Chase auto loan

[sarah5]

So I just talked to collections from Chase auto loan......we owe 14500 on a 06 Dodge grand caravan, it is only worth about 6 or 7 thousand....I told her either they help us out by lowering the interest (ours is at 12%) or we are going to end up having to file bankruptcy....she said well you need to let us know within 24 hours because you are 4 days late.....They won't even lower the interest? They are going to lose alot of money....I don't get it.

I'm so sick of it.

[I_Suck]

Got a call after only 4 days? Wow, that's quick.

[sarah5]

How would lowering the interest help you out? At most it shaves of part of the payment (or even a majority if your still early into the loan), but even at 0% interest your paying $14,500 for a $6,000 to $7,000 van what is the point in paying twice what it worth?

Besides your just talking to a drone who answers phones, and no they don't care about losing money. But why do you want to pay them all that extra?

So instead of throwing away your money down a black hole, why not let them take it back (do a voluntary repo) and then deal with the deficiency balance later when that time comes.

Go out and finance another car now before this takes a hit on your CR. Or even better stop making the payments and the money you save over the next 3 months you can buy a used car and not owe anyone.

Thanks for the advice on all my posts! I guess I just need to wake up and realize we are in over our head....I am making an appt. with one lawyer I talked to a couple of weeks ago and planning on filing. I'm sure I'll have more questions.

When we file we can still keep the vehicles? How long before they reposess??

NO MORE AUTO LOANS!! We already tried getting a small on, but we were denied...credit score to low.

[destitute]

FWIW - I stopped paying my car loan in May (Never made June pmt). I filed chapter 7 on July 24. I'm still driving the car and my attorney says I have up to 45 days after the 341 hearing to voluntarily return it to them. They could file for relief from stay but even if they do that They won't get it until 20 days after they file for it and they would still have to repo it. All in all I figure it will be 4-5 months after I missed my payment before they get it back.

[BigJohn]

So I just talked to collections from Chase auto loan......we owe 14500 on a 06 Dodge grand caravan, it is only worth about 6 or 7 thousand....I told her either they help us out by lowering the interest (ours is at 12%) or we are going to end up having to file bankruptcy....she said well you need to let us know within 24 hours because you are 4 days late.....They won't even lower the interest? They are going to lose alot of money....I don't get it.

I'm so sick of it.

If you are planning on filing a Chapter 13, you might want to keep the car. You will need something to drive.

If you have had the car for some time, you might end up paying the wholesale value of the car.

Even if you haven't had the car that long, depending on your lawyer, you might still may ending up paying that much.


The key to your sucess is your lawyer. Pick one wisely.