American Investment Bank is still reporting on my credit report after many years, renewing the "report" every several years to keep it current and ruin my credit. Salt Lake City Utah
In 1997 my husband and I bought a used truck for $11,500. After 2 years, my husband was injured and was out of work for several months having multiple surgerys. This put a huge financial burden on us and we were unable to continue to make the truck payments. We called AIB and stated our problems hoping for a solution.
Instead, we had to voluntarily release out truck to them. We never heard from this company again. Never received a statement or a phone call. We assumed that since we only owed 14 more payments on the truck that they had re-sold it and we did not owe them anything.
Last year, 2006, my husband and I went to buy a new car. During that process, we decided to buy 2 new vehicles. We purchased our SUV on a Saturday and came back to the dealership on Monday for the new truck. On Monday, we were forced to settle for secondary financing because AIB was suddenly on our credit report again.
According to the finance manager at this dealership, our credit had been flagged by this creditor that anytime our credit was "pulled" , it would flag this creditor to re-post this dept to AIB. The bad thing about it is that we were totally unaware of the dept at all, as we had never been contacted by this company.
American Investment Bank now states on our credit report that we owe almost $13,000 and we only originally purchased that vehicle for $11,500 then paid payments for 2 years. According to our credit reports this dept was posted in September of 2004. How can this be if the purchase was in 1997 and the repo was in 1999? I would like this company to "take a hike!!!!".
Somebody, tell me what I can do, please!!
Elayna
hiram, Georgia
U.S.A.
1 Updates & Rebuttals
Larry
West Sacramento,California,
U.S.A.
Installment Loans and SOL's
#2Consumer Comment
Fri, June 01, 2007
This is a lesson I learned the hard way about installment loans: The statute of limitations does not begin to run until the date of the final payment.
If you enter into a five-year installment contract with monthly payments and then default, say, one year later, the statute of limitations will not even begin to run for four more years. If your state has a 6-year limit on bringing a claim, the lender could wait as long as ten years from the date of default in this example before claiming that you still owed him money. The sooner the borrower defaults the longer the lender has to make his claim.
My understanding is that when a creditor repossesses a vehicle that he is required to send you a notice after he sells it stating any amounts still due. One catch is that they are usually required to send it to your last known address, so that if you move and fail to inform them you may not receive the notice.