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Member
Domga82
Posts: 10
Registered: ‎04-04-2011
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Auto loan settlement with NMAC ??

[ Edited ]

Hi, 

 

I currently have an auto loan with Nissan Motor Acceptance Corporation. There has been an order of repossession for the vehicle for 8 months and the loan was charged off in December 2012. My assumption is that since they do not have the vehicle and have made numerous attempts to get it for so long that they would be willing to settle the debt. I currently owe $5,745 (on a $23,000) loan and will have the money in a few weeks to pay at least a portion of this.

 

Does anyone have any advice or experience on settling an auto loan with Nissan ?  Or just settling an auto loan in general ? 

 

Any ideas on a good starting point for the settlement ?  I was thinking 35%  as a starting point which would be around $1,723.50. Is that too low ? Any advice or assistance would be greatly appreciated. Thanks.

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blondy250
Posts: 465
Registered: ‎01-03-2013
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Re: Auto loan settlement with NMAC ??

The first step would be to let them have there car back. Credit score wise it won't make much of a difference if you pay off what you owe. You'll still take the 7 year hit, but will show as a paid repo.


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Member
Domga82
Posts: 10
Registered: ‎04-04-2011
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Re: Auto loan settlement with NMAC ??

[ Edited ]

Blondy250...Giving the car back just is not a possibility, a mechanic has it right now and even if I did have the car I wouldn't give it back.  There is no benefit to a voluntary repossession and the downside is that you lose the car. My goal is to avoid lawsuits and bankruptcy by settling the debt and just moving on with my life. Thanks.  

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way2evil
Posts: 60
Registered: ‎02-03-2011
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Re: Auto loan settlement with NMAC ??

The property does not belong to you. It belongs to NMAC. They will not allow you to make payments on it until they are able to possess their property, and at tis point unless you have 60+% of the balance I doubt they would give it to you.

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

Re: Auto loan settlement with NMAC ??

[ Edited ]

Way2evil....Do you really think I don't know who the property belongs to ??  I've paid 80% of a $23,000 loan so excuse me for not running to the repo mans shop to give back a car that I've invested so much money in.  I'm not here to have a discussion about returning the car or who the property belongs to unless there is a true benefit financially or credit wise. The question is about a debt settlement with a creditor and I would appreciate it if we could stick to that topic. 

 

Oh,and yes they will allow me to make payments on the car. I have made a few partial payments and was told the other day by NMAC to continue to pay what I could and they will continue to try to repo the car. 60% seems like a high starting point but I will consider that when I make my decision. 

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sccredit
Posts: 1,116
Registered: ‎09-14-2012
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Re: Auto loan settlement with NMAC ??

Hopefully they haven't reported it stolen, which they have the right to do.

 

I think if you can get it for a 40% discount (60% of balance) you would be friggin lucky.  I would think you would need to be much closer to payoff.  They're still trying to repo the car because they figure they'll make they're money back at auction. 

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Domga82
Posts: 10
Registered: ‎04-04-2011
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Re: Auto loan settlement with NMAC ??

Sccredit....Thanks for the message. Auto repossessions in most states are a civil matter, not criminal, so it is rare and in many states not possible for an auto repossession to be reported stolen. That topic is covered repeatedly on almost every legal website and the lawyer that I spoke to reaffirmed my research on the stolen vehicle topic.  Since 60% sounds like a good deal I'll start at 50% and see how they respond. Thanks for the advice. 

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sccredit
Posts: 1,116
Registered: ‎09-14-2012
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Re: Auto loan settlement with NMAC ??


Domga82 wrote:

Sccredit....Thanks for the message. Auto repossessions in most states are a civil matter, not criminal, so it is rare and in many states not possible for an auto repossession to be reported stolen. That topic is covered repeatedly on almost every legal website and the lawyer that I spoke to reaffirmed my research on the stolen vehicle topic.  Since 60% sounds like a good deal I'll start at 50% and see how they respond. Thanks for the advice. 


If local law enforcement feels that the vehicle is being actively hidden it will merit a Stolen Vehicle report.  You mentioned that you have been communicating with NMAC and you are aware that they are actively trying to repo the car, depending on local PD and your local DA they could move forward with a GTA warrant.  I can't tell you exactly how I know this other than to say that I am in the middle of one right now with work (I do not work for a bank) and it is becoming extremely difficult and expensive for the borrower. 

 

Good luck, hopefully you can get it worked out

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Domga82
Posts: 10
Registered: ‎04-04-2011
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Re: Auto loan settlement with NMAC ??

In my state there is a misdemeanor charge for intentionally hiding a vehicle up for repossession but it is not a GTA. A good friend of mine is a detective with local pd and said they treat that law like jaywalking. I've disclosed the location of the vehicle to NMAC several times, they know that the vehicle is with a mechanic but they either think I am lying or think sending a repo man by will change that. If they make an attempt to charge me with anything they can simply go by the mechanic's shop and see for themselves. Thanks for the message and for wishing me good luck. 

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sccredit
Posts: 1,116
Registered: ‎09-14-2012
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Re: Auto loan settlement with NMAC ??


Domga82 wrote:

In my state there is a misdemeanor charge for intentionally hiding a vehicle up for repossession but it is not a GTA. A good friend of mine is a detective with local pd and said they treat that law like jaywalking. I've disclosed the location of the vehicle to NMAC several times, they know that the vehicle is with a mechanic but they either think I am lying or think sending a repo man by will change that. If they make an attempt to charge me with anything they can simply go by the mechanic's shop and see for themselves. Thanks for the message and for wishing me good luck. 


Clarifying information helps, sounds like you are OK on that. 

Last question I have is this - what is wrong with the car?  Something very expensive?  Is it worth paying against if it is already reported to your credit as a repo?  Obviously a judgment call but thought I'd throw it out there.

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