To whom it may concern:

On 2 Nov 2007, I have been aware of the debt listed in the amount of $11,473.20.
I also have been going through personal finances to see every and each possible
way to fulfill this in a settlement. Please ensure that I do intend paying off this
debt in a respectful manner. I have exhausted every financial obligation in order
to make an offer in the amount of $7457.58 without having to file for bankruptcy.
Due to my poor credit caused by GMAC, I have no other resources other than the amount offered above to fulfill the amount you seek.
If agreement(of my offer) is made, payment will be rendered within 90 days in the full amount offered.
GMAC did not notify me of debt until I received your letter. They also did not notify
me of the auction on my vehicle which from I understand is required by law. I did leave corresponding address/phone number to my assigned agent at GMAC contact me regarding debts, questions, or concerns. I consider GMAC disrespectful to the amount of my debt.

Regards,

In 2002 a family member had a auto accident (their fault) and was in a bad financial state. She came to me for assistance because she needed a co-signer. When we went to the dealer co-signing wasn’t good enough because even with my signing her credit was so messed up that her interest rate was through the roof. So I decided to sign as the primary and not use her on the loan. Well fast forward about 1 year, I decide to join the US Army and while in basic training I find out that the vehicle will be repo’d and that she had missed three consecutive payments. So I tried to fix the situation the best I could over the phone however due to my circumstance at the time I wasn’t in a position to clear the issue up as I really wanted. So I phoned a friend who went to her house and picked up the car. He then took the car to the bank, basically a voluntary repossession to avoid any additional charges. The vehicle was sold at auction and after about 6 months the loan showed charge off on my credit report. I have attempted to collect the difference ($6,052) from her but have had no such luck. It’s my understanding that it will disappear from my credit report in approx. 7 1/2 years after the repossession. My question is am I required to pay the balance for it to disappear or will it just go away. The particular financial institution has made no attempt to contact me and according to my credit report it was turned into collections. However on another portion of my credit report it shows no accounts have been turned into collections. I am very confused by this and wish for this situation to leave my life. Should I dispute this or will I be opening a pandoras box?

OK I have about $5,000 negative equity on my truck… I found a PERFECT 2005 Hyundai TIBURON GT, 11,000 miles for $10,000… the reason why it was priced so cheaply is because the dealership purchased the vehicle from an auction by an insurance company. Apparently, the car was a stolen vehicle that was found after the insured person was paid therefore the car was salvaged… My question is, will I be able to get a loan for the amount of what the car should be worth $19,000 to eat up my negative equity I have on my truck? Will they even give loans on salvaged titles?

as far as purchasing first home, loans, grants and is there anything that can be done if proof is provided that veh was auctioned off and the remaining balance was/is paid can a notation of this be notated in credit report???

I jacked up my credit at a young age with the ever-popular car loan. The vehicle was repossesed and sold at auction and I was sued by a local collection agency to collect the difference. The amount at that time was $6200~ it is now $7585.10. I just made arrangements yesterday to repay this amount with the collection agency because the bank that I got the loan from said I had to deal with the collection agency. My credit report shows an entry from the bank with a charge-off, then an entry from the collection agency for the amount. The lady at the agency said that once I pay the amount in full I will get a letter from the court advising of satisfactory payment and both records on my credit report will change to paid in full. Is this correct? and how will this affect my credit score? I have 2 other collection items still on my report marked as paid (I paid them last year) from medical bills. I’ve tried disputing them to try & get them completely removed since they’re paid but they remain.
Part 2: (Ran out of characters) The medical bill entrys were small amounts and like I said, we’re paid last year. Should I keep pushing to get those removed since they were paid? or am I stuck with the paid entries for 6 more years? Thanks for all your help.
In response to Ms. Rosa, I think you misread my post. I said I paid the medical bills last year. The car loan is actually a little over 3 years old and like I said, threating to take me to court isn’t an issue because they already have done that and they have a judgement in their favor. I did find out about the ability to make a settlement, but I’m just going to pay it in full. It certainly ***** bawls knowing that I could probably have saved $3000. But I think I’ll feel better about it in the end. Then the b*stards can’t ever say I owe them ANYTHING because I paid every last copper-plated cent!
I live in Arizona. So, I understand that the entries will be on there for years and years, but should they willingly change both entries to PAID or is it going to be a ‘rumble in the bronx’? I agreed to make my first payment of $750 next Friday, so, any help is appreciated.

My credit is jaked up!!!! I have past due accounts from over up to ten years old still haunting me. No activity has taken place except for a recent garnishment of my funds from my savings account…$50. Should I just file bankruptcy? I have nothing to show for the past due accounts anyway! Plus the economy is in such a poor state that there has to be some kind of mercy for people who filed bankrupty during these economic hardships, right? I wanna do it so bad but will it hurt me in the end? I can save to buy a house for dirt cheap…I can go to an auction to bid on a vehicle…and I don’t really NEED a credit card. I can order a rush card or something. I DON’T KNOW. What is the best thing to do????

You say:Auto finance is what I do for a living and a repossession without a bankruptcy is one of the worst things that can show on your credit. I had a repo in October of 2006 on a Ford Escape. My car was auction off and they got more for it then what it was worth and the balance was sent to me $347.00. In September of this year I purchase a brand new ford escape from the same dealer Sheehy Ford and it was financed through the same company Ford Motor Credit Company I had no problem what so ever purchasing another vehicle after my repo. and only put down $1,500. A repo made look bad on your credit report but you can still purchase another vehicle.

Would be able to purchase a vehicle(Auction or dealer) with a personal loan from a bank?

I found several web sites that listed the statue of Limitations in Arkansas for a written contract (car loan) to be 5 years. I need to make sure this is correct.. my husband’s ex-wife had a veh. repo’d 8 years ago and he never heard anything else about it but we just got a letter claiming we owed 8,000 for the debt leftover after the vehicle was auctioned… But this happened 8 years ago???? So am I right on the 5 year statute?

I voluntarily turned my car over to creditor, after numerous telephone calls with them. The car was in excellent shape and sold at auction. My credit report showed account closed, charged-off, {and it use to read paid by collateral, but that has since been removed} and was to drop off my report 06-2008, but 12-2006 it was purchased and shows open on my credit report and now i’m being hounded and they have put on my credit report that I owe them over $10,000. If it was previously closed, how can it bought or sold and if so then what happened to the proceeds of the sale of my vehicle? I dont know who bought it as was not present at auction. What do i do? They threaten garnishment of my wages and I truly feel I do not owe the balance of my note as I gave them the car and they sold it. The original creditor shows the account closed.