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4 replies to this topic

#1 claimit

claimit
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Posted 24 February 2012 - 07:37 AM

I have a car that is financed by a local credit union, I have been recently paying my car between 28-29 days late. I recieved a letter from them yesterday stating that I had to pay by day 27 or they are going to repo my car.. I can not pay until day 30. They sent a repo guy out for my car last month even though I paid on day 29. I am in Fl I can not take it anymore this is too much. I have communicated to them that I will become current as soon as I receive my return. Unfortunately my credit score has dropped , I tried to trade it but the negative equity is over 6k. Because of the negative equity no company will refi. My interest rate is 7.99. Because my score is so low, I feel trapped. I make over 100k but recently had to pay many expenses which made it difficult to catch up. I need to get approved for a trade so Iwiccan end this relationship with the CU. It is really stressing me out. Americredit was better than them. I think they are putting pressure on me with hopes of getting a payoff from a re-Fi or trade in. I will do anything to end this relationship with them. My lam going to call my local dealer to inquire about getting a second car loan. Any insight? I know I will get a higher rate but anything is better than this.



#2 claimit

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Posted 24 February 2012 - 07:40 AM

I have a car that is financed by a local credit union, I have been recently paying my car between 28-29 days late. I recieved a letter from them yesterday stating that I had to pay by day 27 or they are going to repo my car.. I can not pay until day 30. They sent a repo guy out for my car last month even though I paid on day 29. I am in Fl I can not take it anymore this is too much. I have communicated to them that I will become current as soon as I receive my return. Unfortunately my credit score has dropped , I tried to trade it but the negative equity is over 6k. Because of the negative equity no company will refi. My interest rate is 7.99. Because my score is so low, I feel trapped. I make over 100k but recently had to pay many expenses which made it difficult to catch up. I need to get approved for a trade so Iwiccan end this relationship with the CU. It is really stressing me out. Americredit was better than them. I think they are putting pressure on me with hopes of getting a payoff from a re-Fi or trade in. I will do anything to end this relationship with them. My lam going to call my local dealer to inquire about getting a second car loan. Any insight? I know I will get a higher rate but anything is better than this.

#3 road2freedom

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Posted 24 February 2012 - 10:36 AM

How much is your payment? I hate to mention borrowing to get out of debt, but if it's only 1 payment and you make 100k+ it should be no big deal to pay back a small personal loan to get you current, right? I would avoid getting it repo'd at all costs, and I would advise against trading with negative equity, unless it lowers your payment to something more manageable so you aren't missing the payment every month.

Also, have you asked the CU to move the due date so you aren't always late?

Edited by road2freedom, 24 February 2012 - 10:36 AM.


#4 claimit

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Posted 24 February 2012 - 12:31 PM

I did, they agreed to change my due date only after I make my payments early on, the 15th of March and the 15th, of April and the 15th of May. Then they would review The account to decide if the due date would be changed to the 15th of the month commencing with my June payment. Really!?! Subprime lenders do not require this much. I am sick.

#5 claimit

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Posted 24 February 2012 - 12:35 PM

Payment is 678 now. With late fees it is 729. The original payment was 525 the added gap later which increased it to 678 for 6 months. It will be 678 for 2 more months.




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