How to Remove Repossession From My Credit Report 2022 | Step by Step

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Got that repo showing up on your credit hey listen listen listen i don’t you ain’t got to explain to me why that credit why that repo is on your credit man that ain’t got nothing to do with me i’m only here for one thing i’m going to teach you exactly how to go about removing that and step by step one of the best techniques that i’ve used and had the most success

With to be able to get any of those repos removed from your credit report so if you or someone you know has a repo on their credit report then you want to make sure that you do not miss this video what’s up y’all my name is tommy boboy your credit and personal finance coach if this is your first time on my channel i just want to say welcome now typically on my

Channel i’ll be talking about things related to credit and personal finance so if you’re interested in improving your credit and achieving financial freedom then make sure that you hit the subscribe button down below so you don’t miss any of my future videos now let’s go ahead and jump into how to go about actually taking care of repos now this is kind of the

Beef that i have with the the auto industry right and again guys i know it’s not all them right the blade the there’s blame there’s enough places to lay the blame but you know when you go to get a car at an auto dealership or anything like that if you ever buy a new car like you buy a car brand new pretty much most of us know that right when you drive it off the

Lot it has now lost value so as soon as you pay for it and you drive it off the lot it’s now not worth as much as what you paid for it right and that kind of is what created this dilemma here right it’s a situation where hey now you have a car that if you wanted to sell you wouldn’t even be able to sell it for as much as you as what you got the loan on it for so

You’re in a situation where now you have this car you really can’t get rid of it you can’t really do anything with it unless you’re willing to put even more money into this car already so typically what ends up happening is people just end up taking the car that they have and just keeping it right they don’t try to sell it to anybody they just try to keep making

Payments on it to eventually get to a point where they end up paying off the car completely now where the issue comes in is if you bought a car and you didn’t have good credit at the time instead of you paying what’s a typical interest rate for car work which is pretty much around or less than three percent you could even be charged anything crazy like 10 15 i’ve

Even heard of some people getting charged close to the 20 right and above so if you’re in a situation like that then quite honestly you’re pretty much screwed from the jump right it’s a situation where you won’t be able to pay off that car fast enough to be able to uh get back uh get back from being underwater on that car so you’re just in a situation where you

Really just have to keep making the payments and hope that you don’t ever uh you don’t you’re never in a situation where you can’t but typically what ends up happening is people end up giving the car back to the lender so in that case it would be you know if let’s say i got a car and it was through toyota financial services or something i would pretty much just

Voluntarily give the car back to him which is called a voluntary repo and guys to be quite honest with you it’s the same exact thing as a regular repo so whether they come and take the car from you or you give them the keys and you drop the car off uh it doesn’t matter how nice you are with them they’re gonna look at it the same it’s a repo one way or the other

Right so it that typically is that’s usually the most likely scenario for people who have a really high interest rate and also have a car that they bought pretty much brand new you’re in a situation where you’re you end up not being able to pay for it and you end up having to uh ends up getting repossessed and so that’s what probably brought most of you guys

Here to this video so now let’s deep dive into how you can actually go get a repo removed this is one of the best techniques that i’ve used for my clients to be able to help them get these repos removed from their credit reports so if you guys remember whenever you first got your car more than likely when you got that car you had to not only show that you had

Insurance you know be able to get a loan for that car but they probably had you get something called gap insurance basically what gap insurance is is with regular insurance the insurance companies will only cover the value of the car now since your car is as soon as you drive it off to the lot it’s pretty much losing value you now need to have a supplemental or

Secondary insurance called gap insurance that is going to cover that gap right it’s going to cover the leftover amount that your the actual insurance company wouldn’t cover if you were to get into a wreck and total your car things like that so that gap insurance pretty much works the same way right it’s almost like you’re depositing money into a bank account

And if you were to get into an accident they’ll help cover the car so you’re not left paying for a loan on a car that’s been totaled now where the problem comes in which you can actually take advantage of is that typically they do not actually report to the debt collectors once they you know they repo your car they sell it off at the auction and whatever that

Leftover amount is they usually sell off to a debt collector right they usually don’t report to the debt collector a correct balance because they forget to minus out the amount from your gap insurance as soon as your car gets repossessed there should be a refund from the gap insurance prorated for the remaining the remaining amount of time and that that check is

Usually sent directly to your uh your lender right so the lender gets the check they’ve been paid right but they don’t minus that out of the amount that you owe for the card right that’s where the issue comes in so what do you do to be able to take advantage of this now so the first thing you want to do is you want to figure out who your gaap insurance provider

Was okay so you want to look for all the documentation that you have try to assemble all the documentation from your auto loan that you can get and you want to try to track down who your gaap insurance uh that gap insurance company was and you want to reach out to them and tell them that you want a refund for the portion of the gap insurance that you should have

Gotten since your car got repossessed now in this scenario they’re going to give you two answers right well answer number one is they’re going to say hey uh we’ve already sent the money to the auto lender as soon as we found out pretty much that your car was repo they let us know and we stopped collecting and sent them a refund check and if they tell you that you

Immediately want to ask them for proof and option number two they might say oh okay you know we haven’t sent that check out uh where should we send it out or uh did you know that if they say they haven’t sent it out you want to tell them hey i want you to send that money directly to the auto lender right you want to send it immediately to the auto lender do not

Try to get them try to finesse them into giving you the check or anything like that have them send it to the auto lender okay and tell them you want proof that this was done now once you receive that proof and you have evidence now that the uh the gap insurance check has been sent to the deck to the actual uh to the actual auto lender more than likely once the auto

Lenders sold off the debt to the debt collector they don’t care about it anymore right the auto lenders made their money because they took that debt that amount that you had left over instead of trying to collect it from you they just shot it off over to the debt collector and let them take care of it right so they’re probably not once they receive that check or

If they’ve already received the check more than likely they didn’t update the balance amount so what you want to do now is you want to go to the debt collector and you want to send them a debt validation letter okay and if you don’t know what that is or you don’t have any debt validation letters i actually shot a video breaking down exactly how you go about uh

Doing this debt validation i broke down the letter and i actually even give you a copy of the letter that i’ve used right so i’ll include that in the description below so go ahead and check that video out it’ll help you be able to how to structure the the the actual letter and you’ll have a copy of my letter as well so be sure it’ll be down in the description but

What you want to do is you want to send that letter to the debt collector so they actually validate the debt and what that means is they have to show you proof that they have the right to collect on the debt and buy the what one of the ways they’re gonna show you proof is they’re gonna give you pretty much an itemized breakdown of how much you owe why you owe it

So on and so forth right and you’re going to see in that in the information they send you it’s not going to include the gap insurance right so the amounts already going to be off from the get-go okay and because the amounts are incorrect that’s where you went because of the fair credit reporting act and the fair debt collection practices act you know these are

All the laws that govern each of these organizations you can pretty much leverage these to be able to get this you’d be able to get this debt removed from your actual credit report so now at this point what you have is you’ve gotten proof from the gap insurance company that they sent the check you’ve now gotten information from the debt collector which now

Shows you that they never included the information about the gap insurance and so the actual amount owed is wrong so next what you want to do is you want to reach out to the credit bureaus and what you’re going to do is you’re going to send a letter to the credit bureaus just asking them to verify the debt you’re not asking them to validate you’re not saying

Hey this isn’t mine i don’t owe it you’re not saying hey uh you don’t say anything crazy okay all you’re really telling them is hey listen i see that there’s this debt on my credit report i would would you please be able to verify that it’s showing up a hundred percent accurate because by law the fcra the fcra the fair credit reporting act excuse me that but

Because of that act they have to make sure that everything that’s on your credit report is a hundred percent accurate and verified right so once you get a letter from them you can send them that letter saying hey can you verify most of the times the credit bureaus don’t check anything right they’re just going to go over to the debt collectors hey is everything

Good everything good on your end and the debt collector is going to turn back to them and say yeah man everything’s good you know this is everything’s been verified and you’re good and they’re going to send the information back to the credit bureaus so credit bureaus aren’t doing any due diligence they’re just they’re just going to take the debt collector at his

Word as soon as they do that and they send you a letter saying hey it’s been verified and it’s showing up 100 accurate that’s whenever you can flip around and you can send them uh all you can send them all the information you have right you send them the debt collector’s information right you send them the information about the uh about the the gap insurance

Check you’re showing them a breakdown of how the amount showing is incorrect so it’s not actually the amount that you owe right and because you’re able to do that the debt the credit bureaus have to actually delete that account delete that repo from your credit report because they’ve already confirmed that it’s 100 accurate and by you showing them proof that

It isn’t they now have to delete it or if they don’t delete it then you can get an attorney and be able to sue them for damages so they’re going to choose option a and just delete the account so guys that’s pretty much the the flow of it right if you just follow that you should be able to remove pretty much that that alone can remove 80 of the repos out there

Right just by you following that that simple process what i one thing i will tell you a key right this is a key you want to make sure that whenever you’re sending out these letters you’re sending them out certified mail with the return receipt and what that means is you basically it’s something that you can get done at the post office where whenever you send

Out that letter the post office is a once they deliver that letter to the debt collectors to the whoever you’re sending a letter out to they’re going to make sure that the letter is signed for and they’re going to send you that information so you’re going to have you’re going to be able to have proof that this letter was delivered on this date at this time and

Signed by this person and that’s even more proof that you’re going to be able to send in with uh all the other proof that you have to the credit bureaus now guys if it’s a situation where the credit bureaus decide not to take action you can either report it to the government agencies like the cfpb the ftc things like that or you can just uh talk with a actual uh

Consumer rights attorney and you might be able to suit for damages and get paid based off of what’s going on depending on your case right so that’s definitely something you want to be able to take to the next level if it’s a situation where you’re not getting the results like i was breaking it down for you and so guys yeah that’s pretty much it for this video guys

Remember if you enjoyed this information and you found value in this information please hit the thumbs up button the like button down below that way this information gets shared with more people now the more people the more times that youtube sees you are hitting the like button you’re subscribing you’re commenting down below they know to share this video to more

People and we can be able to get this information out to as many people as possible and help more people get out of whatever type of credit situation that they’re in so again thank you guys for watching be sure to hit the subscribe button so you don’t miss any of my future videos and that’s going to be pretty much it also i’ll include download again um links to

Any videos that i mentioned throughout this video i’ll include the links down below also if you have any other types of negative accounts like for example debt collectors medical collections inquiries things like that i’ll include links below to videos i’ve shot about how to get those removed as well so be sure that you check the description so you can get access

To those videos as well and so guys that’s gonna be pretty much it for this video i’ll see you at the next one you

Transcribed from video
How to Remove Repossession From My Credit Report 2022 | Step by Step By Tomy – Everyday Finance