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Showing results for tags 'gap ins'.
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Hi everyone, Looking for Arizona-specific advice on an auto repo deficiency. I personally guaranteed two company vehicle loans(long story short, boss said if I want to stay employed, I need to do this favor). The business later failed, both loans became delinquent, and both vehicles were repossessed. One lender, Chrysler Capital/Santander, has already sold the first vehicle and sent me a deficiency notice for about $20k. I’m still waiting to see the final deficiency on the second vehicle. These were company vehicles, but I understand I may still be personally liable because I signed/guaranteed the loans. Before I pay, settle, or wait for collections, I’m trying to understand my options. Main questions: No way to get myself out of the personal guarantee part now, correct? What documents should I request from Chrysler/Santander to verify the deficiency? Should I ask for pre-sale notice, proof of mailing, auction/sale records, fee invoices, payment history, and GAP/service contract refund info? Is it better to negotiate now before lawsuit/collections? In Arizona, how often do lenders sue for auto deficiencies around $20k? If they get a judgment, can they garnish bank accounts, brokerage accounts, or 1099/self-employed income? Is there any useful defense if the vehicles were company vehicles but personally guaranteed? -
A family member was offered gap insurance from the credit union bank lender and they accepted it and it was rolled into the fianancing. I remember CV posted how it was a mistake when I accepted gap insurance but I can't remember the details. I have tried to do a search for the thread and cannot find it. Any ideas? Any input on this type of add on insurance?
