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I have been a longtime stalker of this forum but never posted till now. I have gained a lot of knowledge from all your guys posts so before I ask my question just wanted to say thanks for all the info you guys have shared. I totaled out a car three years ago and it left a balance of about 8k. They never tried to collect but have been reporting the balance on my reports. My question is can I use the same dispute letter as what is used for a repo. Are the laws for Repo notices the same total loss. I have not been able to find to much info on this subject thanks in advance. This is for Ohio and I am trying to get this removed from my report thanks

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12 hours ago, xxxblackiexxx said:

My question is can I use the same dispute letter as what is used for a repo.

Can you?  Sure.  SHOULD you?  NO absolutely not.  Ohio has VERY creditor friendly laws and the statute of limitations on a written contract is 8 years so if you totaled that car 3 years ago and left a large deficiency balance then they have 5 more years to sue you for it.  Disputing this now trying to get a valid debt of your credit report is only going to wake the sleeping dragon to find you defending a lawsuit in a creditor friendly state.

12 hours ago, xxxblackiexxx said:

Are the laws for Repo notices the same total loss.

NO.  Two entirely different situations.  You were noticed the car was totaled and you knew there was a deficiency balance on the loan.  The UCC laws that govern repossession are due to the fact that the property (car) is repossessed and sold at auction and the consumer has rights to redeem the car and be notified of the sale.  In your case there was no sale the car was totaled in value and worth nothing and went to the junk yard.

12 hours ago, xxxblackiexxx said:

This is for Ohio and I am trying to get this removed from my report thanks

I would not try this at all.  OH has an 8 year SOL on suing on a written contract which is what the loan was regardless of the car being totaled.  While it can only report until 2020 they have until 2021 to actually sue you.  Add to that that judgments in OH are good for 25 years and are renewable.  While the lender may not be trying to collect other than reporting the debt if they sue and get a judgment then they can add on post judgment interest of 10% annually which will quickly balloon that debt a LOT higher.  If you want it gone I would make them a settlement offer of a lump sum cash payment and deletion of the trade line.

 

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