Posted: 6/29/2004 8:31:44 AM EDT
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I have a collector hassling me about a car I cosigned for about 8 years ago. It was for a girlfriend at the time. We broke up, she moved. I got hassled about this in 1999 and I was able to find her. She told me that she traded in the car to a dealer and that the loan for the car in question was rolled over into that. So, I told the collector in 1999 about that and never heard from them again. Now it's a different collector. I'm flat ass broke right now. I have no clue were the Ex is either. She and her family are like Gypsies. I can see where she may have welched on the loan and lied to me - she turned out to be nuttier than a squirrel turd. What should I do? Where do I start? |
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Something else to think about - you co-signed the loan, so you should be able to get a copy of the relevant paperwork. In that paperwork, you can get the VIN #, which your local DMV can then track down. You can do some investigating from there as to who owns it, where it is, etc. You still might end up owing them $$, if the ex didn't take care of it, but it might be a start. |
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Way past due debt is bought and sold for pennies on the dollar. The motivation of the buyer is the fact that they believe that they can collect where others have failed, hence the revenue is theirs. The motivation for the seller is that they are unwilling to put any more effort into the collection, and want to get something. Unfortunately, you signed. However, because this collection agency probably bought it for CHEAP (it's pretty old), you may be able to negotiate it way down. They will play hardball but only up to a point, as they know that to some people ruining their credit further isn't really a big deal. They also run the risk of being shut out in a bankruptcy filing. In the end, they know that some money and cleared revenue is better than none. |
It can also be settled for much less than is owed. How much does he claim you owe? Demand he prove the debt is real and have him provide the contact information for the company who says you owe them and see if it's not some type of misunderstanding. Then if all else fails you can usually offer 50% of what they say you owe and they will take it without hesitation. |
Thanks Tanker, Do I ask the collector for that info? Last time I did that I never heard anything more from them. I'm not trying to screw them here, I just can't afford to pay something I don't really owe. I just don't have *any* info about that car in my possession anymore. Edited to add: Looks like Swire has answered my question, right Tanker? |
Them's is the breaks... |
DriftPunch has got it pegged. I would not even offer 50 cents on the dollar if in fact it is a valid debt and they do come after you. Start much lower, if you have to. You also found out the hard way what co-signing is all about. Unless you intend to pay it off yourself, don't sign. No good deed goes unpunished. |