Jump to content

Onyx Acceptance car repo, SOL and Fall off question


Recommended Posts

Ok. I got a car reposessed in 2000. Onyx acceptance corp sold it and sent me a bill for the difference, $10K. The car was repossessed in 2000, but I do not remember the month.

My credit shows I opened the account in 3-00. I was late a few times in 2000 and they repoed it. My current report shows last activity in 05-04 (they got me on the phone and tried to settle). And the last reported date is 03-07.

Capital One bought Onyx and is now the lender on the credit report. They called a few times but I never spoke with them.

QUESTION: I have read in the FCRA that the SOL on old debt is 7 years then it can be removed from the credit report. Colorado law states 6 years. Which limit applies to me? Does the Colorado SOL, 6 years, refer to how long they can come after you for the debt? Since I do not remember when I was first delinquent should I wait to try and get it removed?

I am buying a house and will have to pay the $10K (or settled amount) in order to get the loan (VA loan). So should I write a letter displaying all the facts to the CRA's informing them of the SOL and ask them to remove it?

Do I write to Capital One telling them it is now too old and to please remove it? What exactly should I say, and to whom, to get this item off? I can also have the lender do a tradeline update to remove it once I get confirmation from the CRA or Cap One.

PS. I also have the same issue with a Bank of America CC from 1998. Who do I write to to get it removed?

Please Help!

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.