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  1. #1
    Join Date
    Mar 2012
    Posts
    2

    Default Loan Payoff After Default

    My question involves an auto loan or repossession in the State of: NEW JERSEY
    I have a car loan which was charged off in may 2011 i called the company February 2011 and they want 10,100 dollars or to surrender the vehicle they also said the account they sent this to a attorney in December 2011 to start legal action I was never served. I have 7000 of the money and wanted to do a settelement in writting stipulating, the title would be released, payment will be considered payment in full of debt ,no 1099-c be issued, and removal from my credit report since the funds are certified. I still have the car. Should I send this to the company or lawyer? what are my rights in NEw JErsey since I was never served?

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Loan Payoff

    They don't charge off auto loans and let you keep the car. Your rendition of events is faulty.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Loan Payoff After Default

    You can try contacting the company to see if they talk to you or refer you to the lawyer. You can try talking to the lawyer to see if he in fact has your case or refers you back to the company.

    If you want to settle the debt for less than you owe, that may be possible but I very much doubt that anybody is going to promise not to write off the balance or to remove an accurate report of the debt, delinquency and settlement from your credit report. Still, it doesn't hurt to ask.

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