Notice of Acceleration

[BNKRPTinNC]

Received this in the mail today from GM Financial:

IF YOU HAVE FILED BANKRUPTCY AND/OR HAVE BEEN DISCHARGED FROM BANKRUPTCY, THIS LETTER IS NOT AN ATTEMPT TO MAKE DEMAND UPON YOU PERSONALLY AND DOES NOT REQUIRE YOU TO MAKE PAYMENTS TO GM FINANCIAL. THIS LETTER IS SENT SIMPLY TO PROVIDE YOU NOTICE AS REQUIRED BY STATE LAW.

It goes on to state that I have defaulted on a contract by failing to pay for the described property (2003 Honda CRV) or otherwise have failed to adhere to contract obligations in accordance with the contract. Then since I have to cure where required by law, they are requiring me to pay at once, THE TOTAL AMOUNT OWING under the contract. HUH?

First it tells me I don't have to pay then states that I have to pay. It then lists principal, interest, late fees, and a total. This vehicle is being paid thru my plan and , according to 13datacenter, has been paid off. Still have over a year left to pay on 13. Can someone shed some light on this?

[LadyInTheRed]

Sounds like they don't think they've received full payment and are giving a notice that they have to give you before they can repossess the car. They are saying you aren't personally liable to pay, but that if payment is not made, they have a right to their collateral.

Send a copy of the letter to your attorney so he can get the situation straightened out. Then stay on top of your attorney to make sure it does get straightened out.

[BNKRPTinNC]

Called GM Financial this morning and was told that I owed about $35 as compared to what the letter stated, which was around $525. Where they got that amount I'll probably never know. Anyway, the $35 falls right in line with the amount of the final payment that was just made and apparently not posted to the account. Also told that they get these kind of calls all the time. Why am I not surprised. Well, they said that it was all good and will be sending the title once the 13 is discharged.

Next thing that will probably happen, as LITR suggested, is some tow truck showing up at my house with repo papers. Good thing I keep it garaged.