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Cheri M | Can a debt be reported to the credit bureaus if I am making payments? |
I have a $13500.00 debt that is owed for a rental car that was totaled in an accident. The rental car company wants their money for the car and I am willing to make payments, but they keep threatening to turn it over to the credit bureaus if I don't pay it all or pay $3500.00 a month for 4 months. I can't afford that, but am willing to send them payments every month. If I do that, can they turn it over to the credit reporting agencies as a bad debt? Is there anything else I can do?
Additional Details
Oh, and I did have insurance on the vehicle but was not the one driving when the car was totaled. One of my daughters friends took the keys and decided to go on a joy ride. He was the one that wrecked the car and now my insurance will not cover it. |
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OC1999
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You didn't say how much a month you are willing to pay, but if it was enough to get it paid off in a couple of years they may accept it. Going much past that they probably won't accept any payment agreement. But before you send any money you need to be sure that they accept that as the arrangement by getting it in writing.
As a suggestion go after your daughter's friend who took it for a joy ride. If they did it without your approval they technically stole the car, which may end them up in jail. Since he wrecked the car he is the one responsible to pay for the damages. The Rental car place can't go after him because you were on the contract. But this does not keep you from going after him. If he is under 18 you will need to actually go after the parents. |
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SlimMick
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Yes they can report this to the credit bureaus....Honestly, I don't think they are going to be in the mood to accept something like $200 a month...If you can't reach an agreeable amount with them they will probably take you to court to get a judgement against you.
First, if your insurance does not cover this, then have you checked with your credit card carrier? A lot of them offer free insurance for rental cars. |
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LR
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Yes, they can turn it in, even though you tender payments. While I understand the problem, their position is it was your duty to keep the car insured sufficiently to protect them. Unless there is a clause in your lease to the contrary, they can pursue collections and report it. Knowing these places, the clause about payment in event of accident is not likely in your favor to allow payments. |
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SmartA$$
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It is your responsibility to settle the debt. If you don't, they can send it to a collections agency and/or report it to the credit bureaus.
1st. don't send payments until you have a written agreement regarding your repayment structure. Tell them what you can afford and don't let them bully you into more. Only after you have a written agreement signed by both parties should you start paying.
2nd. Consider looking for a personal loan to payoff the rental car agency. A loan from a bank would have a more reasonable payment amount. If you have good credit, you should be able to find a loan for this. |
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bdancer222
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The car rental place probably won't report the debt to the credit bureaus. They will turn the debt over to a collection agency who will report the debt as a derogatory item.
There is no such thing as "good faith" payments. If they do not agree to accept your payment plan and you send small payments anyway, they can take your money and still send you to collections or just sue. The rental agreement that you signed makes you responsible for any damages and they don't have to wait years for you to pay.
It might be worth your while to hire an attorney to see if you can settle for less. Car rental places tend to load on lots of extra fees. You should also sue the idiot that wrecked the vehicle. |
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Pengy
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Then file suit against him and his insurance company, if he did not have any and is under 18 file against his parents as well, stolen car in my mind so file charges on that also |
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redhairedmama75
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Yes they can still report it. You should have gotten the insurance. Doesn't your credit card offer automatic insurance? All nine of mine do if I rent a car. |
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Judy1
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Sure they can, unless you pay the full amount they are asking for.
Does your daughter's friend have car insurance? His policy might cover the wreck. |
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Matthew D
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Go out and get a new car loan then when they send to collections file bankruptcy. Then you can keep the new car. |
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bud68
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Yes, they can report it or sell the debt to a collection agency. |
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Ted
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If you owe the money, they can report the debt to a credit bureau.
You don't mention what kind of insurance the friend has. I know that my kids are listed on the policy for one of my cars and, with my insurance, once they're rated on one car they're insured on any car they borrow or drive, mine or somebody else's. Find out if he drives and how he's insured. I think this would be your best bet.
The other possibility, although I don't have a lot of hope here is to call the kid's parents and if they don't take responsibility, then handle it as a theft. It would be cheaper for them to pay for the car than to pay for felony defense for their kid, and that's just the lawyer fee. See if your insurance covers theft of a rented car.
Good luck. |
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Makenna C
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Starting something and making money can be easy if you know the right people to show you how., cheri. I was directed to this resource a few days ago and I am already seeing a hundred dollars a day coming in. Pretty cool. http://xrl.us/oncnq
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