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Debt Settlement Letter from creditor

Submitted by on Sat, 03/02/2013 - 05:50
Posts: 202330
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Hi, I had left US a couple of years back and returning now. When I left, as I couldnt, I stopped all credit card payments. I left my car in the parking lot and called up auto loan company and mentioned that I am leaving the car at that location with keys inside. They told me they were going to come after me but I said I dont have a means to pay.

As I prepare to reenter (I wasnt sure at that time if I would return), I got the below email from the auto loan company, can anyone explain what this really means?

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We have a limited time Settlement Offer available to help resolve your deficiency balance.
Our records show that you have a balance due of $1500; which we are willing to accept 25% of the amount in order to settle your account in full.
You must call our office within 60 days of this letter if you are interested in taking advantage of this offer. Your settlement amount would be $375 to settle this account in full. After your settlement amount is paid in full, we will send you your title. Even if you are unable to take advantage of this offer, please contact our office to see what terms can be worked on to resolve your account.
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i am not sure if i should reach out to these guys now that i start a new life (of course with credit blown) but waiting out SOL to have a clean slate on my credit history. As highlighted in bold I dont understand what they mean by 'send you your title' this is very misleading do they really still have the same car with them and not have auctioned it???? Please advise.


that is something I thought of. So my option is to check out the towing companies on that private lot and see if this car is in their impound. Also, do the towing companies keep a car indefinitely without reporting to police/dmv?? if that is the case it would really be absurd. BTW, I had told the creditor the exact location where I left the car, it would be really odd if they just ignored the call and put my account into default.


Submitted by on Sun, 03/03/2013 - 17:07

( Posts: 202330 | Credits: )


or is the car you left in a parking lot some where sitting in an impound lot some where collecting fees, it could have been towed since more than likely on private property? They may have never picked up the car..it is possible!


Submitted by HelpinAZ on Sun, 03/03/2013 - 03:54

HelpinAZ

( Posts: 1870 | Credits: )


It says "deficency balance" which to me indicates that the vehicle was sold and this is the remaining balance. If it was past due, it would say past due.

If your car was impounded, they could have contacted the lein holder thru a title search,


Submitted by SOAPLADY on Sun, 03/03/2013 - 19:53

SOAPLADY

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