Author Topic: Repo and 1099-C  (Read 3731 times)

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NewGaPeach

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Repo and 1099-C
« on: October 23, 2009 12:14:40 AM »
My husband got a bike in 2004, got real sick later that year Oct feel behind on payments, we were catching up, then Honda started sending back the payments we were making. In Jan 2007 Honda issued him a 1099-c for the bike, They tried to repo it once in 2005. Then Tuesday, the repo company came to repo it. But why issue a 1099-c, then repo the bike 2 years later.

Any suggestions?
I  made up my mind that I will beat the CA's The same way I beat Breast cancer; Like my life depends on it.
Guess what?
100% CA free on all of my reports.
Looks like I won!

Mischievous Smurfy

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Re: Repo and 1099-C
« Reply #1 on: October 23, 2009 12:34:02 AM »
the word estoppel comes to mind...

did they get the bike?
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why are we requesting validation instead of disputing???  Why Why Why

NewGaPeach

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Re: Repo and 1099-C
« Reply #2 on: October 23, 2009 12:40:29 AM »
Yes they did,

I  made up my mind that I will beat the CA's The same way I beat Breast cancer; Like my life depends on it.
Guess what?
100% CA free on all of my reports.
Looks like I won!

Mischievous Smurfy

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Re: Repo and 1099-C
« Reply #3 on: October 23, 2009 12:56:07 AM »
There has to be a way to fight the 1099-c and that is not my territory.  They have now basically had their cake and eaten it to.

The deficiency ... GA law requires strict compliance on notice and if they fail in any way the forfeit the right to collect deficiency.

So now you have to wait about 10 days to see if you get a certified letter.  While I'm at it ... it won't do you any good to refuse the notice or just not pick it up.
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why are we requesting validation instead of disputing???  Why Why Why

NewGaPeach

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Re: Repo and 1099-C
« Reply #4 on: October 23, 2009 01:04:12 AM »
There has to be a way to fight the 1099-c and that is not my territory.  They have now basically had their cake and eaten it to.

The deficiency ... GA law requires strict compliance on notice and if they fail in any way the forfeit the right to collect deficiency.

So now you have to wait about 10 days to see if you get a certified letter.  While I'm at it ... it won't do you any good to refuse the notice or just not pick it up.

I have no plans not to, I am just waiting the 10 days. I do plan to use that 100-9c to my full advantage, they cannot have it both ways.
I  made up my mind that I will beat the CA's The same way I beat Breast cancer; Like my life depends on it.
Guess what?
100% CA free on all of my reports.
Looks like I won!

Kitten

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Re: Repo and 1099-C
« Reply #5 on: October 23, 2009 01:09:40 AM »
American Honda Financial has a reputation for historically being unable to follow any state's repo laws, even more so than Toyota's finance arm.

Find out what your rights and their responsibilities are under your state's laws.

NewGaPeach

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Re: Repo and 1099-C
« Reply #6 on: October 23, 2009 01:32:30 AM »
American Honda Financial has a reputation for historically being unable to follow any state's repo laws, even more so than Toyota's finance arm.

Find out what your rights and their responsibilities are under your state's laws.

I got them Thanks! You just made me feel a whole lot better by telling me this.
I  made up my mind that I will beat the CA's The same way I beat Breast cancer; Like my life depends on it.
Guess what?
100% CA free on all of my reports.
Looks like I won!

E. Normis Debtor

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Re: Repo and 1099-C
« Reply #7 on: October 23, 2009 09:44:06 AM »
Keep in mind, the creditor obtains no benefit from the issuance of a 1099-c; it simply fulfills a reporting requirement of the IRS.

Having said that, there is recourse for someone who receives an erroneous 1099-c.

Couple of questions:
1.  What were their reasons for returning your payments?

2.  Why did their prior repo attempt fail?
I don't respond to PM's or emails for advice on specific circumstances.  My participation in this forum is general in nature, and not intended to create an attorney/client relationship.

NewGaPeach

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Re: Repo and 1099-C
« Reply #8 on: October 24, 2009 01:38:54 AM »
What were their reasons for returning your payments?

They never said, I can only assume they were calling the loan, DH never cashed the checks they sent back.

2.  Why did their prior repo attempt fail?

I had came home, and saw a note on the door, DH had the bake that day, As far as I know they never came back.

there is recourse for someone who receives an erroneous 1099-c.
What do you mean?
I  made up my mind that I will beat the CA's The same way I beat Breast cancer; Like my life depends on it.
Guess what?
100% CA free on all of my reports.
Looks like I won!

E. Normis Debtor

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Re: Repo and 1099-C
« Reply #9 on: October 25, 2009 11:15:35 PM »
Since the repo occurred subsequent to their issuing the 1099-c, the presumption is that the discharged amount reflected on the 1099-c does not include whatever amount they received when they actually auctioned the bike....plus some costs.

They should issue a corrected 1099-c reflecting the actual amount discharged, considering the value received from the bike.  If they don't, contact them and request it.

If they refuse to issue a corrected 1099-c, then consider the 1099-c you received as fraudulent.

The Internal Revenue Code provides for a private right of action for fraudulent filing of a 1099-c, including 5K in statutory damages.
I don't respond to PM's or emails for advice on specific circumstances.  My participation in this forum is general in nature, and not intended to create an attorney/client relationship.

NewGaPeach

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Re: Repo and 1099-C
« Reply #10 on: October 26, 2009 08:24:49 PM »
Well they sent that letter, well within the 10 days.

Do allow them to sell, or should I demand an auction sale? Should I be doing anything else?
I  made up my mind that I will beat the CA's The same way I beat Breast cancer; Like my life depends on it.
Guess what?
100% CA free on all of my reports.
Looks like I won!

MrsMoss

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Re: Repo and 1099-C
« Reply #11 on: November 07, 2009 11:14:45 PM »
I'm wondering how they can send 1099-c now and then if you decide to settle the deficiency balance later you would again have to receive another 1099-c if you are saving more than $600.  I just don't understand that.

 

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