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Posted in Auto Loans
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Question By
bwest411

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0 People Helped
A repod car still showing open loan after years
They have sold the car and charged it off but it still shows open loan. how to fix it?

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Top Contributor
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Pay it off. Set up a payment plan to pay off the remaining balance only if they will delete the negative report. Make sure you get that in writing before sending in a payment.

Top Contributor
3051 Contributions
2789 People Helped

Don't pay it off yet!!  Do some research first.  You need to contact the auto lender in writing, copy this info for your letter:

his letter is in regards to the repossession of the vehicle mentioned above on [Insert Date of repo]. This vehicle was repossessed by [Insert OC ] and resold on or around [Insert Date ] in the state of [Insert state of repo].  I am requesting that you send me proof that the legally required notices were sent giving ample time for redemption of the debt and also a copy of the bill of sale from the resale of the vehicle.  If you are unable to provide me this proof but continue to report in to the credit reporting agencies, I will file a complaint that you have violated the Fair Debt Collection Practices Act by reporting invalidated items.  I am more than willing to seek damages against all parties involved if you fail to comply.

You'll need to reference the make, model, year and VIN number of the vehicle.  If they provide documents from the sale, then see if they recouped the full amount the balance of your note.  If they did, they can't claim money is still due.  If they sold it for less than the balance of your note, legally they can come after you for the balance and then you should try redguy411's advice.  Best of luck!

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