My wife and I have been in our plan for 40 months and we have 20 more months to go. We have a van that is financed by Americredit that we are paying off through the plan. I called them recently just to see what the payoff would be, and they are saying we have a past/due slash deficiency amount of $7400 and a payoff of $9900. We owed approximately $17,000 when we filed in April of 04. According to NDC, Americredit has been paid $14,400 by our trustee, $9000 of which was paid in the first year of the plan. They get approximately $160/month sent to them now. The last payment of $500 from the original contract was supposed to be paid in Oct of 07.
The lady at Americredit informed me that if we complete our payments to the trustee, we will still have a fairly large deficiency/payoff amount due on the car that would have to paid before we could get the pink slip, or we could surrender the vehicle. I'm just wondering if this is normal. My understanding was if we complete our plan we get the pink slip period. My other question is would the trustee possibly allow us to send them extra money each month to pay down this deficiency. If anybody has had a similar experience I would like to know how it was handled.
Thanks
The lady at Americredit informed me that if we complete our payments to the trustee, we will still have a fairly large deficiency/payoff amount due on the car that would have to paid before we could get the pink slip, or we could surrender the vehicle. I'm just wondering if this is normal. My understanding was if we complete our plan we get the pink slip period. My other question is would the trustee possibly allow us to send them extra money each month to pay down this deficiency. If anybody has had a similar experience I would like to know how it was handled.
Thanks
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