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I have missed about 5 payments on my autoloan and the bank has "charged-off" my account and according to them, the account is dead. Also according to the bank, I am a Maryland resident so I have one last chance to make the account ACTIVE/CURRENT if I pay them all the payments that are overdue. But it looks like they have changed the terms an conditions e.g. I cannot make a payment over the phone or by check. I have to wire them the amount every month. I am not getting a straight answer from them as well and the representatives I am talking to are acting like as if I have borrowed the money from the representative and they are extremely furious at me. The account manager keeps on saying one thing "I want 2577.00 by April 30th" and I have been telling her that I can pay 00 right now and when I get my paycheck on May 1st, I will wire the rest of the money, is that acceptable? and the answer I get is "Your car will be repossessed". This makes me think that they have made up their mind and they will repossess it anyway and the reason why I am not getting a straight answer from them is because they just want to get as much out of me as possible before they repossess.
Also according to the statement they sent me in Feb 09, I owed them 700 dollars (payment = 0/mo). The backdue amount does not exceed 00 but they are demanding 77. Upon asking, the answer that I got was "Thats what you owe!!" and no further explanation was given.
The reason for avoiding these people for 5 straight months was because I was dealing with a lot of financial issues for the past two years and everytime I have tried working with them, I have just heard threats of repossession and they have always managed to get payments out of me by threats (they should since I promised to pay back the loan, its their right). This time I am in a better situation because I have paid off my all other much more serious obligations and this car loan is the only loan left and because of this I was hoping that I can work it out but when I called them I was informed that the account has been charged-off and a tow truck could be at my house any minute.

Can anyone shed some light on it? should I forget about this car and let it be repossessed? because it looks to me that the threat of repossession is going to be there even if I make regular payments.

The amount due at this time is 77 and I must pay it by April 30th. On May 1st, another 0 will be due and the tow truck will be on its way. My payments used to be due on the 20th of each month.
the autoloan was provided to me by Citi (Citi Financial Auto).

3 Comments »

1. 

   They can’t repo your car without a judgment from the court. Ask to have the repossession order faxed to you. Also they will not show up on your door to take your car on May 1. It will take several weeks to get the paperwork straight to get your car. Its up to you if you pay the $2K and then finish it up on May one. But I would not let them take your car if you don’t have to. Make sure you document every payment you make. Copy your checks, keep receipt of any wire transfers etc. They are intimidating you to try and get money from you as fast as possible. Tell them you are recording their calls and that you will be reporting their tactics to the SEC. Then request the info on your loan in writing and do not let up until they give it to you or flat out tell you they won’t. If they won’t give you the info they are in violation of about a dozen SEC laws and can get in BIG trouble. Don’t take that from these chumps. Stand up for yourself and you will get this resolved.

   Comment by alphatrasnport — August 14, 2010 @ 6:39 pm

2. 

   If you take the car to them,it will be listed as a voluntary repo. This is a bit easier on your credit. your credit reports give you a place to speak your mind or tell the truth. You need to prepare a statement and have it proof read on this site.
   Auto dealerships are so desperate to sell cars, I do not think you will have much trouble getting another vehicle. Of course your interest rate will be very high.
   Money matters and bill collectors can cause you Immense stress. Please get this behind you ASAP
   Good Luck

   Comment by hunshine — August 14, 2010 @ 6:39 pm

3. 

   Who knows what they are doing. Have you tried to talk to a supervisor? Try doing that. I personally don’t see why they would not accept $2000 now and the rest on May 1st. What is one day? They may be screwing with you. In the meantime I would hide the car until you can get this settled. If the car is repoed you will still owe money on it because in auction they will get very little and come after you for the balance. Again speak to a supervisor or manager.

   Comment by MKD — August 14, 2010 @ 6:39 pm

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