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I owe Chase auto for a repo but does not show on credit report.?
15th January 2011
I had a car repossessed by Chase in Sept of ’08. It sold at auction for 6,000 less than it was worth. On my credit reports it shows that I owe chase nothing, only that it was a repo and charged off. They didn’t sue me either. I haven’t had anyone contact me about this debt. Did it disappear? If the debt was sold does the new company have to contact me (or report to a bureau)within a certain period of time?
MARIA:
YES it shows the same on all reports:
Past due {content}, Balance {content}. Profit and loss writeoff
Caveat Emptor:
How long does Chase have to sue me? I imagine each state is different, I’m in Nevada if you happen to know NEvada laws
Posted in: Auction FAQ | | Comments (4)
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Does it show the same thing on reports from all three credit bureaus?
Comment by Maria — January 15, 2011 @ 1:51 am
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
Comment by Roger — January 15, 2011 @ 1:51 am
STATUTE OF LIMITATIONS FOR ENFORCEMENT:
Open Account (credit cards): 4 years
Written Contract: 6 years
Domestic Judgment: 6 years
Foreign Judgment: 6 years
If they haven’t contacted by now, i’d leave well enough alone.
Comment by stan c — January 15, 2011 @ 1:51 am
Your credit history has nothing to do with collection actions or legal remedies available to the lender. That is determines by state statutes of limitation. No lender "has to report" to credit bureaus.
Comment by Caveat Emptor — January 15, 2011 @ 1:51 am