- Report: #1199184
Complaint Review: Americredit - Ft Worth Texas
Reported By:
omgosh1962 -
Santa Barbara, California,
Submitted:
Updated:
-
Author Not Confirmed
Why?
Americredit
Ft Worth, Texas, USA
Web:
americredit.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Americredit Americredit Reports Resale of My Repossessed Vehicle as Income to the IRS - Erroneous Ft Worth Texas
Like many others in this venue, I received an IRS letter with a bill in excess of $4600 allegeding I had a 1099C form filed from Americredit. This would imply I received income from a vehicle sale when it was Americredit who repossessed and resold my car. I was never noticed of this intent nor the sale. Furthermore, he car was repoed over five years ago! The negative credit also remains on my credit report as unresolved. This is such a scam with very serious implications through the IRS of all venues.
1 Updates & Rebuttals
Robert
Irvine,California,
That is not what it implies...
#2Consumer Comment
Sat, January 03, 2015
When you had the Reposession, they did sell the vehicle. However, most likely the amount they sold it for did not take care of your entire loan balance. This would leave you with a deficency balance, which you still LEGALLY owe.
Failing to pay the balance could cause them to take a loss and write it off. However, every "loss" has to have an offsetting "gain", that gain is what you are responsible for and is in the form of the 1099C and for the amount that they wrote off.
Now, this is where it gets tricky as they have specific requirements to write if off, such as when they have to do it. They also may or may not be able to come after you for the balance after this. This then goes into what you owe the IRS as if Americredit didn't do it right you may not owe the IRS anything.
However, since every case is different you need to immediatly contact a tax attorney/accountant as they can tell you where exactly you stand. Just be aware that where you stand may be instead of owing the debt to Americredit you owe it to the IRS.
