I am needing advice on how to handle an auto repo. My vehicle was repossessed in June 2008 and I thought it was over - I had paid more than the financed amount. Recently - a collection showed up on my credit report for $10K from Portfolio Recovery Associates. I disputed the account and the CA sent me a packet with my signed contract, letters, etc from Capital One Auto.
Here's a breakdown of the financials that include principal, interest, trade in, down payment, etc
Total Principal, Interest, trade = $58,745.00
Down Payment = $7000.00
Total After Down Payment = $51,745.00
Amount financed = $34,447.00
Balance (what CA is after) = $10,049.00
Basically - I paid over $48K for a $34K loan.
I want to get rid of this but don't know if I should contact the CA and work on a settlement, contact an attorney, or ignore it (last thing I want to do). I'm in WV.
Any advice is greatly appreciated. Thanks in advance
Auto Repossession Question
Welcome to the forums!!!
Ask the CA to validate the debt in writing via certified mail with a return receipt request.
They have sent me the signed contract with Capital One Auto Finance along with several other pieces of documenation. I guess what I'm trying to determine is if I have any way to use that no loss occured to the OC thus no collection should be taking place.
It was an auto loan so it was a secured loan. C1 got the vehicle plus a profit of $14K+ and a tax break on their 'loss'.