A couple of issues to touch on here.
Need to figure out about NRG and if they are a CA OR an in-house collector for Chase. What sucks here is if they are an in-house collector then the don't have to follow the FDCPA regarding ceasing collection calls after a DV letter.
On their collection letters, do they give the mini miranda at the bottom? (we are debt collectors attempting to collect on a debt blah blah) OR does it have chase's name on the letter?
So, another thing (if they are an in-house collector) is that if you sent a debt validation letter they will pretty much ignore that. You have to treat them like an OC and send them a debt verification letter since OCs don't validate, they verify.
Either way, you are entitled to an itemized list of charges.
Now, with the 60% rule.
According to Why Chat, the 60% rule, in those states that have it, is determined by subtracting the PAYOFF figure at the time of repo from the purchase price, if the payoff is less than 40% of the original purchase price than the 60% rule applies.
Remember, the payoff figure is NOT the same as the loan balance, it is the amount that is shown in your REQUIRED accounting of the proceeds of the sale that establishes your deficiency.
So, see if you can crunch the numbers and find out exactly how much was owed at the time of the repo.
 |