- Green Member
- Posts: 12
- Joined: Tue Sep 03, 2013 11:13 am
- Location: United States
Basically, the consensus is that the repo won't keep me from getting a mortgage, but my score is keeping me from getting a conventional Fannie/Freddie loan versus FHA.
I would love to try and negotiate the repo to get it off my credit report, but I don't know if I'm taking a huge risk by doing that or even picking up the phone and calling them. The SOL in Florida is 5 years on written contracts, the longest SOL on debts in Florida. It has been more than 5 years, but people have told me if I try and settle it can "re-start the clock on the SOL" and I risk them taking me to court. I don't know how true that is or not.
I work at a bank and am a lender and know first-hand (obviously) that people make mistakes whether it's foreclosures, repos, bankruptcies, etc. so it's not the end of the world, but I really want it off my credit report because the stigma of a repo is just awful when you're applying for credit of any kind. I had an auto loan with Americredit (bought out by GM Financial) that was co-signed which was paid in full. Now I have another co-signed auto loan with BMW Financial, which is great because it's a prime lender now.
When they sold the car at auction they made a killing and got almost $32,000 for the car. They are still trying to get from me the sum of the lease payments PLUS the amount I "could have" bought the car for when the lease was over (about $33,000), so for a car that was worth $35k BRAND NEW, they're trying to make almost $70,000 on it.