No PFD on bad loan, should I pay it off?

Anonymous · ‎09-25-2007

Okay, i'm wired with no sleep, got a kinda long story with short question

If you look at my original post I was freaking out about an instalment loan I got from American General Finance. I was a moron and used my car for collateral (and for going there in the first place). I got behind on the loan and we started trading certified letters. The manager was a real SOB. So I get my latest statement and took a shot at going into the office. This time, new manager. After sending me three letters in 60 days saying there going to repo and file for a judgement, he said he'd give me till the late pay date to bring the loan current, or the next day they were coming for the car. They may have done that anyway, but at least I went into the office. I offered to not only. bring the loan current, but PIF for a PFD. He said no. It turns out that there's only five months left after that. I'm not sure how it's reporting, I think it's reporting as 1 late over 180 days. So I'm wondering if I should just pay the thing off anyway, or make the other five payments and end with a good payment history. I kinda want it to be over with and just pay them, but I know history helps. If it matters, FYI. about a month ago I sent out three other PFDs for CCs in collections ($750 total) and some other wierd one that was like $75 dollars. I think it was from an old cell phone contract. So far I've only gotten one yes answer- for the five year old $75.

Boswd · ‎09-25-2007

your history isn't going to matter since it's been damaged by the lates. Some one correct me if I'm wrong but one date over 180 days late doesn't mean one late, It means it's been 180 days late That's over six months.

If you do have the money to pay in full, just do it. Get it over with. Why risk not only losing your car but getting a judgment slapped on your report.

Anonymous · ‎09-25-2007

ok so I can be a -itch......Because he would not PFD for PIF....I would pay to become current only......then make 1 payment ON TIME...then mail a PFD and see what happens...history is already screwed so PFD is better. Do Not Be late again though!!!!!!

Message Edited by HappyDays on 09-25-2007 02:02 PM

PayYouNever · ‎09-25-2007

I have an American General Load, and they do threaten to salt your CR, but if they're willing to work with you about getting current, see if they will make a GW adjustment on the 180 day late once you bring the account current -- get it in writing though. This way you'll have a positive TL, which always helps.

They've been helpful working with me in my time of unemployment, but only because I had the Unemployment Insurance on the loan and it's making payments for me until I can get a job that pays me enough to get back to paying them off; double quick.

The thing about American General is their APRs are outrageous, if you're not careful, you'll owe double the money you originally borrowed real quick.

Pay them at least $40 more than the monthly payment and do it before the due date... it'll decrease what you because they run finance charge daily until each month's bill is paid.

Anonymous · ‎09-25-2007

Oh yeah. There rates arer totally horrible. Like I've said, if I knew what AGF was like to begin with, and paid closer attention I wouldn't have done it. But, at the time, I had four credit cards maxed out.

With the loan I paid off the four credit cards and closed the two accounts with the highest interest rates. So my max credit went down, but my util also went down as well.

It seemed like such a good idea I didn't really pay attention to the fact that the rate they were charging was higher than the highest credit card I had.