siaan Posted July 6, 2007 Report Share Posted July 6, 2007 Car financed thru GMAC. Car was repossesed. Car was sold 6/26/07 for $20K. received letter from GMAC stating I owe them $11K. 1. What amount is going to be posted to my Credit report?2. How long will it take for it to post to my credit report?3. Can I still get financing on another vehicle with this repo on my credit report?4. How long will this repo stay on my report? I seen SOL is 4 years and then I have seen SOL is 7 years. And what date is it based upon Date of last payment or what? Link to comment Share on other sites More sharing options...
merkurfan Posted July 6, 2007 Report Share Posted July 6, 2007 1) original loan will show closed, repo. New TL from CA (it's coming) will show 11K2)who knows... depends on the bank and when they get around to it. less than 60 days is my guess.3)a buy here pay here will always sell you a car on payments. It'll be over priced and junk. But.. Regular financing if you can get it will be VERY high interest (20% or more)4) Repo will be there at least 7 years from the date you first defulted on the loan and never brought it current again. And no more than 7.5 years from that date. SOL has nothing to do with reporting. Reporting is suppose to be 7.5 years but many only report for 7Now.. Let the dust settle on the repo. (IE wait a bit) dig around here and the UCC laws and see if they have preformed the repo legally, and find anything you can attack it on. Repos are hard to prove and once aged a bit I have heard easy to get off your CR. Link to comment Share on other sites More sharing options...
momof5 Posted July 6, 2007 Report Share Posted July 6, 2007 go to Whychat's website http://whychat.5u.com/. He has great info on repos. $11K sounds high on a $20K note. They must sell it for market value and it appears they may not have done that. They may not have sent the appropriate documents and notices.Know this....at $11k and this being VERY recent, most will sue for that kind of money. Be aware and get all your docs together and be prepared.I have actually gotten good cars from buy here pay here places...some are crap, others aren't but at least you would have transportation. Link to comment Share on other sites More sharing options...
nascar Posted July 6, 2007 Report Share Posted July 6, 2007 They must sell it for market value and it appears they may not have done that.No requirement in any state to sell a repo for market value. Most, if not all, are auctioned, often at prices well below wholesale. As long as the method of sale is reasonable, the price is the price. Link to comment Share on other sites More sharing options...
elyse449 Posted July 6, 2007 Report Share Posted July 6, 2007 No requirement in any state to sell a repo for market value. Most, if not all, are auctioned, often at prices well below wholesale. As long as the method of sale is reasonable, the price is the price.Yep-it's true. Heck, those oxygen thieves could sell it for whatever the heck they want and than ram the rest up your sphincter. There are NO laws regarding this aspect to repossession.So, basically anytime you're dealing with a repo, you're looking at picking the splinters out of your butt for years. I do agree w/ the one poster though-you may want to request a "condition of sell" if the vehicle sold TOO much below market. If nothing else, you may want to consult an attorney just in case they DO decide to sue for that remaining amount.Elyse Link to comment Share on other sites More sharing options...
CleverCynic Posted July 6, 2007 Report Share Posted July 6, 2007 I wouldn't think challenging the amount would do much good unless for some reason you intend to pay it. Otherwise, NOW is the time to disappear! Definitely don't talk to any collections people. Better to keep getting tossed to the bottom of the "get back" pile than be in the forefront of their minds. Link to comment Share on other sites More sharing options...
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