GMAC- no big rush

[albacore44]

i stopped paying on 1 of my vehicles 30 days prior to my discharge date. Just after my 60 days passed i finally received a call from GMAC inquiring about my intentions. i told them I wanted to turn it in, and have the repo guy call me and i'd arrange to meet him for a pickup at a neutral location. so they said I needed to sign a voluntary return form, and would mail me one. a week goes by, no form in the mail. i'm now getting impatient as i want the car off my insurance, and i just received the registration renewal for $500 (thanks california). So i call them back and tell them i dident receive the form. so he says i can fax it. Ok so i get it and fax back right away, call and confirm the received it. so i ask when can i turn it in. well sir it requires an approval. man these people seem to be in no hurry to pick it up. so last friday, i call them again. yes sir it was just approved today. i'll send it to dispatch now. so finally I get a call yesterday and arrange to meet in a Wal-mart parking lot to turn it in. so I meet them today about 5'30, these guys are really cool, busy as hell, says GMAC is flooded with repos, and their stupid, yada yada yada. so i asked how much do they pay him . he said fees had not changed in 20 years, $175 for a voluntary, $350 for a tow away. So i said i want you to make as much as you can, what can you tell them. well sir we can say you did not have the keys. so i said great, do that then. he laughed, we shook hands and he drove away.

[Brazzy]

Dealing with a large creditor is tough. When it comes to repo first off they are absolutely inundated with assignments. On top of that repo are differ state to state. You had Bk laws differing from district to district and they can drop a duece without consulting an attorney , some spreadsheets drawn up by an attorney or approval from a higher power. Its not that they are stupid. Its that their policy and procedures were never set up with this type of volume in mind.

[lookingforward]

We had a repo with GMAC. We filed last June and waited and waited and never heard from them, then received a letter telling us to fill out a form saying we were a voluntary repo so they could come get it. Finally, so much time went by they sent us a letter saying if we could pay this much then we could keep the vehicle and begin the payments again the next month. We did that and kept the vehicle in the end. I'm glad too because we only have five more payments. The whole process took months.