I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

but the thing is they are trying to to collect money from me still my dad had co-signed and they sent him court papers

I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

He has to go to Court or they win by default

However, Finance Companies don%26#039;t exactly follow

the rules

Whoever filed the Court Papers, you Dad can fight

in Court (has to have a lawyer). The signed Contract

Full Payment History (he disputes what they say he owes)

Did you get all your personal belongings out of the

car before it was re-possed? Did they tell you where

your car was taken and what what amount was needed

if you wanted to buy the car back? Did they send

it to Auction and sell it and sent you a copy of the

Bill and Sale and how do you really know that it wasn%26#039;t

fudged (the lawyers job). And did they show and explain

how they came up with this money. The key here is

the ORIGINAL CREDITOR CHARGED IT OFF,

SOMEONE BOUGHT THE DEBT, What CONTRACT

did you sign WITH THEM that says you owe them the

money, YOU DID NOT TELL THEM TO PURCHASE the

debt (and that is when the Lawyer gets the judgement

defaulted)

read thru creditinfocenter com

I had my car re-poed and I sued back and added on

my attorneys fees, filing costs, and defamation of character,

reporting inaccurrately to the three credit reporting agencies

without validating the debt first, and won more than

what my car loan was for and since they HAD NO PAYMENT

HISTORY, Guess who got a brand new car worth the

same as the one re-poed !!!!!! I got more than I expected

by hiring a Consumer Law Lawyer !!!! I might have been

but that is what Lawyers are for !!!! Why did they file

against your Dad instead of YOU ??????? He has

to get a lawyer fast he only has so many days to respond

and then they just win by default

Your dad is not fighting that he owes the money, he fighting

that who said he had to pay the collection agency, just because they BOUGHT the debt (lawyer%26#039;s argument)

I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

I don%26#039;t see the question, but %26quot;charge-off%26quot; is an accounting term rather than a legal one. It just means they have written it off internally as bad debt, but they will still try to collect, and legally can. They are suing your dad for that balance. Bad move on his part, the cosigning thing.

I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

Charged off means the original financier has written off the bad debt and reported it. Who is trying to collect now is probably the debt collecting company they sold it to for a fraction of the actual debt.

I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

If they do take you or your dad to court they most likely will win then they have what they call a judgment against you. Once they have this they can get what they call an execution where they can seize your assets (current vehicle, house,or attach your paycheck) they will get their money somehow I learned this the hard way. Your best bet is to make some kind of payment arrangements with them as soon as you can. GOOD LUCK!!!

I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

Auto finance is what I do for a living and just because the lender charged off your account doe%26#039;s not mean that you do not still owe the money or that they will not try and collect.

Charge off is simply a accounting term that allows the lender to write off the loss for tax reasons.

If you dad doe%26#039;s not show up in court they will win by default and the court will order the judgment. At that point they can attach bank accounts, garnish wages (if your State allows it) and file liens on any other property you or your dad may own like cars, boats, land and homes.

All of this will show on both your credit reports for the next 7-years making it very hard to get any other type of loan without making massive down payments, paying huge fees and State maximum interest rates.

I had a car repoed about 2 years ago and the finance company put Charged off on my credit report?

You are going to get your dad sued. They repoed it then sold it at auction for cheap and you are responsibe for the difference. It will gain a high rate of interest until paid as well. I was in a similar situation and used a settlement company to get out for like 35 cents on the dollar a couple years ago. www.totaldebtsolutionsllc.com (free evaluation form) This balance will more than double if it goes to judgment.