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Posted in Auto Loans
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traff1

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car loan in collections
Land of Lincoln credit union just turned me into collections because of being late on an agreed amount. My mistake, I didn't have the money. I just found out they wrote the loan off 2 years ago, the loan originally was done in November of2008. Should I contest owing anything since it was written off. My husband lost his job in 09 and llcu was going to help us, yeah right, they sold my passat for 6000.00, the loan was 3xs that. Great help!!!

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They probably sold your car for what it is worth in day's market. (Market value) Please understand that when you accept any loan with a high interest rate; you will end up paying double or even tripple the value of the item you finance. That's why it is extremely important to have good credit. If not you will always end up over paying for everything you finance..... Also most collection companies purge their records after a span of about 3 years; so it is possible to do a dispute and get lucky because they only have partial information concerning your debt. If so the item must be removed from your file. Dispute collection items with the credit bureau, not your creditor.  Good luck my friend....

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Legally, you owe whatever amount is left after they sell the car at auction and apply the proceeds to the balance of your account.  They can report this for 7 years from date you went delinquent.  You can try to dispute and hope you get lucky, but otherwise time is the only thing that will help.

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