[DirtyDirtbikeCredit]

My question involves an auto loan or repossession in the State of: California

I bought my dirtbike on my Yamaha credit card. after a breakup and hard times, I couldn't pay for a few months and last I heard (just before moving and changing my phone number: unrelated to the repo!) the case went to some no-name collections company. They want to repo it, sell it at auction, and I'd have to pay the remainder of what is owed.

I have lousy credit of course because of this and another item. It's not even a bike I ride or like, so it wouldn't be heartbreaking or anything. I moved to a different location so I changed my # to my new county's area code, which is why I am "hidden" for now. I could probably find the collection company's info if I tried - I wrote it down many times but was never in a position to do anything about it.

Should I keep the bike and stay "hidden" from the collectors? What will happen to my credit if this goes unresolved? Will they forget about it since there are bigger fish to fry in this economy? Will my credit ever go back up if I keep it?

OR

Should I contact the collections company and request they repo the bike so I can start to resolve this? Will that affect my credit worse or better or not at all?

Will my credit EVER get better, and how long will that take?


Thanks everyone!

[OhMy]

My question involves an auto loan or repossession in the State of: California

I bought my dirtbike on my Yamaha credit card. after a breakup and hard times, I couldn't pay for a few months and last I heard (just before moving and changing my phone number: unrelated to the repo!) the case went to some no-name collections company. They want to repo it, sell it at auction, and I'd have to pay the remainder of what is owed.

I have lousy credit of course because of this and another item. It's not even a bike I ride or like, so it wouldn't be heartbreaking or anything. I moved to a different location so I changed my # to my new county's area code, which is why I am "hidden" for now. I could probably find the collection company's info if I tried - I wrote it down many times but was never in a position to do anything about it.

Should I keep the bike and stay "hidden" from the collectors? What will happen to my credit if this goes unresolved? Will they forget about it since there are bigger fish to fry in this economy? Will my credit ever go back up if I keep it?

OR

Should I contact the collections company and request they repo the bike so I can start to resolve this? Will that affect my credit worse or better or not at all?

Will my credit EVER get better, and how long will that take?


Thanks everyone!

A charged off debt will fall off of your credit report after 7 years. The sooner you give back the dirtbike, the more it will be worth and your deficiency will be less.

[DirtyDirtbikeCredit]

Thanks Oh My.

I really don't know the protocol for this...so after I give it back, it goes to auction, then they contact me with the balance between what I owe and what it was sold for...which I will have to pay?

[OhMy]

Thanks Oh My.

I really don't know the protocol for this...so after I give it back, it goes to auction, then they contact me with the balance between what I owe and what it was sold for...which I will have to pay?

Yes after repo, it will go up for auction. They will sell the bike, then send you an invoice for the balance. They can then take you to court for a judgment. Try to work out a payment plan with lenders attorney before a judgment hits. It will be your best bet.