[mysty147]

Hi Everyone,

My name is Mysty and I'm from Connecticut. While I am not new to credit repair forums and credit repair itself I came upon this forum and liked the organization of topics and the ease of navigation here, so I thought i would join and possibly help out and seek some help with my new challenge, my auto repo.

I am struggling with finances like many others in the USA, and I did not want to let my car go. I only bought it to help get my credit back on track. In hind sight I regret that decision because honestly there are other ways to produce the intended desired result and in effect I damaged my credit worse then it was because of the repo but, to late now.

Now the fight begins.

This is the time line so far:

Notice of intent to repossess was sent 10/30/08;

Car repo'd in Nov 2008 - voluntary but that doesn't matter;

Notice of Plan to Sell Property - 12/10/08 stating that the car would be sold "sometime" after 12/26/08. I never received the required where, when, time, date letter for the sale unless the bank thinks that this letter covers that issue.

Explanation of Calculation of Surplus or Deficiency - 2/7/09 stating the car was sold on 1/12/09 for $2700, I was given the FMV according to CT state statutes = $5402.50...way to generous but ok?! The "aggregate amt owed listed at $9222.17 LOL No explanation of how that amount was calculated. I'm sure that's interest, blah blah accrued.

All said and done they want $4352.17 from me, i owed them $8000.00 and payed $7550.00 in 24 months. Original loan amount was a little over $12,000.00.

I called the bank today and asked them to send me a detailed summary of how they came to the the amounts they say i owe them. I got the run around and got nothing but a settlement offer of $4000.00. I laughed at the nice lady on the phone and told her without a breakdown of charges that I would not settle anything at this time since I have two credit card accounts with the same bank, she threatened to recommend termination of those accounts. I told her that that was ridiculous as I have never defaulted on my payments with my credit cards. She wasn't listening to me at all.

I think they will be suing me. That's ok, they have to do what they have to do. What I need to do is be prepared or turn it over to my lawyer.

I am self employed and have no assets, so they can't go after me that way.

Does anyone know if the 60% rule, the one that's states if you have payed 60% of the loan on the car applies universally? I have checked all my local laws and can't find anything stating that rule anywhere. I did read that somewhere on whychats site and creditboards site. Also, should i try and fight the CRA's so soon. It is on all of my reports.

Any input would be appreciated!

Thanks

Mysty