Question, could use some help.

deharris20, hello and welcome to the forum! I'm really not sure about this, so I just wanted to say if you hang tight someone who is more knowledgeable in this area will be around to answer your question as soon as possible.

i can't help you too much but i was late on making payments and my car was in repo. luckily, i was able to make arrangements to pay the late payments off.. just trying to help.. maybe something like that would work for you.. this was in feb. and i haven't had a problem since than..

I wonder how long has this been going on? How delinquent was the account, and were they trying to repo before it got charged off? Were you trying to make arrangements before they tried to repo?

They usually repo first and then chargeoff; but if they couldn't get the car, then it just means they took a bigger hit on their financial statement. It may also be their company policy to charge off a debt before they repossess any securities. "Chargeoff" does not mean that they have to sell off your account; it's just an accounting term for the way they show it on their balance sheet. If they are listed on the summons, then they still own the debt and the rights to the vehicle.

The 3rd party you refer to is likely just the repo company. They act as an agent of the creditor. They would have tried to find out where the car was, or maybe called you or knocked on your door. If they couldn't recover the vehicle, then the next logical step for the creditor is to sue.

I really need to know a timeline of events to make a good analysis. But at this point in time, it doesn't sound like they want to make payment arrangements.

There's two type of judgments they can get: 1) a money judgment for the loan balance, in which case a judge will tell you to pay them; or 2) a replevin order for a return of the vehicle, in which case a judge will tell you to give the car back.

Quote:

the account was delinquent for 4-5 months. although i made small payments it didn't cover what was primarily owed.

i figured since the summons was from the original creditor and i seen the account was charged off, it was not necessarily given to a third party for collections since i was summoned by the original creditor.

i talked to the 3rd who was trying to repo the vehicle and they told me there was nothing else i could do but give them the vehicle. they said the account was charged off and no further action could be taken but to give up the vehicle. i actually told them i would be home and willing to give up the vehicle at a specific time but something didnt sit right in my stomach, i didn't believe them because i received a summons from my original creditor suing me for the principal of the vehicle (The amount remaining borrowed) or the vehicle itself along with the difference of any possible damages, etc.
so i called my original creditors attorney and spoke with him and he actually told me to duck the repo people so we could negotiate a settlement. I've never heard from him since then which has maybe been a week or two. (this is before the account was charged off as well)

im sure i can settle outside of court, and if i must give the vehicle up to the repo people i will but i just haven't given it to them due to it seeming people have been dishonest with me and me thinking there is a possible way i can settle without losing the vehicle

the account was delinquent for 4-5 months. although i made small payments it didn't cover what was primarily owed.

i figured since the summons was from the original creditor and i seen the account was charged off, it was not necessarily given to a third party for collections since i was summoned by the original creditor.

i talked to the 3rd who was trying to repo the vehicle and they told me there was nothing else i could do but give them the vehicle. they said the account was charged off and no further action could be taken but to give up the vehicle. i actually told them i would be home and willing to give up the vehicle at a specific time but something didnt sit right in my stomach, i didn't believe them because i received a summons from my original creditor suing me for the principal of the vehicle (The amount remaining borrowed) or the vehicle itself along with the difference of any possible damages, etc.
so i called my original creditors attorney and spoke with him and he actually told me to duck the repo people so we could negotiate a settlement. I've never heard from him since then which has maybe been a week or two. (this is before the account was charged off as well)

im sure i can settle outside of court, and if i must give the vehicle up to the repo people i will but i just haven't given it to them due to it seeming people have been dishonest with me and me thinking there is a possible way i can settle without losing the vehicle