heres the deal: a year and a half ago i had a car repo. the person in my family who was paying the montly bill for me for a little while just "forgot" to pay it for two straight months and to my surprise one morning the repo man was at the door. so then he gets there and i freak out and called the finance company and offered to put the full two months amount on my credit card right away. they basically said "Fuck you" and off went my precious car. so of course they still send me a bill afterwards saying i owe them the $700 in car payments for the two months.....to which i said "fuck you" and never paid. here is where the credit question comes in. i know my credit is bad and this is the only reason why. the company just two weeks ago sent me a letter saying that this is the final try but if i agree to pay them they will cut the cost in half. i will ONLY pay them IF by doing so my credit will get better. so what i want to know is if my credit score will go up or stay the same by paying them this money. i know absolutley nothing about credit and i asked some other people and they had no idea..........
had the same thing happen to me yrs ago ford moter credit comp. but thy wanted the balance of the contract 7000 and no car for me ya right!!!
honda finance. i mean, they TAKE my car ....after ive offered to pay them (i only had 5 grand left on the contract to pay off) and then they expect me to give them money? they are fucking insane.
Damn I just bought a honda!!!! I had the same trouble with one of my cars. My first wife and I split up and I bought a new car. She took the car and the police wouldn't get involved so I got the finance company to repossess it thinking that the car was only a few months old so when it gets sold at auction all I'd be left with was a few hundred quid. They sold it at auction for £2000. The car was worth nearer £6000. So they came to me for the balance. (which I told them to swing for. If they were stupid enough to sell a £6000 car for £2000 then that was their lookout, I said I'd pay the different (£700)). They threatened court action and I said "I'll see you there". I think they sold the car to another branch of their company and were trying it on. My credit didn't actually suffer when I refused to pay and having checked with experion (credit check company) I hadn't been reported for missed payments or default on the credit agreement. This was 4 years ago.
yes they ALSO sent me the bill for the rest of the money they didnt make up at auction. well, as much as i loved that awesome car i didnt take great care of it...i practically lived in it....stains, cig holes........i really fucked up the inside. so THERE honda! take THAT!
You are in the world of collections. They have already written off your payment...meaning their insurance has already covered the loss of that money. Your account is now with a collection agent who's job is to collect the money from you. Whether Honda Finance has sold your debt to a company I do not know...you might if they are saying the 'represent' Honda Finance. Basically they will continue to offer different settlements before declaring it uncollectable. You can usually get them to accept 1/3 of the orig amount. This may or may not show up on your Equifax, which is a national credit report.
Google on free credit report. You can get one free report a year. They can charge you for the others. If you apply for a credit card, they (credit card company) are required to give you a copy of your credit report. That may be only if they deny you, but I'm not sure. I'd call my bank and talk to someone, they would know.
thanks. i actually DID apply twice for a credit card and got turned down......which is fine. i only wanted it so that i could start to build up some good credit again but i really hate credit cards. they didnt send me anything tho. i'll check out that site.
it's something you have to ask them to send you. also checking out on a government website usually tells you who to call to get a credit report. If you need a credit card only to build up credit, I suggest going to a college or a School and looking around, they always try to get college kids to get credit cards and usually don't refuse. the credit card companies even send representatives to schools and malls trying to sign up people. I was accepted for several cards, but I had no credit, not bad or good. you might have to get the credit rating a little higher until they give you a card.
Your Credit Score will improve by paying this collection account, even if you reach a settlement with the collection agency for a discount. Your future credit report will read " paid collection, settled for less that full balance" Please ask if you can get on a payment plan. Or as previously posted, get a discount for less that full balance. I's say that 33% to pay-off is optimistic. I'd settle for 50% of the balance. ........................................................................................................ The key to good credit scores is to maintain balances with several accounts. Your good payment record with other accounts can balance the delinquincy. As time passes, the repo/collection will look less important than a good record with current accounts.
first rule of credit,, never assume that its anyone elses responsibility but yours. rule number 2 finance companies could give a shit less about your credit score.. rule number 3,, when you have something as valuble as a car defaulted on expect to have a tough time reestablishing credit.. easiest way to reestablish credit is thru one of those rent to own places or a buy here pay here car lot.. also there are certain programs thru credit companies that will issue a credit card with the maximum directley tied to whats in your bank account,,sorta like debit card but designed to reestablish your creit,, but they normaly have high fees.. basically you fucked up by trusting someone else by with yer responsibilities,,an now yer lookin at 3 to 5 years to regain the finance folks trust..
