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Not sure if this belongs in rebuilt or not because I'm not trying to rebuild, I'm trying to get current ...
Anyway, my consulting contract ended on 10/30/15. I'd been told, after 4 extensions, that I would be extended yet again through December 31, 2015. With that in mind (and only working part time), I put everything I could away into savings and stocks (in that client).
My portfolio dropped over 75% and my savings likewise plummeted. I had enough to cover Nov, Dec rent, two car payments, insurance, water; food.
I talked to Alphera and made two payments to keep the loan from going 30 days past due for both Nov and Dec. However, with the Jan 2016 payment looming, I did not have anything to pay it with.
At this point, it looked like I was going back to work for an old boss; relocation package discussed, salary discussed, moving company called and house packed.
I can't make this stuff up ... but a Chinese entity bought the client of my former boss and my job went "poof" along with the ability to make the January payment. I went 30 days past due.
And then I went 60 days past due. AND... got a job. I start Weds.
I logged onto the website to set up the payments to get the car current (again, I'm 72 days past due) and the site wouldn't let me. Said I had to call in. So I did.
Alphera said that the car was out for repo and that unless I made a pymt today, they would not recall the repo team who "could show up at anytime to take the car." I asked what I could do since I would not get paid until late this week.
She said she could not advise me but that once ONE payment was made, the repo team would be called off and I'd be allowed to log on and set up the payments.
My question is this: WTHeck do I do until I can make the payment? It's in the garage which has no windows. I have another vehicle to drive so that's not the issue... I have just never heard of a 72 day repo... especially after ...
FIVE YEARS of never missing a payment. I'm within 14 months of paying it off and with this new job, I'll have it paid off in about 6.
HELP?!?!?! do I hide the car until I make the payment and scheduled other payments? Is it normal for a 72 day past-due on auto to be repo'd? what does it mean "sent out for repo" - that the repo people actually have the letter authorizing them to do so?
I'm simply sick... just sick. I have NOT been late with Alphera in 4.5 years - ever, and always paying over the amount due.
A couple of miscellaneous comments:
It looks like Alphera is an Australian finance company. Are you in Australia? I don't know a thing about repo laws outside of the US
@sccredit wrote:It looks like Alphera is an Australian finance company. Are you in Australia? I don't know a thing about repo laws outside of the US
*slaps palm to face* ^^sccredit is right, I know nothing about Australian repo laws!
Alphera is a division of BMW financial services, a US company, located in OH.
I'm not interested in selling the car, even for a profit at this time. Likely within next year, had been my plan coming this summer to unload it and my Escalade (2009 with 175,000 miles on it) but ... job ending destroyed my credit until I have 6 months clear... so, likely come Nov or Dec, I'll be able to dump both.
Owning the vehicles has NEVER been stressful. Until now. 6 months without job, only having saved 3 months in cash/short term investments (e-trade portfolio). Going foward, I'll have 6 months put aside. But yeah, not stressful until just now.
My plan was to pay Jan on 4/6, Feb on 4/13, March on 4/20, April on 4/27. Jan is 72 days past due, Feb is 42 days past due, March is 12 days past due, Apri is NOT due yet. So, within 4 weeks, I will not only be current but I'll be set up, back on auto-pay with them.
I find it disgusting. Seriously. No wonder people have gone to paying cash for everything and screwing the lenders. Even my CU who has the lien on my SUV has been like, "yeah, pay us when you can; after 5 years, you're good with us; we understand."
But Alphera/BMW???