Legal Question in Credit and Debt Law in California

Involuntary Reposession

I had a car in CA in '97. Since I was not able to pay. I surrenderd the vehicle to the dealer. After that I did not receive any communication from the dealer or the financier.

Recently I wanted to refinance my new car. My new re-financier is asking for a release letter from the financier in CA. In my credit report, the old car is listed as ''Involuntary Reposession'' and Account Status as ''Collection/P&L''.

Is it possible for me to get a release letter from the financier in CA or else what are my options. ?

Thanking you in advance for your help and advise.


Asked on 12/06/02, 4:04 pm

2 Answers from Attorneys
Glen Chulsky Law Office of Glen H. Chulsky

Re: Involuntary Reposession

I am assuming that you were never sued after you returned your old car. If that is the case, and you didn't make any payments after you returned the car, then you may be beyond the statute of limitations in which they can sue you. Unfortunately, negative credit info can stay on your credit report for up to seven years (10 years for bankruptcies). You can try to dispute the debt and try to get it removed. If you need more info, feel free to call me at 973-659-3400.

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Answered on 12/06/02, 4:52 pm
Sheldon G. Bardach Law Offices of Sheldon G. Bardach

Re: Involuntary Reposession

Inasmuch as it appears that you were cooperative, it may well be that the dealer will assist you and voluntarily clear up the entry on your credit report. At the very least you should write the credit agency and tell them your side of the matter. Anytime they give a report, they will have to include your letter, which might help you.

Otherwise you might have to bring a lawsuit against the credit agency for defamation of credit. It would assume that voluntary correction is your first choice.

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Answered on 12/08/02, 2:47 pm


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