Loan ended, Bank wants $ NOW! HELP!!!!!

[angel2002]

I hate hate hate hate Capital One Auto! With a burning passion. I'll never get another car loan as long as I live!!! We filed Chap 13 back in March 2011. It's been a ridiculous struggle from the get go. We started the whole thing with already 1 strike against us.....being broke from filing Chap 13! Over the past 18 months it's just been playing catch up with everything. We've already received 2 notices from my husbands car from being more than 90 days behind. Which I've manage to keep them away....just barely. Thankfully there is only $733 left on his car. That will be paid off in the next month. They've been very forgiving about the fact that the loan ended in April and we are still paying on it to finish the loan. However, Capital One has the loan on my car. And let me tell you they are VICIOUS! It was partly my stupid fault that got us into this particular mess I just learned about this afternoon. I thought (stupid me for assuming) that my car loan ended in October. So I had a budget in place to pay it off November 2nd. It was only 2 weeks from when I THOUGHT the loan ended. Well anyways the loan ended on September 20th. That's a huge difference and again my stupid fault for not keeping track of this. Anyways the total amount due is $1760, however when I called the payment number it said $1085 was due. The letter that my lawyer received today was dated September 25th and they want the entire balance of $1760 on October 5th. According to the letter we have 10 days. No not really I have about 7 days because of how long it took to get the stupid letter. The lawyer is going to call them on Monday and find out what the balance actually is. I had made a $385 payment (normal payment) on September 20th that I don't think was factored into the letter. Either way between what the payment number says, what the letter says and the payment I made the math is completely wrong. I can't figure out what I owe. On to the point of this post.....What would be my options here? I explained to the lawyer that we could have the loan paid off either October 20th if it's the $1085 or November 5th if it's the $1760. He's going to call on Monday and beg them to give me more time. How generous are these car loan companies in giving you just a smidge more time to pay off your car? Anyone at all that knows anything about this or has been through it please please please I'm begging for your advice. I'm completely freaked out right now.

[justbroke]

I would think that, given that there is very little left to payoff, they may agree to extend the date. However, they could probably easily recover $1,000 with a repossession and sale at the auction. Your attorney may be able to convince them that they are better off just waiting an extra 20-30 days for the entire balance to be paid.

Auto lenders are aggressive and even more so when you are in or are coming out from bankruptcy. If their debt was discharged, it puts them in a very bad place if you're not keeping up on payments. Are you still in the Chapter 13? I don't know why you didn't tell your attorney earlier, about this problem, or that the payment wasn't being made "inside the plan".

[angel2002]

Thank you so much for your reply. Yes we are still in Chap 13 and will be until 2014. We have just been making regular payments since filing. I don't know why they didn't include the payments in the plan either. That has always bothered me. For the most part we really have kept up with the payments on the cars except for a few times when we had situations we couldn't avoid and we told the lawyer about those right away. I had emailed him earlier in the year about the same situation that I thought was going to happen on my husbands car and he flat out told me "just keep making your regular payments and it shouldn't be a problem". Well I've been doing that with his car and so far they have not even came at us for it. My car on the other hand, same situation and he gave me the same answer....and now he gets this letter in the mail. I knew this was going to happen one way or another and that's why I had made plans to pay it off on November 5th. I knew we couldn't be so lucky twice in a row. All I need them to do is just give me 30 days. It'll take them 30 days just to reposess the car! I don't see why they wouldn't just give us that option.

[Pjmax]

Angel, just wanted to add my opinion based on my previous experience. It doesn't take 30 days to reposess a car. They can take the car at anytime if you are a little late. At the end (like maybe 3 payments to go) of my car loan last Dec. I was over 60 days late, getting close to 90. My roommate happened to see a tow truck in the street about 3am one morning. The car was in the back behind a fence. Moved the car right away (after the truck left) and called the finance co. The next morning. I was lucky to get a very nice person who really tried to help since I was so close to the end and trying to make some arrangements. I paid one payment on the phone and promised the balance within 2 weeks. Without actually using the exact words, she managed to communicate to me that the order to repo would be rescinded, but it was a weekend and it wouldn't be confirmed until Monday. The truck reappeared several times over the weekend, and I didn't bring the car home until Monday after I confirmed all was well with the finance co.
My advice is call the finance co. ASAP and pay something. If you get someone nasty on the phone, stay nice and calm, say thank you and call back until you get someone helpful.

[angel2002]

My lawyer will be calling on Monday. Hopefully he can convince them. They have NEVER been very friendly with me at all. If my lawyer can't convince them then there is 1 possible person that may be able to loan us the money. It's not like I'm trying to get out of paying off the loan I just got the months wrong and I hope they will be just a little kind in that aspect. Before they can repo it I know that they will have to get the automatic stay lifted. Granted the payments are being made out of the plan but the car itself is under protection. I don't even know how long it takes to have the stay lifted. Maybe if its a few more weeks then I can just work around it and pay it off before the court date. This would have to happen on a weekend. As if I am not stressed enough about it to begin with.

[angel2002]

Just a quick update. I called my brother in law and he was generous enough to loan us a majority of the money we need to payoff the car next week and then we will just pay him back in a month. He was willing to give us all of it but I didn't need all of it. Just the amount that we are short on. I am so greatful to him. I am still going to let the laywer call them on Monday and find out what amount is actually owed. I am just crossing my fingers that the amount is $1085 and not $1760. It doesn't matter either way we can pay it off on Friday! For the first time ever in 13 years me and my husband will have NO CAR PAYMENTS!!! I will never ever ever again get another car loan. That's a solid promise we've made to ourselves. Thank you to everyone who read this thread and replied back. It means a lot!!!

[justbroke]

Congratulations on finding a source of funding to meet the demand. I hope that this all works out for you.