Reply
Member
Domga82
Posts: 10
Registered: ‎04-04-2011
0

Re: Auto loan settlement with NMAC ??

[ Edited ]

It had a bad intake manifold. The mechanic thought there was something else wrong and quoted me a low price, I told him to just take care of it and I would be back to pay but didn't expect the price to be so different from what he originally quoted. I've been making small payments to him but it will be a few more months at least before it is paid off. The car has less than 100,000 miles on it and with the amount of money I've invested in it I planned on driving it for another 100,000-200,000 miles. I accepted months ago that my credit was destroyed, the biggest loss to me would be the loss of the vehicle. I'm just starting to rebuild my life after the past year or so and can't do that without a vehicle.

 

Oh and for the record, a cousin that is overseas let me use his vehicle while he was gone but he will be back in a little less than three months. When he gets back I have to give him his car back so that is why I was interested in trying to settle the debt. I just got a job offer so I should have enough to pay the mechanic by then and I am getting  financial aid money back in 5 weeks that would cover the settlement if it happens. If they don't settle I will still send them the money and just pay the rest of the loan as quickly as I can. 

Member
Domga82
Posts: 10
Registered: ‎04-04-2011
0

Re: Auto loan settlement with NMAC ??

I just signed up for an account with creditsesame. About 7 or 8 months ago before stuff got really bad my score was a 677, according to creditsesame my score is now a 644. I didn't pay for a full report but it seems unlikely that a charge off and a repo would only drop my score 30 points.  Just a guess but it must be that they didn't report the repo because they don't have the car or credit sesame is just completely wrong.  

Frequent Contributor
blondy250
Posts: 442
Registered: ‎01-03-2013
0

Re: Auto loan settlement with NMAC ??

Those aren't your real scores there called FAKO's. The only place you can buy your real FICO scores are here (or a recent credit application). In my experience the CS scores are WAY off, a persons true FICO is almost always lower.

MyFico 4/18/14
Experian-820, Equifax-834, Transunion (Discover)--850-- 7/6/14
Aaoa-9yrs, Oldest-14yrs
1 inquiry equifax 04 Chase mortgage
"Because your FICO® score is exceptionally high, there are no actionable negative factors present with your score".
Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
0

Re: Auto loan settlement with NMAC ??

IMO Dogma it seems you have already researched and found the best course of action as far as your case goes, simply call NMAC and see what they say. I'd offer a resonable amount on the loan. Look up the Blue Book value and the cost of the repairs. Be honest and tell them what the car is now worth and offer them that based off the BB cost minus the repairs required. They might just go for it. Good Luck!! :catvery-happy:

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656
Member
Domga82
Posts: 10
Registered: ‎04-04-2011
0

Re: Auto loan settlement with NMAC ??

Thanks blondy. I didn't know about FAKO scores. After everything gets settled I will pull my FICO from here and see what my score is.

Member
Domga82
Posts: 10
Registered: ‎04-04-2011
0

Re: Auto loan settlement with NMAC ??

ImprovingYouth...You are right, I've done a substantial amount of research on my situation. The only thing that I couldn't find out much info about was how to go about doing a debt settlement and levels of success on debt settlements with auto loans.

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: Auto loan settlement with NMAC ??

[ Edited ]

Domga82 wrote:

ImprovingYouth...You are right, I've done a substantial amount of research on my situation. The only thing that I couldn't find out much info about was how to go about doing a debt settlement and levels of success on debt settlements with auto loans.


I've done a debt settlement on an auto loan.  The good news is that you're doing this pre-emptive of a judgment.

 

First advice would be to make the offer in writing to NMAC.  Ask them to respond with acceptance in writing, or to suggest an alternative settlement in writing.  Do all your negotiations in writing before you pay a penny.

 

If the settlement involves a payment plan, get that in writing.  My agreement involved paying 50% of the principle owed via payments of 2 lump sums to be paid on certain dates.  I got the agreement in writing, and when it came time to send payment, I sent payment via cashiers check where I retained the check stub and made a note on the check stub "Sent to so and so on such and such date"  I also sent the payment by certified mail return receipt requested, so that I had documentation that the payment was made by the correct date.  I kept the receipt from the post office which indicates which day the letter would be received by...

 

As far as advice that is the best I can give you.  Since you have talked to an attorney about this, it may be beneficial for your attorney to negotiate this, if you can afford to have him do so. 

 

Otherwise, definately don't pay until you get agreement in writing.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Member
Domga82
Posts: 10
Registered: ‎04-04-2011
0

Re: Auto loan settlement with NMAC ??

[ Edited ]

Webhopper,

 

Thanks so much for the advice. I will follow your advice and see what they say. The settlement offer will be put in the mail tomorrow. 

Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
0

Re: Auto loan settlement with NMAC ??


webhopper wrote:

Domga82 wrote:

ImprovingYouth...You are right, I've done a substantial amount of research on my situation. The only thing that I couldn't find out much info about was how to go about doing a debt settlement and levels of success on debt settlements with auto loans.


I've done a debt settlement on an auto loan.  The good news is that you're doing this pre-emptive of a judgment.

 

First advice would be to make the offer in writing to NMAC.  Ask them to respond with acceptance in writing, or to suggest an alternative settlement in writing.  Do all your negotiations in writing before you pay a penny.

 

If the settlement involves a payment plan, get that in writing.  My agreement involved paying 50% of the principle owed via payments of 2 lump sums to be paid on certain dates.  I got the agreement in writing, and when it came time to send payment, I sent payment via cashiers check where I retained the check stub and made a note on the check stub "Sent to so and so on such and such date"  I also sent the payment by certified mail return receipt requested, so that I had documentation that the payment was made by the correct date.  I kept the receipt from the post office which indicates which day the letter would be received by...

 

As far as advice that is the best I can give you.  Since you have talked to an attorney about this, it may be beneficial for your attorney to negotiate this, if you can afford to have him do so. 

 

Otherwise, definately don't pay until you get agreement in writing.


And webhopper comes through in the clutch! :smileylol:

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+