I had 10 payments left on a 60 payment auto loan

[Anonymous]

It is a long story what happen to me. I prevented a bad name for VW buying the 3rd new beetle in the state of Minn. The car was in the shop many times landing up having to have a engine replaced. I traded it in when electical problems occured for a 2000 beetle. The payments were higher of course but I managed them until I got layed off, had a company close and layed off again. My field was dry for a time but I continued to seek employment fnally found a job after almost a year. That lasted for 8 months with 7 different managers. I had to work 12 hour 3rd shifts sometimes not getting a day off for a few weeks. Before finding that job I went into forclosuer on my house, went through all my savings but kept up the car payments sometimes late but did the best I could. After 5 years in a relationship the gentlemen moved on and I believe the final straw and all I could take. I used the company help line, was directed to go to a hospital and once out was let go. I landed up losing my house after trying to sell it. A realitor did nothing that was a help for that. Things became impossible to handle, to much on my plate I was told and attempted taking my life. That was after i went out of town, came back to find my beloved beetle gone. VW credit lied about a registered letter, hired a outfit that was very intimating. They stole personal items out of the car that a police report did nothing to get back. In other states having so much invested in a car the financer can not take it but has to work harder with the owner to finish paying for it. I was told by VW they made a business decision to take the car, one payment late and one made they accepted after thier decision. I was told the car was shipped to Illinois I don't believe true since someone tried to keep my designer plate here in the twin cities. I called the attoney general, Hatch was in then and no help from them at all. Depression got very bad, another attempt I made on my life then was able to get some help from social services. A longer sad story that all became and once I committed myself I got the help I needed. I now get social security disablility for severe bipolar that occurred or became a problem in life going through what I did. My life is much better now, have not had manic depression since what all occurred happen. It is when I think back, 10 payments left out of 60 that hurts the most. I was in the beginning of the forclosure epidemic. 2005 folks. I was not a zero down person but 21 thousand I put down on my house. 8 thousand got eaten up with panic refinacing that got me one more month before forclosure started. How could they refinance a house when I was not employed is beyond my clear thinking now. VW credit sold my car for more then I owed. I was told the difference was for expenses they had taking the car and all. Of course they did not put that on a credit report. It shows 0 owed but repo. The car was taken in August, I got disablity 5 months later. I never got a chance to even try to borrow to pay the car off. I was not informed they were taking it either. A suppose certifed letter was sent which I never signed for being out of state for a job interview. Try to get a decent rate for a car loan now is impossible. Try to get a pt job in retail that also is impossible. I was told ones character is judged by thier credit. Well medical problems, like a breakdown are not any consideration for our credit ratings. This state does not protect the consumers, did not back in 2005 like others do. 10 payments left out of 60. I went without food in order to make a payment sometimes back then and did that matter? no. Wrong, the idea of character judging by credit reports is wrong. Thanks for reading

[Anonymous]

is there a question?

[cabarkeep]

so what is the question or point of that story?  I am assuming the point is not to judge the person by a credit score? 

To that point I would say that the credit score does not change how I view people as I see bad credit all day long and many times they are very good people with bad circumstances ....however there are just as many people with bad credit who have no shame and will do it again and again and again and will take advantage of anything you let them...so to that .... get over it ....

Things happen ....they will get better ... your credit will get better ...if nothing else ..dont do anything for 7-10 years and it will be better ...but everyone must learn from their mistakes otherwise it will never get better.  As far as character is concerned you are what you are .... no one will judge you by what they don't know ..its not like you have a credit score blinking over your head when you drive or walk around.

Sorry for the rant ....

Cheers to good credit!

[moondog7324]

What was the designer plate?

Message Edited by moondog7324 on 03-21-2009 09:19 PM

[MattH]

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@cabarkeep wrote:

so what is the question or point of that story?  I am assuming the point is not to judge the person by a credit score? 

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Of course the credit score is hardly a basis for judging somebody as a person, it's got nothing to do with morality as such.  Imagine Tony Soprano saying, "nothing personal, it's only business" in a North Jersey accent.

A credit score is nothing more and nothing less than a mathematical prediction, based on statistical data, of the probability that a person will fail to pay a financial obligation. So if somebody has a low FICO score that does not mean they are a "bad" person in a moral sense, nor do I think most of those judging somebody will know or even care about their credit score.

But if I were considering whether to take a financial risk on a whether a person will pay what he or she owes, then I knew that person had a low FICO score I would be extremely careful about lending to that person or cosigning a loan.  At a minimum I would require evidence-based reasons for believing in this case the FICO score is not an accurate predictor of repayment risk -- and it would take very considerable evidence to make a convincing case for taking a financial risk on a person who had a low FICO score.

[Anonymous]

The bottom line is that the car was repo'd for non payment.  It is highly unlikely that it was for 1 payment being missed unless many payments up to that point had been paid very late.  It is an unfortunate circumstance considering the situation that you went through, but in the end, it was a defaulted agreement and anytime you default on a car loan they can take it back.  In some states, they do have to send a certified letter prior to it, but if you do not sign for it or pick it up, then it can go ahead without any further action.  Anyways, I wish the best for you but the situation was not VW's fault.

[ficonovice]

I hope everything is better (or getting better) for you now. Keep a positive frame of mind and generally speaking, things tend to work out...

Stay well!