CHARGE OFF.....

It depends how old it is and what their policies are. You might get them down to $1500; then again they might refuse to settle, and sue for the balance. I'd offer them about $1800-2000, and see if they will take it.

well its a 1997 ford taurus that needed like a $1000 repair job they tried to get me to get another car throug them but i refuse and went else where. So you probably right I call and they said it will have to be close to the $2500

I have a similar issue like latoya. I bought a car and it was a lemon. I return the car and they put on my credit voluntary repo. The loan was finance from the user dealership. I had 8,000 left to pay on the car. And that what show on my credit report. But that was 1-2 years ago. If he sold the car. Do i pay the difference or I still have to pay the full payment I'd owed when i sent the car back to them. If so what is need to be done to find out the correct sum I am to pay to fix this issue. If im to send a letter which letter DV? This big ding on my credit is really hurting me. Thank you for the help.

I need you to be a little more specific when you say it was a lemon. Was it really a lemon -- because that word may create legal defenses against the debt. However, if the car was sold "as-is" and it ran fine for at least 30 days after you bought it, then legally I don't think you can call it a lemon.

If the car cannot technically be considered a lemon, then it is a valid contract. Normally when you surrender/return the car, they sell it and then apply those proceeds to your balance. You then owe any remaining balance.

If you say this was in-house financing through the car dealer, you might want to check out their licensing. Generally a dealer can hold chattel paper and take payments, but if they want to charge interest then they need to be regulated as a sales finance agency, which usually requires a separate loan license.

After you gave the car back, they had to sell the car to the highest bidder at a public or private sale auction. They should be able to prove how much they sold the car for -- If public, they should have an auctioneer's receipt -- If private sale, they should have at least 3 bids and a bill of sale. The proceeds from that sale should be credited against your balance on the account.

After they sell the vehicle, they are also required to provide you with an accounting of any remaining balance you owe. Demand to see the account ledger, and how they calculate your balance.

If you had any warranties or insurances, they need to give you a credit for the pro-rated cancellations of those products and any premium refunds. If it was a precomputed/78ths note, there should be a finance charge rebate for the unearned portion of the total finance charge.
Make sure that the numbers add up, and question and amounts that don't look right. Anything they charged you for, they should be able to prove by receipts or otherwise.

If they can prove the balance to you, then you might be able to settle with them for 75-85% of that balance or less.

Thank you for the fast response.

Well you where right on the nail. I bought the car and had it for about 7 months. After the 7 months the car needed to have about 500 dollars work doneto it. I paid for it be fix buy the same person and then other things started going wrong. I was in a bind at the time. So i really could not afford to have to keep paying to fix a car i just got.

But you explain everything I needed to hear in this post. Should i send a DV letter to see what they sold the car for and the info they have in there ledger. If they cant prove the amount on my credit report , what step should i take or it mean court time.

But if all goes well and we can come to a agreement for a payment to pay off the debt will he or she contact the 3 credit bureau. I know I need to get all this stuff in writing. Should i proceed in this order.

1.DV letter

2.Then maybe a letter to pay off the debt.

Again thank you DebtCruncher for the help.