You may have been named in a debt collection lawsuit filed by Autovest LLC, one of the country’s largest debt buyers, with more than $2 billion in outstanding loans and leases on its books. If so, you can take comfort in knowing that you are not alone; Autovest sues tens of thousands of people every year and faces nearly as many lawsuits from its targets. Here’s what you need to know about this industry giant, its debt collection practices, and why filing a lawsuit isn’t always the best way to get someone to pay their debts.
Many people sued by Autovest don’t actually owe the debt
Autovest is a debt collector that has a mission of buying loan debt. They buy the defaulted auto loan debt from the original lender, and then they file lawsuits against individuals who they believe may owe the debt. Many people sued by Autovest don’t actually owe the debt and are innocent victims in an unfair system.
One of the most common situations for this happening is when someone has their name on their spouse’s car or house without knowing about it. It is also possible for people to make partial payments but still be sued because they missed some payments in the past, which can happen if someone loses their job or gets sick.
Autovest’s lawsuits are often based on inaccurate information
Autovest sues consumers for debts that the company purchased. This means that if a person has a debt and they do not pay it, the debt might be sold to a third-party collector. If this happens, then the collector will have to sue on behalf of the original lender to get payment. Many times, these lawsuits are based on inaccurate information.
The lawsuits can be overwhelming and stressful
Autovest is one of many debt collectors that have a mission of buying loan debt from lenders. The company does this by buying the loans at a discounted price and then trying to collect on them for more than what they are worth. Autovest has an annual revenue of $1 billion, showing the company has been very successful in its business model.
Autovest uses aggressive tactics to collect debts
Autovest is a debt collector who has a mission of buying loan debt. In order to collect the debt, they resort to aggressive tactics like suing you. They file lawsuits in their attempt to claim debts owed on defaulted auto loans, and your name could be on one of these lawsuits. But this is not the only way they seek out payment, and they can also contact your friends and family members to try and get information on where you are.
You have rights when being sued by a debt collector
Debt collectors are just one of the many companies in this world that have a mission of buying loan debt. However, it is important to understand your rights when being sued by a debt collector such as Autovest LLC.
It is important for you to know that debt collectors are required by law to provide a notice of how much money you owe and how they intend to collect it. It is also important for you to know that debt collectors can only sue you in a state where they have an address on file. If they do not, they cannot go after your assets or wages.