My car was repo'ed and sold at auction...

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I am very fortunate because the vehicle sold at auction for 96% of what I bought it for! Now I am just beginning the collection process with Wells Fargo Auto Finance and they aren't asking for that much to settle the debt. With a little bit of focus I could pay them back in 6-8 months. Now my question is this, has anyone ever successfully negotiated to either have the repossession removed completely from the cr or negotiated to have derogatory remarks removed and only "satisfied" or "paid in full" as a comment? If so, please share your strategy with me.


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Frankly, while I know from personal experience how devestating it can feel/be to have a vehicle repossessed, I’d say you are in an excellent position…very, very few people can come out of a repo with only a 4% obligation after the vehicle is sold.

I would suggest you be very proactive in working with the lender and getting this paid off as quickly as possible…that said, I think a “good will” letter asking for a bit of mercy may be your best bet for getting a favorable resolution for your credit history.

Understand, however, that short of bankruptcy and foreclosure, there is nothing hardly anything that is a bigger “hit” to your credit history than repossession. So, I would not get my hopes up in getting this deleted quickly. A little time, however, may make that job easier.

At any rate, it never hurts to ask and if you ask nicely (understanding they have no obligation to remove the data), you may get a favorable response.

I’m sure some other will chime in…in the meantime, keep us advised of what happens and feel free to ask any questions you have.

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There is one way that will bring out the best in you, which is a good thing. You have to become friends with a powerful person at the bank that is reporting the TL as a repo. You have to find out his direct line so you can keep talking to him each time.

It's basically schmoozing and giving good phone. These bank people get angry customers all day long who threaten them for daring to repo their car just because they didn't pay for it. They are usually shocked when a humble person gets on the line with them and gets to know them.

"You must get a lot of nuts who try to get even with the bank, when the bank didn't really do anything wrong. I had a friend who was going to burn his truck to keep it from being repossessed. You'll be happy to know that I am a man of integrity and want to take care of my responsibilities."

If you do it right, the bad guy will instantly like you and will regail you with stories of all the things people do to sabotage their cars before they are taken.

You will end up with a good repoir with him over the months when you call him every week or two, happy to report that you have some extra cash you got to pay towards the debt. Smile when you talk, it will show in your tone.

Finally, once the debt is finally close to being paid off, ask his expertise about how credit reports work and that you have overcome whatever obstacle got you in this position in the first place and want to buy another car.

Ask if he will give you a new loan because you like doing business with him. Hopefully, he will realize that you can't get another loan at a good rate unless he helps you out on your credit report. He will feel needed and important and want to help you.

Obviously, this takes an investment in time and could easily backfire, but it's worth a try.

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