been reading a lot on this site tonight and found that in my state calvary is not listed as a licensed and bonded to collect in Indiana. Any suggestions on where to go from here?

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There is such thing in the UCC as a vvoluntary surrender of collateral, and there are rules for how that relates to the repossession and disposition rules, but most lenders make no distinction, unfortunately. And for CR purposes, I would say there is none.

If cavalry now owns it ( they are a JDB), they don't have to be licensed as a collector, though they do have to follow the FDCPA. The question is: how much notice of the repo and sale did yo get form Americredit?

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Thanks so much for you responses...

This is an old repo, I bought the car in 2000, and it was repoed around the end of 2002.

Divemedic- dofd I am not sure, it had to be some time around nov 2002.

Recovering attorney- In my notes it appears that the vehicle was auctioned by Americredit Aug '03 and sold for $500. They sent me a letter about a right to redeem.

Is there any hope for me on this one?

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