Jump to content

car repossesion by capital one.....


deja94
 Share

Recommended Posts

Ok... I fell on very hard times had my car repossesed on may 26 this year by capital one. received letter from United Recovery System July 16.. It states "YOUR DELIQUENT ACCOUNT HAS BEEN REFERRED TO THIS OFFICE FOR COLLECTION... I OWE 10,140.41 ..

Question:

Does this mean that they bought the debt and should I deal with them or Capital One...

Also I saw that United Recovery placed hard inquiry on credit report what should I do?

Link to comment
Share on other sites

Don't worry about the inquiry. After your car was repoed, did Cap One send you any paperwork about the repossession and the deficiency balance?

As far as the CA, since this is only a few months old, I'm assuming the debt is still owned by Cap One. So, you would want to contact them first to see if you can work something out.

Link to comment
Share on other sites

Ok... I fell on very hard times had my car repossesed on may 26 this year by capital one. received letter from United Recovery System July 16.. It states "YOUR DELIQUENT ACCOUNT HAS BEEN REFERRED TO THIS OFFICE FOR COLLECTION... I OWE 10,140.41 ..

Question:

Does this mean that they bought the debt and should I deal with them or Capital One...

Also I saw that United Recovery placed hard inquiry on credit report what should I do?

Did you get anything in the mail from Capital One? They should have sent you a letter explaining the repo and that your car would be sold. They would have sent you a letter of deficiency as well. In the meantime, look up the UCC rules.

Link to comment
Share on other sites

I did get letter from both cap one and united.... cap stated they sold the car and the 10,140.41 is the remaining balance... who do i make pay arangement with??

If you can, try to make amends with Capital One. I would not deal with the CA until Capital One refuses to deal with you anymore. They may have indeed sold the account to a CA. Then you need to figure out what to do. The problem is that you don't have a car and you are still liable for the 10 grand. Did they give you a chance to get it back before they sold it?

If they did sell you car and you can't get it back then I would try to settle with Capital One. Keep working with them regardless of the CA.

Link to comment
Share on other sites

Thanks for your help on this matter..

the letter i received from cap one is a deficiency letter. I however never received in writing from the them anything about the repossesion itself.. just spoke on the phone. Do they have to provide proof of sale of the vehicle?? Do I write a letter to cap one trying to deal with them or phone.. I did try calling number listed on deficiency letter, no name given who to contact, ext not working..

Despite not having the car, I do not want my wages garnished...

Link to comment
Share on other sites

I don't know about the state you live in but a lot of states have laws that give you ten days from the date of repo to pay the back amounts and get your vehicle back. My state you ten days plus an additional ten days extension.

Cap One has to notify you that your vehicle will be sold at auction and the deficiency amount, if any, you are responsible for. In Indiana they have to actually take you to court to get a judgment on the deficiency amount. Look into the ten day thing and if your state has it in law then they violated that law, and if they did, see a lawyer.

Link to comment
Share on other sites

Thanks for your help on this matter..

the letter i received from cap one is a deficiency letter. I however never received in writing from the them anything about the repossesion itself.. just spoke on the phone. Do they have to provide proof of sale of the vehicle?? Do I write a letter to cap one trying to deal with them or phone.. I did try calling number listed on deficiency letter, no name given who to contact, ext not working..

Despite not having the car, I do not want my wages garnished...

It's going to be up to you to either become an expert in what California law requires with it comes to repossessions or consult with an attorney...if they did something wrong it would give you more leverage in reaching a settlement.

It isn't time to panic yet...before they can take your wages or anything like that they would fisrt have to sue you, win (in which case they would get a judgment) and then they have to take steps to collect on the judgment...you aren't there yet and if you can work somthing out with the bank, you'll never need to be there.

Link to comment
Share on other sites

Perhaps this will assist you in figuring out if CapOne did what California Law requires of them...From the California Reposession Law Blog:

September 26, 2007

Consumers whose cars are repossessed usually want to get them back. California law has long required the repossessing finance company to give particular disclosures about how to do that in post-repossession notice of intent to dispose (NOIs). In June, the Court of Appeal clarified California law in one of our cases by ruling that the repossessing finance company has to tell consumers exactly how much they have to pay and what else they have to do.

Yesterday the California Supreme Court rejected the petition of Arcadia Financial Ltd. to review the Court of Appeal's decision or to depublish it. This is great news for California consumers!

Several other California auto finance companies had also asked the Supreme Court to depublish the decision. They claimed that it was too difficult for them to comply with the Court of Appeal's interpretation of California law. The Court's interpretation requires these companies to tell consumers exactly what they need to do to reinstate, including how much they have to pay and to whom, including names and addresses.

The Supreme Court's decision to reject review and to refuse to depublish means the Court of Appeal's decision is binding, not only on Arcadia but on other California auto finance companies as well. If the Supreme Court had depublished, the opinion would not have been binding on other auto finance companies, only on Arcadia. If the Supreme Court had accepted review, it could have adopted the Court of Appel's conclusions or formed its own independent opinion. As the Court of Appeal said:

"Creditors must provide consumers with sufficient information to allow consumers to fulfill all of the conditions the consumer must meet before a creditor will reinstate the contract. Arcadia's NOI does not satisfy these requirements."

This means that if consumers receive NOIs that do not tell them everything they need to do to reinstate, they are not liable for any deficiency following the sale of their repossessed vehicle. We think this is a huge victory for California consumers.

Link to comment
Share on other sites

I called Capital One and it appears that they still own the account and United Recovery is collecting for them.. Everytime i call Im immediatly transfered to United Recovery...

If i could I would like to resolve this matter with only Capital one.. how can this be accomplished. should i write a C&D letter to United and write a payment plan letter for cap one and hope they accept??

please adivise. thanks

Link to comment
Share on other sites

if you send a C&D you'll be cutting off all communication; not something you want to do if you want to settle because you may well have to deal with this CA.

You can't "make" an original creditor deal with you if they just don't want to (and it may well be that this collection agency is actually owned by Capital One).

You might try avoiding Capital One's "usual" customer service number (or whatever number they provided you) and try to go through an officer of the corporation (I'd start with a letter first).

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.