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Question about repo
Posted on 3/16/10 at 2:40 pm
Posted on 3/16/10 at 2:40 pm
I was divorced 3 years ago and separated for 3 years before divorce. during separation period my ex-wife drove her car which was solely in my name through GMAC finance. she missed 3 months of payments and car was repossesed. I paid balance to get car back but still landed on my credit rating. In a year and a half it will be 7 years since repossession and all 3 credit reports say it is due to come off report. Question is 1) how reliable are agencies in taking off reports on time, and 2) if they don't take it off what is the best option for me to get this done? any advice is appreciated.
3
Posted on 3/16/10 at 3:09 pm to rtbtiger
I have never had a repo, but I had a late payment on a CC when I was a sophomore in college and after the three years that they told me it would be on my report, it is gone.
Posted on 3/16/10 at 3:20 pm to rtbtiger
quote:
how reliable are agencies in taking off reports on time
Pretty reliable. It may not be 7 years to the day but you can always wait 7 years and 1 month and get your yearly free credit report. If you have already gotten your free credit report, I don't think it costs much to pay for one.
It really all depends on your interpretation of 7 years and GMAC's interpretation of 7 years.
Posted on 3/16/10 at 3:34 pm to WM88
The vehicle was paid off immediately after repo so GMAC shouldn't have anything to do w/ it anymore (correct me if I'm wrong). all 3 credit agencies list same month and year for removal and this looks as though it is based on 7 years from the month GMAC took the vehicle.
Posted on 3/16/10 at 3:45 pm to rtbtiger
Wait... So the car was a repo but you paid to get it taken out of repo and they still put it on your report? call the bank and ask them to remove it. If the account was in good standing and you explain the situation then they should remove it. Why were they not talking to you during those three months of missed payments?
Posted on 3/16/10 at 4:07 pm to Catman88
I did talk to GMAC and they basically said tough shite it's being reported. The car was already impounded and I paid GAMC to get it back. I checked at the time and unfortunately this is standard procedure for finance companies to report anyway, although it was reported as "repo paid in full" on credit agencies reports. Also bill was going to my ex-wife's address and she was supposed to be paying it. If you have been through divorce you know that wise decisions are not always made by either party. I understand it was my fault for not completely watching it and having too much trust, but that's not the purpose of the OP
Posted on 3/17/10 at 10:22 am to rtbtiger
But you are apparently the primary on the account. Someone had to be trying to contact you. Doesnt matter where the bill is going. A bank doesnt just repo a car after 3 months and not try to contact the primary person on the account.
Posted on 3/17/10 at 12:41 pm to Catman88
They apparently tried multiple times to contact me by mail but statements were going to her. maybe they tried to call but at that time they prob had an old number... don't know but that's how it went down. regardless, what I found out is that they apparently don't do that much research but ultimately it wasn't their responsibility to do so. I don't think it was handled right on their side either but that's spilled milk now. 2nd question was... if it's not taken off within the said time frame, what's the best avenue to pursue. write the respective credit agency and wait or hire someone, ie. attorney, to do it efficiently? (LOL). It would cost me about $1000 to go the 2nd route but may be worth it in the end. Has anyone had experience on a similar issue?
TIA
TIA
Posted on 3/17/10 at 12:44 pm to rtbtiger
You just get the credit agencies to validate the debt and they will see that its 7 years old and they will remove it.
Its just kinda odd because before we repo a car and charge the account off we do all kinds of skip tracing at my bank.
Its just kinda odd because before we repo a car and charge the account off we do all kinds of skip tracing at my bank.
This post was edited on 3/17/10 at 12:45 pm
Posted on 3/17/10 at 1:18 pm to Catman88
you know how GMAC has been run this decade, maybe they have bigger fish to fry. don't know. there was a time earlier in the financing period that GMAC stopped sending me statements for 6 months all together. at that time I was paying note and kept up w/ schedule myself luckily. called each month to inquire about issuing statement and could never get a legitimate answer. eventually 6 months later statements started coming again. I can tell you I will never finance through them again! Aren't they owned by federal gov now anyway LOL
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