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  1. #1
    Join Date
    Jul 2009
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    4

    Default Junk-Debt Buyer Bought the Loan

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

    My defaulted, charged off auto loan was sold to a junk-debt buyer

    I still have the car...The OC did not want the car back. Did the lein transfer to the new loan owner on the title? Am I stuck with this car? Its been 3 years now.

    Thanks for you help.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
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    98,846

    Default Re: Junk-Debt Buyer Bought the Loan

    Usually it's just the debt they buy, not any claim to the title. If you want to clear the title, you can inquire with the lien holder about payoff.

  3. #3
    Join Date
    Jul 2009
    Posts
    4

    Default Re: Junk-Debt Buyer Bought the Loan

    What happens if I pay off the balance to the OC to clear the title?. Will the JDB still come after me because the have money invested in the debt?

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Junk-Debt Buyer Bought the Loan

    If the original creditor accepts payoff, they should communicate that fact to their collection agency. But if in fact this is a junk debt buyer, it now owns the debt and thus the payoff would have to be through them.

    If the registered lien holder is still the original creditor, it raises a possibility that you could negotiate a release of lien with the original creditor while leaving your obligation to the junk debt buyer unresolved. But if the junk debt buyer has any sense, they purchased the lien along with the contractual debt.

  5. #5
    Join Date
    Jul 2009
    Posts
    4

    Default Re: Junk-Debt Buyer Bought the Loan

    Thanks aaron...How does one find out who has the lien on the title? And if I call the OC for info does that reset the SOL?

    Cavalry Portfolio Services is the JDB.

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