Jump to content

Need help with CAP1 Repo and CA


karoshi3
 Share

Recommended Posts

My car was repossed by Capital One Auto Finance back in 5/06. The high balance was $22,872, they sold it at auction, and now the balance listed on my CR is $12,595. In 6/07, I received a letter from a CA called AIC who offered to settle the debt for 1/2, which at the time I thought was a good deal (~$6000). I called the CA to accept their offer, but it seems the proposed deal was not exactly what I had expected. He wanted me to enter into a 6 month payment plan with a minimum $250 per month payment via a post-dated check (I now know I should never have called them directly and especially not given them my checking info :cry:). They now send me a monthly letter; the September letter has an amount due of $16,595.92 with interest due of $153.62. They are charging me interest based on some arbitrary number, which I don't know. As you can see there is a $4155.54 difference from the CR balance to the CA balance. I have about two months left on my verbal 6-month payment agreement with them, but I want to renegotiate the settlement terms. I think the CR balance is what I actually owe and I should subtract $1500 that I will have paid the CA and settle for half of that amount. I'll also now only communicate via CMRRR with a money order as payment, and probably close the checking account I provided them. What are my options now that I have gotten myself into this mess? Any sage advice would be greatly appreciated…

karoshi3

Link to comment
Share on other sites

I received a letter from a CA called AIC who offered to settle the debt for 1/2,
is that agreement in the letter or an oral agreement?

Also, you may want to close that checking account and open a new one

The thing you want to negotiate is:

a) no further interest, so long as you do as promised.

B) deletion of CA TL after complete payment of new agreement.

c) the new lower amount

d) all in writing

In your next letter inform them that all calls to you may be recorded (buy a recording device) ....

the best way to get them to violate the law is on the phone. bar none..

Do you have assets or a stable job that would make suing you a viable option?

:-)

Link to comment
Share on other sites

Sorry for the delay in replying, thanks for the response. I received a letter from AIC stating they would settle for half of what I owed. I called them and spoke with somebody and verbally entered into a 6 month payment plan for $250 month. That is up in November. I have not received anything in writing accept the original settlement letter. So, when November rolls around, I should:

1) Close the checking account.

2) CMRRR a new settlement offer, with the referenced terms.

Unfortunately, I do have a steady job and can easily be sued and garnished. I already had a CA do that for much less money. Any further details I should worry about?

Link to comment
Share on other sites

First off, check your state's statutes on repossessions to assure the OC followed them. An example is, in some states, the OC must notify you within 10 days of proposed sale. If not, they blew it. You want to find all you can to dispute this, or, find a way to get this over and done, such as paid at 1/2, less if you can, and deletion of TL. I can only assume the OC sold this debt. Why is because their first communication is an offer of 1/2.

As to the CA, if you only got this one letter, and was never offered the opportunity to dispute, this is a violation. BUT, if you have moved since this occurred, forget it, as the CA can say they sent the initial to your previous address. Do understand they can also claim they made a simple mistake and get away with it. No matter, let them know if you do find them in violation.

You mention about being sued. Yes, you do need to consider this as they could easily do so, if you do not "play". Also, check your state statutes to see if a verbal agreement and/or remittance of a payment resets the SOL. Myself, if the OC's actions were proper, I would fight the CA over their balances and amounts. To me, sending an offer, then, changing it once you contact them, should not be acceptable, let alone legal. Any others want to jump in here, please do so.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • 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.