I have purchase my buick century back in 2004, and it was finance through a company call Centrex. Centrex went belly-up after a year or so and another company call flat-iron took over. A year or so later after that a company call flat-iron took over and after that a company call Peak 5 bought them out. I was sending my payments in on time. When I sent in my payments for the mouth of July my check returns back to my address. I call the number and the number no longer exists. I didn't know what was going on so I sent in another payment for the mouth of August and it return to me as well. I didn't know who I need to contact so I stop sending in my payments. I tried and I tried to send in my payments but the company know longer exist. Peak 5 has gone out of business. The day before Thanksgiving my car was reposed. I don't know who I need to get in contact with about this matter and I feel this shouldn't go on my credit report. I have spoken to the BBB and the Federal Trade Commission about this matter. I don't need for this to be on my credit because it is not fault that the company didn't notify me that they were going out of business nor did they tell me who took over my loan.
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Hi Robbie,
You have taken the right decision by talking to the Federal Trade Commission. What did they tell you? Didn't they give you any suggestion on how to deal with this? I think you need to pull out your credit report and check which is the company against which the account is listed. Whichever company has repossessed your car, talk to them and tell them that you had made the payments on time every month. Hence, your car should not be repossessed. Also show them the cheques that you sent.