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Old 03-16-2012, 01:09 PM
GettinBy30k GettinBy30k is offline
Junior Member
Join Date: Mar 2012
Posts: 1
Default A bad Auto loan results in terrible credit.

Hey guys. This will probably be a little long, so please bear with me, as I could really use some advice and information on possibly removing with from my credit report.

Firstly, I'm 22 and make just shy of 30K/yr. When I was 19, I decided that I wanted a truck. However, I didn't discuss it to much with my parents, because I knew they would do their best to talk me out of it.

I went to a dealer that promised a legitimate bank loan, regardless of credit history. I agreed to a loan of roughly $11,000. $300/month at 19% interest for 30(?) months. I don't really remember the length.

Of course, I received some ridicule from my parents, but it was too late. I quickly grew to hate the loan, but I still made my payments in a timely manner, sometimes paying more than required because the debt just never seemed to decrease.

After roughly 10 months, my truck was repossessed. I called my debtor and they confirmed that I was current. I then called the local police department and was informed that it was repossessed by an auto finance company that I had never heard of, nor done any sort of business with. Essentially, I was unknowingly sold a truck with a lien against it.

I made one more payment to my debtor, hoping that the situation would be resolved. However it wasn't and I ceased payments. Of course, I began receiving phone calls from exceptionally rude people. My debtor insisted that they were the title-holders, with all the evidence saying otherwise. I've personally seen the title in hands of the company I had no dealings with, as well as the state confirming it.

Now, I'm stuck with collections on my credit report and a debt of $4500. I haven't received the first phone call, nor any letters. And I searched high and low for a lawyer, but to no avail.

Any chance at all of possibly removing this from my credit report?

Thanks for any advice.
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