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My car was repossessed last year after wife lost job?
26th August 2010
My car was repossessed last year after wife lost job and we got behind on payments, and were unsuccessful in attempting to negotiate lower payments/deferments with them to get caught up. Loan was through Wells Fargo, who sold the car at auction and we were on the hook for the difference. This was immediately sent over to a collections agency, which would deal with us, and we’ve been making 0 payments ever since. Apparently, Wells Fargo has taken the loan back and sold it to another company. We only found this out because the collection agency refused payment, and we called them. What is up with this and what should we expect? Is it possible that with the sale we may be able to negotiate a smaller payoff to be rid of this loan for good?
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It would appear that they didn’t sell the debt. They retained the debt and hired a company as an agency to do the actual collecting. The agency gets a percent of what they collect. The contract with the agency typically has an expiration date. If they don’t get the whole thing done by the date, the collection can be assigned to a different agency who may have better luck.
Comment by Ted — August 26, 2010 @ 9:02 pm
any thing is possible just try
Comment by golferwhoworks — August 26, 2010 @ 9:02 pm
well you can try but there is no guareente…try and see what happens! =)
Comment by *Star Angel* — August 26, 2010 @ 9:02 pm