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Autovest is a buyer of charged off auto loan debt. Autovest may be showing up on your credit report or they may have served you with a lawsuit. Autovest LLC files thousands of collection lawsuits each year against consumers. They will hire a local collection attorney.
Autovest LLC will rely on witness testimony in a “business record affidavit” when trying to prove their case against you. It is important to fully understand the rules of evidence when attacking these affidavits and any documents attached. If you have recently been served with an Autovest lawsuit then you should take action to protect yourself.
If you have received a lawsuit by Autovest LLC, you are not alone. Autovest LLC has sued thousands of people across the United States for deficiency balances on auto loans where the vehicle was repossessed.
If you research Autovest LLC online, you will not find very much information. The company webpage is a single page providing the company’s contact information. It refers you to a website for Michael Andrews & Associations, LLC.
The contact information provided on the website for Autovest LLC is:
26261 Evergreen Rd, Suite 390
Southfield, MI 48076
The LinkedIn page for a current member of Autovest LLC states that the company is a “Debt buyer of deficiency automobile portfolios.”
According to Bloomberg the company is a debt collection agency incorporated in 2003 with its principal office being in Southfield, Michigan. Court documents from an Idaho case against Autovest LLC by the State of Idaho Department of Finance Consumer Finance Bureau confirms that the company was formed as a limited liability company under Michigan laws on July 18, 2003.
How Does Autovest LLC Operate?
Autovest LLC specializes in buying automobile accounts from other lenders. For example, if you financed the purchase of a vehicle and defaulted on the loan, the lender will repossess the vehicle. The lender sells the vehicle and applies the proceeds of the sell to the balance you owe on the account. Any remaining balance, after the proceeds have been applied to the balance owed, is known as a deficiency. Autovest LLC purchases the account from the lender so that it can collect the deficiency amount from you. It pays the lender less than what you owe on the account so that when you pay the balance owed to Autovest LLC, it will generate a profit.
With a Lawyer
Most of our cases are dismissed by the creditor prior to trial or we reach a favorable settlement for our clients depending on the circumstances of their situation.
Without a Lawyer
The majority of collection lawsuits end up with a judgment against the consumer. Primarily because they did nothing to protect themselves or attempted to defend themselves.