Chargeoff / Automobile
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Posted by Anonymous (66.83.91.126) on July 17, 2002 at 15:57:39:
I am in the process of reviewing my credit reports and trying to get things all cleared up and have done to buy a house. But I have one thing that is REALLY holding me back and I need advice on, and that is a chargeoff for an automobile. I purchased the car jointly in Feb of 1997, and voluntarily returned the car within a few months, and I won't go into details why, but I did. The car was returned in the exact same condition I purchased it and was used when I originally bought it. I reside in North Carolina. Well, my credit report shows that I have a charge off to Americredit, located in Ft. Worth, Texas with a balance of $4564. They are reporting that I am not paying every month on my credit report. I called them today to find out why this is showing and they said that when I brought the car back, they auctioned it off, and the difference for what they got and what the contract read that I signed is what I am responsible for. Then they informed me that they had turned this account over to a collection agency known as Risk Management. I talked to them today also, tried to negotiate with them, they are willing to settle at $3000. They won't allow me to make payments, they said the account is closed, and that in order to reopen the account I have to pay the $3000 by July 31st, payments are not an option. My problems with this are,#1) why did they auction the car in the first place, knowing they could have made more off of it by selling. #2) Can they still report every month on my report if turned over to a collection ageny who says they closed the account, and no one has even contacted me. #3) Why aren't they holding the joint party on the application responsible for half of the amount? I can't tell when the date of the last activity is, but I do know it went to collections in 1999 according to the collection agency. How do I negotiate and get this down and off? They are so rigid! I am trying to buy a house and this is the only thing holding me back...and they want $3000 by the end of the month. The mortgage guy for the house said I can't get any sort of loans right now, so I am at complete loss for how to get past this. Any help or advice would be appreciated. Anonymous
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