Well I'm filed as of Nov 29th. Sure didn't take long for the 3 credit bureaus to pick up on that. Not that I care, I knew they would eventually and obviously have no plans to apply for credit in the next couple of years, just an observation. I guess it's all computerized these days. Anyway my question is about my car. It's upside down of course, but aren't all auto loans? It's a nice car and all and still under warranty for many years and many tens of thousands of miles, and I can easily afford the payments. I'm about a month behind on it because of oversight on my part and they haven't been calling. Their notation on my credit report is IIB.
I guess what I'm wondering here is what are my options and what are theirs. It is my understanding that with the automatic stay, they can't repo it without a court order, is this correct? They haven't called either, are they not allowed to? They have my work number, they don't have my home number (noone does or ever will) but all of my creditors have my work number.
I realize that letting it go is an option and if that's what I go with I'd much rather do a voluntary repo so I don't have to worry about getting back any of my personal items if they sneak it away in the dead of the night, plus I have no intention of being a jerk about anything, this is just business. If they want it, I'll hand them the keys no problem.
But what if I do want to keep it? Should I be making that payment soon or should I wait and see what unfolds? Any chance I can keep it without reaffirming or do most auto lenders not do that? This is Americredit if that makes any difference. Any chance I can negotiate a lower APR or shorter terms if I do reaffirm?
Basically I can let the car go and just pay cash for a clunker, I know numerous dealers with low end stuff that runs well enough to get me to work and I have a truck anyway (just gets poor mileage).
Sorry if I'm rambling, just kind of looking for any advice on what might be best here.
I guess what I'm wondering here is what are my options and what are theirs. It is my understanding that with the automatic stay, they can't repo it without a court order, is this correct? They haven't called either, are they not allowed to? They have my work number, they don't have my home number (noone does or ever will) but all of my creditors have my work number.
I realize that letting it go is an option and if that's what I go with I'd much rather do a voluntary repo so I don't have to worry about getting back any of my personal items if they sneak it away in the dead of the night, plus I have no intention of being a jerk about anything, this is just business. If they want it, I'll hand them the keys no problem.
But what if I do want to keep it? Should I be making that payment soon or should I wait and see what unfolds? Any chance I can keep it without reaffirming or do most auto lenders not do that? This is Americredit if that makes any difference. Any chance I can negotiate a lower APR or shorter terms if I do reaffirm?
Basically I can let the car go and just pay cash for a clunker, I know numerous dealers with low end stuff that runs well enough to get me to work and I have a truck anyway (just gets poor mileage).
Sorry if I'm rambling, just kind of looking for any advice on what might be best here.
Closed November 2010
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