Gmac

[albacore44]

I am in the process of pre planning to file in a few months. I have a car that is due to be paid off with GMAC in a little over a year, but the loan is upside down by about 4-5K. My attorney reccomended I buy a new car now, which would extend my payments out for 5 years. i would turn the car I have now back to GMAC, and include it as a charge off. I am current on all loans. How long after turning in the car before GMAC would come after me and try to file a lawsuit ?? I will use that timeline to determine when exactly to file. Thanks for any advice.

[justbroke]

I am current on all loans. How long after turning in the car before GMAC would come after me and try to file a lawsuit ?? I will use that timeline to determine when exactly to file. Thanks for any advice.

Very difficult to predict a timeline these days. GMAC must first auction or otherwise sell the car. Then they'll come up with the deficiency amount. Then they'll try to collect it from you by normal means (bill you). Then they'll pressure you with collections. Then they'll sue you to get a judgment.

What the timeline is for all of that, is questionable. It could be anywhere from 3 months to 6 months. They may not even pursue the judgment. Plus the fact that you're current... will probably make it take longer before they charge-off the account and then pursue aggressive collections.

[allavdj]

My car is through GMAC and I can speak from experience that after 90 days they get -very- demanding. As in, when we hit 90 days late we had somebody show up at our door to verify we still had the vehicle and to deliver a letter stating we had 7 days to bring the account current or the car would be repo'ed. He wrote down the tag number, VIN number, made me sign off on some paper work stating he had been there, we got the letter, and were making arrangements to bring the account current. He was prepared to tow the vehicle right then and there if we didn't sign off. Fortunately it was a bank screw up on the automatic payment that pushed us to the 90 day mark (instead of just being a month and a half behind) and we were able to take care of it. But I fully believe that if we hadn't been able to bring the account current we would have lost the car in a matter of days.