CRA Removal

iamfreeru2 · #1 08-10-2005, 07:55 PM

In February of 2004 I turned a vehicle back into the lease company due to I could not drive it any more. I had my own business and was involved in an accident that took me out of the truck. The accident did not involve that truck, but I was in my pickup, which was totaled and I was injured. Well, the lease company put it on my CRA and I filed a UCC-1 showing I had a vested interest in the vehicle and no claims could be made till my vested interest was paid back to me. It was listed as a negative on my CRA as a repossession and in the amount of $28,000 plus. That negative has now been removed from all three CRAs and no longer shows at all.

charlesa6 · #2 08-10-2005, 09:38 PM

Iamfreeru2, why they put repo into your credit report after you already returned the vehicle back to them? Filing UCC 1 without the vehicle in your possession what it is the benefit to you. If I may asked. I believe UCC 1 put the lease company in checked,and the CRA cannot verify the debt.

#3 08-10-2005, 09:43 PM

I am free I would like to know the same thing. I have a ucc 1 one my car and the courts ignored it completely and mine was dated before there financial agreement. Even so that is the one they turned into criminal on me. Thanks Bobbie

iamfreeru2 · #4 08-11-2005, 06:29 AM

Quote:

Originally Posted by charlesa6

Iamfreeru2, why they put repo into your credit report after you already returned the vehicle back to them? Filing UCC 1 without the vehicle in your possession what it is the benefit to you. If I may asked. I believe UCC 1 put the lease company in checked,and the CRA cannot verify the debt.

It was listed as a voluntary repo, but still a repo, yes? The UCC-1 was filed stating I had a vested interest in the truck ($31,000.00 paid). No claim unless the $31,000 I had in it was paid back to me. That is the benefit to me as the living man. Also, I never asked for verification of the debt. All I did was file the UCC-1.

#5 08-12-2005, 03:09 PM

I wonder if one could put a UCC-1 on a credit card and on the account and get it erased from their CRA?

seeker · #6 08-13-2005, 02:21 PM

I wondered about the whole CC thing in regards to once a VoD is submitted, they cannot pursue the collection of the 'disputed' amount. (15 USC 1666) If the DA never responds to the VoD, is this not consideration?

hmmm..

seeker

#7 08-23-2005, 12:39 PM

Quote:

Originally Posted by iamfreeru2

It was listed as a voluntary repo, but still a repo, yes? The UCC-1 was filed stating I had a vested interest in the truck ($31,000.00 paid). No claim unless the $31,000 I had in it was paid back to me. That is the benefit to me as the living man. Also, I never asked for verification of the debt. All I did was file the UCC-1.

Another advantage is that when you turn say a 30,000 vehicle in, the bank sells it at auction for 15,000 and sues you for 15,000 deficiency. The collateral was not enough to cover the account, So always be sure to get it in writing if you turn a vehicle in that you will not be sued for any deficiency if you decide to take this course of action.