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ACA - American Credit Acceptance - paying on charge off loan

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California - Background - in short - car loan with ACA( June 2017 - 27% int) Understandably - we kept loan with intent to pay on-time and refinance. (nobody else would touch us) Unfortunately lost job in early 2018 but avoided car repo'd, by catching up on payments / reducing lates. However - in October 2018 during a lull in payments, account went to charge off - but not to a collection agency. (I also never received a tax doc for the charge off amount)

Been dealing with collections dept at ACA, and will be finally current with account next week. The issue is what I owe from the original note vs what the car is now worth. During the charge off process - ACA cashed in GAP / Extended warranty, lowering my total owed but leaving car with no protection. The car is worth $15K - and the charge off is listed at $35K! (based on the inflated costs of the warranties - and the 27% int rate)

We need to keep the car (still trying to rebuild credit) Cannot view my account online as charge offs with ACA put them in a "ghost" status as I am working with them directly thru collections. As I understand it - this account will always be in charge off status - unless I pay the note in full, not an option at this point - or ask for a settlement amount. (pay to delete - and that's if ACA agrees). I have a few questions - once I am current next week - can I ask for a repayment program for the worth of the car? (similar to a cram down) I realize that the car is no longer on their books, nor will benefit from repo of a car less than the note's worth. Should I confirm with DMV that the lienholder is still listed as ACA? Or no other remedy short of BK? Thanks in advance.

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Their customer ratings are absolutely  horrible.  So bad that I would anticipate that you would not be successful in an attempt to negotiate with them they would honor.   


These loan companies have loan loss reserves set up to cover their losses, so I doubt they would be amenable for a different repayment program.


I wish I knew more about them to try and help you.

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My neighbor has this company, 


Besides the fact that she is not very up front when I offered to help her if she would show me information. a Sales and Finace contract. or log into financial information you have to look at a few things 


1. American Credit Finance is apparently one of the worst companies to work with, they are not very informative or consumer friendly 


2. if you loan is in "collections" or "default" read your finance contract, they may have a "default rate" at which you are paying a incredible amount of interest to their benefit.  Marv may know more on auto finance with a secured loan, but from what I gathered about this company they can adjust the interest rate similar to a default rate on a credit card/ 


3. as long as you continue to pay, they are winning, a defaulted and repossession leaves them with a car they will lose their asses on in auction, and a sell off of the debt to a collection agency for pennies on the dollar, They get to write it off, but they benefit more from receiving the payment on a regular basis 

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