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Posted in Auto Loans
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Question By
Jeff1011

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my balance on car loan is the same as before the repossession
I had a car repossessed almost 7 years ago and I have just recently been working on getting my debts in order and I noticed that the amount owed is the same as before the repossession. Its charged off/collections on my report but it still says the account is open and that the repo'd car didn't affect the balance at all? Isn't the cars value supposed to be applied to it?

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Top Contributor
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I would dispute that amount with the credit bureaus and/or contact a consumer law attorney for advice. Hopefully, once you dispute it, the entire account will be removed from your reports rather than corrected. Do NOT contact the lender or collection company about this, you have to be careful what you say to them. Look up the "Statute of Limitations" in your state to be sued for that type of debt, most likely it has expired.

Top Contributor
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keep in mind there are fees the bank incurs when repo'ing a car. maybe those fees were just enough to cover the cost of the car, who knows. if it's seven years, dispute it!  

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