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Report: #1209053

Complaint Review: express credit auto - oklahoma city Oklahoma

  • Submitted:
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  • Reported By: ann — ada Oklahoma
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  • express credit auto 9014 se 29th oklahoma city, Oklahoma USA

express credit auto and their finance company all of them oklahoma city Oklahoma

*Consumer Comment: Voluntary Repo

*Consumer Comment: First...

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i have had problems.they never told me about a 1099-c i did a voluntary -repo.i was trying to trade my car off the pay off would be 8900.00.the dealer ship told me there was way to much negitive equity that the car was only worth 2500.00.so thats when i gave the car back to express credit auto i couldn't afford it anymore.they send me a paper a month after i gave the car back saying we will be selling your car and we will send you a copy of the bill of sale.well i never got that since it's been april 2014 and its feb.2015.so thats wheni got this 1099-c they put the intrest included saying i owe almost 14,000.00 and they sold the car for 5000.00.so i went there yesterday gave me the run around about this bill of sale

i had to call their financing and she tells me on the phone she cant give it to me she has to ask her superviser actually she wrote the person and it can take over 2 weeks.and all the reveiws that i have been reading i beleive they are fraudulant company and would make up a bill of sale.and i was looking at other stories and there is alot of us that they supposiedely sold their cars for 5000.00 also.how can this company get away with this i beleive the I.R.S. really needs to do their home work on this company.i cant beleive they have been getting away with this for so long.they have poor cutomer service.they onlytime they are nive to you is when you are buyinga car from them because they know the are ripping you.but once you have problems forget about it they treat you like crap and you are nothing  to them

This report was posted on Ripoff Report on 02/14/2015 06:05 AM and is a permanent record located here: https://www.ripoffreport.com/reports/express-credit-auto/oklahoma-city-oklahoma-73150/express-credit-auto-and-their-finance-company-all-of-them-oklahoma-city-oklahoma-1209053. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#2 Consumer Comment

Voluntary Repo

AUTHOR: Robert - ()

POSTED: Saturday, February 14, 2015

A Voluntary Repo is still a Repo, as such you are still responsible for the balance of the loan after they sell the car at auction.

If you fail to pay the deficency balance, they can issue you a 1099-C (Cancellation of Debt) which is reported to the IRS and you do owe  taxes on.  Now, I will tell you that this may not be a bad thing and you really should consult a tax lawyer.

However, you only owe the IRS taxes on the 14,000, which depending on your tax rate is only going to be a fraction of that.  For example if you are in the 10% bracket, you only owe $1,400.   The other advantage to this, and where you need the tax laywer, is that in many cases this also means they can not come after you for the balance.  That is if you didn't get this 1099-C they may have had the right to come after you for the entire $14,000 in court.

Now, I also wouldn't trust that first dealer too much as who knows what they were really telling you.  After all they were only going to give you $2,500 for your car but at auction it went for $5,000.   Where auction prices are still generally much lower than the current "blue book" value.

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#1 Consumer Comment

First...

AUTHOR: Jim - ()

POSTED: Saturday, February 14, 2015

(((redacted)))

YOU submitted to a voluntary repo.  A repo is a repo.  Apparently they forgave the debt.  As such, that is treated by IRS as income, thus the 1099.  No rip off here.

 

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