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  1. #1
    Join Date
    Aug 2012
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    11

    Exclamation Loan Was Charged Off But Vehicle Was Never Repossessed

    My question involves an auto loan or repossession in the State of: california and colorado

    I stop making payments on my car (california auto loan) in late 2007. I moved to colorado 2008 and registered the car there. Last year i found out that there was a lien on the car but the car has never been taken. Today I got a call from the collection company that bought the loan. First time I have heard from them since 2007. Since the loan was in california from 2005 can they still take my car ? Are the repo laws different from state to state ? On my credit report it says the loan was a charge off. I just want to know if them contacting me after all this time is this is the start of them taking my car. Since the loan the car has lost over half its value, has over 200,000 miles on it. And why after all this time would they want to the car now ? I'm really nervous they are going to take my car and I live up on a mountain in the middle of no where. Since the phone call this morning I'M A NERVOUS WRECK and I keep looking out my window to make sure no one is trying to take my car. I've also been thinking about filing for bankruptcy due to identity theft. If i go ahead and do that, can they still take the car ?

    PLEASE HELP !!!!

  2. #2
    Join Date
    Jan 2006
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    38,867

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    can they still take my car ?
    How does it become yours if you didn't pay for it?

    I just want to know if them contacting me after all this time is this is the start of them taking my car
    that is up to them.

    I've also been thinking about filing for bankruptcy due to identity theft. If i go ahead and do that, can they still take the car ?
    maybe. That would be up to the laws regarding exempt property and the trustee of your BK case.


    Since the loan was in california from 2005 can they still take my car ?
    it depends on what the collection agency purchased. If they purchased the contract outright, then yes, they would have all the rights of the original creditor. If they purchased only the debt itself, then no, they could not.

    I suspect it is a junk debt buyer and probably will not go to great lengths to reacquire the vehicle if you do not pay the loan. It may still be possible to sue you for the debt. I have not checked the two states statutes of limitations, tolling statutes, and borrowing statutes to determine if it is possible.


    And why after all this time would they want to the car now ?
    because you have not paid the loan like you promised.

  3. #3
    Join Date
    Aug 2012
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    11

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    THANK YOU SO MUCH !!!! i appreciate your advice and for taking the time to answer my questions. thank you again !!!

  4. #4
    Join Date
    Jul 2012
    Posts
    100

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    I've never heard of a collection agency repossessing the item(s) for which they are trying to obtain payment. However, I have heard of them hounding you to death over the loan and even garnishing your wages, so you would be wise to work out a payment plan with them before it comes to that! If they garnish, they'll also add court costs and lawyers' fees to the amount you're required to pay.

  5. #5
    Join Date
    Aug 2012
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    11

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    thank you for taking the time to answer my questions. I havent worked in over a year but i'm getting married in november. i have been told that they will go after my 'husbands' wages to pay off my debt. is that true and how long does the process take when they start to go after him ? will they notify him first or will they just take his paycheck without telling him ? I want to pay if off so i can get it off my back.

  6. #6
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    they can't go after your husbands money but realize that if you commingle your and his money in one bank account, it is seen as your money as much as his and as such, they could go after that money.

    They can't do anything of the sort though until they would sue and obtain a judgment.

  7. #7
    Join Date
    Aug 2012
    Posts
    11

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    ok, well he has his own bank account. We don't have any joint bank accounts. Because of my credit and other issues I can't get a bank account (I have my ex to thank for that- but thats a seperate issue). I just cash checks and use one of those prepaid greendot cards. I know those are set up like bank accounts and like i said. I just don't want them going after him as soon as we get married. I'm hoping that by the time we get married I'll have a job and I can start paying everything back. So if there are already judgements on my credit report, they can't go after him for those right ? just whatever is new from the day we get married ? Thank you for answering my questions.

  8. #8
    Join Date
    Aug 2012
    Posts
    11

    Default Re: Loan Was Charged Off But Vehicle Was Never Repossessed

    I google searched the phone number from the collection agency and you were right. it was just a junk debt buyer. i also found pages, upon pages how this company has scammed people out of money, even on people that had paid off the debt years ago. The company can't even produce a "validation of debt letter" to people. Thank you again for your information. the company is called Calvary Portfolio, but from what i found they go by 6 or more names and have a 2 main offices. One in new york (which is where they called me from) and arizona. Apparently once they are on your credit report they NEVER come off it, from what other people have said. They just keep re-aging the account so it shows that its still open. There is A LOT of information about this SCAM company.

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