kavinmc Posted May 5, 2007 Report Share Posted May 5, 2007 Last year I had my car repossessed by Drive Financial. Recently I pulled my credit report and saw something on there for a tax lein. I had it removed and Transunion sent me a revised copy of my credit report.When I compared the two (dated 5 days apart) I noticed that the past due amount for Drive Financial had increased by $349...my monthly payment when I had the car. The account is listed as "Charged Off as Bad Debt" - Date closed = 06/2006. Obviously this raises a number of questions.First, have they contuniued to charge me my monthly payment even after the repo? THEY HAVE THE CAR!!!Second, will this continue?Third, if so is it legal?Fourth, what the hell do I do about it? Link to comment Share on other sites More sharing options...
kavinmc Posted May 5, 2007 Author Report Share Posted May 5, 2007 Last year I had my car repossessed by Drive Financial. Recently I pulled my credit report and saw something on there for a tax lein. I had it removed and Transunion sent me a revised copy of my credit report.When I compared the two (dated 5 days apart) I noticed that the past due amount for Drive Financial had increased by $349...my monthly payment when I had the car. The account is listed as "Charged Off as Bad Debt" - Date closed = 06/2006. Obviously this raises a number of questions.First, have they contuniued to charge me my monthly payment even after the repo? THEY HAVE THE CAR!!!Second, will this continue?Third, if so is it legal?Fourth, what the hell do I do about it? Link to comment Share on other sites More sharing options...
merkurfan Posted May 5, 2007 Report Share Posted May 5, 2007 First, have they contuniued to charge me my monthly payment even after the repo? THEY HAVE THE CAR!!!Doubt it, unless it's in the fine print of your contract, but I don't think that will be legal anyways.Second, will this continue?Absolutly. Till you stop it.Third, if so is it legal?Everything is "legal" till you catch them Fourth, what the hell do I do about it?Dispute with CRA and OC (see links at top of this page), start there and see what happens. Dispute for wrong amount and closed account. It looks like the OC still has the account. It's possible their system is doing something it should not be and you just need to point it out. Also, since this is still with the OC do EVERYTHING you can to keep it there, IE work out arrangements to pay them for the balance owed (once they verify what you really owe) You could also attack them on the repo it's self if they did not do it correctly. search repossession and read the old threads on how to do that. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted May 5, 2007 Report Share Posted May 5, 2007 remember that they have 4 years to go after you for any deficiency Link to comment Share on other sites More sharing options...
tdhssbn Posted May 5, 2007 Report Share Posted May 5, 2007 First hand experience here. When they repo your car, they resell it. You are responsible for the difference of what they don't get to satisfy your owed amount. Bottom line, if you owe say 10k and they sell it for 8k, you owe them 2k still. They can continue to charge you until it is paid off. Link to comment Share on other sites More sharing options...
LNY Posted May 5, 2007 Report Share Posted May 5, 2007 THREE threads for one question?Dive deleted one, I'm merging the other two here. Link to comment Share on other sites More sharing options...
kavinmc Posted May 5, 2007 Author Report Share Posted May 5, 2007 Do it properly? What exactly am I looking for to find out if they did the repo properly? Link to comment Share on other sites More sharing options...
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