Cap One and Auto

Recommended Posts


Hope you all can give me the best direction to take... I have (1) item left on my credit reports stopping me from purchasing a home. I had a auto loan charge-off/voluntary repo. after a Aug. 2007. - The SOL is up next month (5 years) however not due to fall off the reports until Sept 2014.

It is a deficiency balance after the repo of 12K. Every mortgage lender I have spoken to says they wont even think about a mortgage loan with that kind of balance... (lein ?) that I must settle the account. This account is still with the original creditor of Cap One...the credit report reads chargeoff/ balance: 12,223K. DOLA: 8-2007; I have disputed, DV, all that, and it still comes back... so what options?

Ok- Settle ? then what I will recieve a 1099-c to pay a crap load of taxes? which i can't afford?? i dont make That much money... B) if i settle what would i even offer? c) will that "restart" my clock as far as falling off, bc I made a payment" ?? - obviously "waiting" until Sept 2014 is the optimal choice, however not one that I want to use...


Link to post
Share on other sites

Hmmm, well I dont believe they violated anything by looking at the UCC .. It went down as such:

Bought vehicle brand new off lot Dec. 2006. Stopped making payments, July 2006. I called Cap One and voluntairly surrendered vehicle. - They had my address, asked when I would be there, etc... The knocked on my door with the repo papers, I handed over the keys, and they said have a nice day. - 2 weeks later I recieved papers in the mail, the veh. was sold at auction for 13k, with a remaining balance of 12k. (original loan was 25k).

Of course they asked for the money for the first couple of years... then all letters and phone calls stopped... I have not been taken to court, and they have not sold the debt or recieved any judgement... Up until this point, I was never in any postition to purchase a home, so I let sleeping dogs lie...

However, now I am in the position, and this is my hold-up... ideas??

Link to post
Share on other sites
This topic is now closed to further replies.