9 years ago, we did a voluntary repossession of our Honda to Americredit. I could no longer work, I was on disability, and my spouse did not make enough money. Americredit reps were telling us how responsible we were being and how cooperative we were being, blah, blah, blah. They sold the car at an unreasonably low price and it was clearly an inside sale because it happened so soon afterwards. They started trying to collect the balance. They didn't want payments, they didn't want to work with us, nothing. They charged it off, put it on our credit reports, and the account was sold and I have no clue as to how many times it was sold. Now, just yesterday, again 9 years later they are telling us they are reporting the balance as income received by us to the IRS! What? How can they charge it off and use that as a deduction for their business taxes, sell the account and we don't get credit, and then 9 years later say they're filing this paperwork? Can they do that? What recourse do we have? It's 5:00 am California time and I haven't slept a wink worrying about this. We are in such bad shape because my spouse, who now has two jobs, keeps getting hours and paycuts, right and left. We aren't even in the paycheck to paycheck category any longer. We wish we were at least there. I can't believe this. Help!
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