Hello--it's been a long time since I've been to this board and happy to see that my log in info was still saved! OK--like so many others these days, I am unemployed. I've been struggling for months now. My most immediate problem right now is my car payment. I'm not horribly behind but am 30 days behind. My lender is Chase and believe it or not, they have been working with me. But today, they told me that if I can't make my payment by Friday they it will go into default and well, you know the rest. So here's my situation: while I can't say for sure, I am very close to a job. I have an upcoming interview which will be the third interview with this company and for this position. My situation is not just a matter of transportation but I need a car to DO my job. That's the kind of work I've done and the one I'm interviewing for, it will be required. A clunker won't do because of the miles I will be putting on it. We have assistance for just about everything else. Does anyone know of any assistance for auto loans--even just a one-time payment? I know most people think of a car as a luxury but it isn't for everyone. Think of a general contractor who doesn't have his truck-he's sol! My credit is shot and with only the meager unemployment payment, I can't even get a payday loan! Any advice? Thank you!
Welcome back! And I'm sorry, but I really can't think of any reasonable short-term loan to cover one auto payment. Of course, there's always family or friends, but that's often a dangerous path to take. Perhaps someone else here has an idea? If it's any consolation, it sounds like you're on the cusp of landing this new job, and it will take some time for them to coordinate a repo after you miss the payment. Most lenders won't even move forward until your 60-days past due because what they really want is your money, not the car. So keep the communication going with them regarding your job, and do everything possible to work out payment with them as soon as you land it. Good luck with the interview!
You may consider lodging a Fair Credit Billing Act dispute as to the account balance or the way in which Chase is reporting it. This would put repossession in abeyance for a short while. However, Josh is right. It takes some time for them to line up a repo agent. I can't advise you to hide the vehicle insofar as that is illegal in most jurisdictions.
Thanks to those of you who responded. I wouldn't hide the vehicle--that's too stressful for me. I'm just hoping that they will continue to work with me. I've been pretty easy to work with--I've kept them abreast of what's been going on, I've not hid from their phone calls, have returned calls and have done everything I said I would do. I'm hoping that I will know aobut the new job by the end of the week and I know that will help a lot. I'm supposed to call them on Wednesday though and let them know if I'm going to have a payment. Someone told me that, at least in the state of WI, that as long as I'm making at least a partial payment that they can't repossess. Does anyone know if that is correct? Thanks again!
I am not licensed to practice law in Wisconsin, just in Tennessee and various Federal Courts, but, under general principles of U.C.C. Article 9 they can repossess if you're in default. In other words, no, I don't think just making partial payments will save your vehicle however, WI may have some state specific law stating otherwise.
