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Auto repo & deficiency judgement
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Posted by PlaneShooter
(12.226.165.232) on May 26, 2003 at 08:29:05:
Folks - I am posting this for a friend of mine who ran into a problem. His wife co-signed on a car w/ her ex-fiancee in 1994 (two years before my friend's were married)in FL. His wife broke up with her fiancee and moved away (to VA). They now live in PA. Several weeks ago she received a phone call from Capital Acquistions and some guy tld her that in the car loan was defaulted on in 1995, repo'd and sold that same year. He then said she still owed nearly 8,000 on the debt and they had bought the debt. My friend's wife was speechless. She didn't acknowledge the debt and said she had no idea what was up. The guy became pretty irate and hung up on her. Three weeks later they received a letter saying they had 30 days to validate the debt. The item doesn't show up on her credit report, there are no court judgements that we can find on-line anywhere they lived, and the ex-fiancee can't be found. They need some advice? Should they ask for documentation of the loan and the repo? Just ignore the letter? Thanks for the advice and sorry about the length.
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