CREDITWRENCH
Creditwrench teaches the secrets of the debt collection industry and how to defeat their abusive practices without lawyers. We know how to win!
Friday, August 08, 2008
auto repossession
Question: Our auto was repossessed and sold at auction. The finance company lists the debt as charge off on our credit report. A collection agency has bought the debt and is threatening to put a lien on our home. Can they do that? We cannot afford to pay this debt.

Answer: Can they put a lien on your home? Yes, they can do that. You cannot afford to pay the debt? Don't feel bad, Nobody can afford that kind of debt no matter how much money you make. You not only have to pay off the old debt but have to buy different transportation as well. Often the "new" vehicle uses more gas and needs repairs much more frequently.
That's because people simply don't know how to buy a used vehicle. If I buy a used vehicle the first thing I'm going to look at is the speedometer and then the year the vehicle was manufactured. Not the model year but the year and month the vehicle was manufactured. If I were looking at a vehicle manufactured in 2000 then I would want it to have not much more than 80,000. I think in terms of how many times the car has been around the world which is 25,000 miles. A car having 100,000 miles has been around the world 4 times. I don't want a 4 year old vehicle that has been around the world 4 times. Normally I don't want a car that has more than 50,000 on it max because most finance companies won't loan on vehicles that have more than 50,000 on them. Vehicles having more than 50,000 start costing money for repairs and as time goes on repairs can become very costly causing you to miss payments which they don't want to happen anymore than you do.

But the point is that you can't afford to pay for 2 vehicles if you couldn't pay for one. You lost a lot of money when you lost that car and now they can force you to pay a lot more unless you learn how to deal with the situation. That isn't hard to do.

A collection agency has bought the debt. If they like your debt so well they wouldn't be likely to want to lose their small investment would they? Well then, just let them keep it if they want it so bad!!!
I'm sure they need it worse than you do anyway, right?

In order to make them keep it you have quite a bit to learn. Not only must you know quite a bit about FDCPA, FCRA but maybe TILA as well.
You will have to learn how to respond to court summons properly because they will sue you if you don't pay them. They will always violate the law several times in their efforts to collect from you so you will need to sue them in federal court for those violations and that is when they will get religion real quick. They will come to the realization that they really wanted to keep the debt on their books rather than mess with you! That is because you kept careful records of every phone call, recorded every call and kept it on your hard drive and maybe on a jump drive as well, kept every letter, demanded validation in time and used my 18 questions to keep them from harassing you on the phone.

The reason you might need to learn about TILA (Truth In Lending) is that you may not have been given full disclosure of all the terms and conditions when the dealer sold you the car. I'm sure you have both audio and video records of everything that went on at the time of the sale, don't you? I have them for the car I'm driving now. Nobody at the dealership realized that I had a digital voice recorder in my shirt pocket and a tiny video camera only 3 inches long and 3/4 inch wide was taking a color video with audio of everything that transpired. it is black and I was wearing a black T-Shirt. Nobody ever notices that little camera or recognizes it for what it is. I can prove beyond a shadow of a doubt that they never disclosed any of the terms and conditions of the contract. All they ever did was say "Sign here","Sign here","Sign here","Sign here" I can sue them in federal court at any time up to two years and they wouldn't have a leg to stand on.

That's the kind of thing we should all be doing but almost nobody does, keeping careful audio and video records of everything we do in the business world.

In the end, the only way you are going to win and get rid of this debt you can't afford is to catch them in their violations of law and sue them in federal court. If you do that they will quickly be wanting to know what it is going to cost them to make you go away.

Bill Bauer
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