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Collection calls from GMAC/Ally have stopped, this makes me worry

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    Collection calls from GMAC/Ally have stopped, this makes me worry

    Hi all, just a little background into my situation:

    I have a 2008 Saturn Vue that is financed through GMAC/Ally. I'm one payment behind right now and soon to be 1.5 payments behind. In the past, as soon as I was 1 day late, I would start receiving collection calls. In the past month or so, I haven't heard a peep. The only letter I've received has been one for a $21 late fee that I hadn't paid. This all makes me very nervous. I feel like I'm going to wake up one morning, look out the window and see that my car is gone. As it is, I jump and look out the window any time I hear a large truck driving by.

    I am in the process of getting my bk paperwork together. I have an attorney and thanks to a legal plan at work, all I will have to pay are the actual court costs for the bk.

    This all just makes me very nervous, because I need a car to get to work. I do plan to let the car go in the bk, but if it gets repo'd before I can get a beater car to replace it, I'm screwed! Any thoughts or suggestions?

    A

    #2
    okay so I think I found an answer to my question. Apparently in MA, lenders have to give a 21 day notice to cure a default, and then if they actually do repo the car, they have to give me an additional 20 days to again cure the default. AND if they do sell it at auction, my account has to be credited the fair market value, not whatever they got at auction. And they can't repo it from property that I own or rent. So that means they would have to get it from my work, or if I were at the store. This all makes me feel a little better, but I know some banks and repo companies don't do things exactly by the books. At least this way, if they try anything sneaky, I know that I will have some legal options.

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