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My husband acquired a car with his ex wife and it was repo over 6 yr ago. I am married to him now and 6yrs later, we received an IRS noticed of deficiency wanting us to pay over $3,000 for a "cancellation of a debt" for $7,230!

How is that when they got the car back they are allow to report it to IRS as income for us and on top of it, ME, the new wife and my husband has to pay for it when it was "their" debt? I do understand when a "credit card" does that to you because you did spend ALL the money, but they did get their car back.

Product or Service Mentioned: Americredit Auto Loan.

Reason of review: Payment.

Monetary Loss: $7230.

Preferred solution: Take it out from IRS records.

I didn't like: I have been calling 407-875-8395 maitland, No answer back, Let me hanging.

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neurodoc
New York, New York, United States #1270285

They honestly did nothing wrong, your husband backed out on the loan. And now are facing the consequences, make your payments on time and you would not be in this situation.

Americredit financed your husband with the intention of getting all of their money back, plus interest. By bailing out on the loan, your husband made the situation much, much worse...

Anonymous
#1253212

The repo of the car does not wipe out the contract. The balance of the contract is still due.

Since he was on the contract, he walked out on the deal by not making payments. The loan was written off and the amount not paid back is forgiven but treated as income by IRS. Nothing new here and nothing illegal, immoral or unethical done by the lender.

They did what they were supposed to do by reporting this to IRS. Your husband did not do what he was supposed to do by not making payments which caused these consequences to be brought upon himself and you!

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