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Question
Can nationwide credit Inc. repossess a vehicle that Capital
one auto finance charged off? i owe about 1,400 dollars on the
vehicle but Capital One auto finance charged off. nationwide
credit inc is a collection agency. I live in California also.
Hello Brian:
It is possible. Debts, like property or any other asset can be sold. Without getting too far off track, this is essentially what happened in the mortgage crisis. Lenders made loans, then sold them to investors. The lenders then had more money and loosened lending standards.
Anyway, it is possible in your case. The debt would have to be sold to Nationwide or Nationwide would have had to have been hired to collect on it by Capital One. This is a common practice. Additionally, it has to be a legal repossession including a breach of contract and adhere to repossession laws in your state, but the legal lien holder, debt holder, or representative typically can make a legal repossession.
As an aside, a "charge-off" really does not mean anything. They can still try and collect it. A "charge-off" is simply an accounting term and does not mean you are not liable for the debt if the debt is legitimate.
Sorry, I wish I had better news for you ):
Regan
REMOVE BAD CREDIT & REPOSSESSIONS FROM CREDIT REPORTS - www.ficofighter.com
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you Regan | ||
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA University of Minnesota
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