Full Version: What to do about my repo??
I have a repo from gmac with a last payment made around 12/03 and a chargeoff of around 11,000 dollars. It just reports as a chargeoff from gmac and has not been reported by anybody else. I am just wondering what to do, I dont have the money to pay it off and I dont know what they are going to do. I have never really been contacted by them, they used to send a few letters but that is it. I havent heard a thing from them in over a year, do you think they will sue me or just leave me alone? Also if I buy stuff like land or something to that extent will it entice them to come after me. Also I am opted out so they cant get my credit report.
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We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.
In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.
In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.
You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.
Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.
We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.
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I suspect that GMAC is likely to leave you alone. If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.
I suspect that GMAC is likely to leave you alone. If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.
QUOTE
If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.
I don't know if I agree with that - with an $11,000 amount, they might just get in before SOL.
QUOTE(NAN101 @ Dec 1 2006, 07:39 PM) 
QUOTE
If a lawsuit was in the offing then most likely it would have been filed within a year of the repo.
I don't know if I agree with that - with an $11,000 amount, they might just get in before SOL.
Not from my (granted limited) observation of repo lawsuits in mine and neighboring jurisdictions. Plaintiff tends to "strike while the iron is hot" being within a year of the repo. The rational being that your chances for collection are likely to be better and/or Plaintiff has the mechanism in place to quickly proceed to trial in the event that the answer is filed. Plaintiff probably has a de facto if not de jure trial binder with the contract and the required repo notices.
Plaintiff probably won't want to wait until the last minute to avoid any possibility of a SOL defense.
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