Cavalry Portfolio bought an old debt that statute of limitations for collecting on has passed, they re aged the debt , and reported the date as 5 of 09 . This was on a car that was a lemon, from Drive time. it was voluntarily returned by my son, the original debt was approx 7000. this company wants over 12,500 from me... HAWTHORNE New York
My son bought a car from Drive time, it was a lemon, it smoked, rattled ,etc, Drive time told us we could bring the car back and it would not reflect negatively on our credit report. Mine as co signer. The car was returned prior to june of 2005. Statue of limitations in tx is 4 years. Cavalry bought this from drive time. Reported the date as 5-4-09 and said the account was opened in 2007. complete lie... I disputed with the credit bureau and somehow they say it was verified.... I don,t see how... what a rip off..
Janie
cason, Texas
U.S.A.
2 Updates & Rebuttals
Byron
Midloathian,Texas,
U.S.A.
collection agency
#3Consumer Comment
Sat, October 17, 2009
That is stunning that the collection agency just says pay the bill they are just as bad as Drive Time aka ugly duckling auto sales thay make money when the dealer reposess the vehicle so they are going to back up DT because they know if DT gets in trouble and cant decive people anymore they will lose money so what i suggest is either get an atturney or wait the 7 years which is what Im doing I also heard a rumor that there is work in the texas legislature to make it unlawful for employers to do credit checks on employees I personaly believe it is companies like DT and the collection agency that has turned the economy into what it is today and i can tell you people arnt looking at credit today like they were 15 years ago because most of the populas has below average credit.
Lovely
broken arrow,Oklahoma,
USA
Statue of Limitations for credit reporting
#3
Wed, September 16, 2009
Hello Janie, I am a collector from cavalry and I would like to help you better understand your situation. I worked on the Drive time portfolio for a year and I can tell you some stories about, but here's the thing. You took out an auto loan as a co-signer which is really no different from the buyer when it boils down to it. You guaranteed if the maker did not pay back the loan, you would. Both parties are equally 100% responsible for the debt. Also, of coarse DT is going to tell you if you return the vehicle everything would be taken care of. You know why? They want their collateral back, so they can repair the damages and re-sell the vehicle at auction to try and get some of the money that was lost. The amount of proceeds from the auction is deducted from the outstanding balance on the loan, whatever is left remaining is what you owe and called your deficiency balance. Now the statue of limitations in TX might only be 4 years but that is your state law and a separate SOL. It has nothing to do with the credit reporting agency. There is a separate SOL for credit reporting and it's 7 years from the charge off date. Also FYI the lemon law only applies to the original manufacturer. Ask any attorney. Hopefully this helps and my best advice to you is pay the debt. It's a valid one. No one forced you to sign for the loan, you did it willingly and no one forced you to buy a piece of Junk if that's what it was.