Hello All,
I'm looking to see if there's another way I can approach Americredit to settle an outstanding auto loan that was included in my BK7 discharge. I was willing to reaffirm it, but the lawyer (wisely, in retrospect) REALLY discouraged me from doing so. I was caught up with payments at the time, but after my discharge, my income (of course) didn't magically go back up, so one thing lead to another and I gave up on the car payments. Called them up, said "I'm done.. how do you want to do this?" They said they would be in contact with me to set up a time to deliver the vehicle. I had a replacement vehicle already, so that was fine by me. Of course, I never heard from them again.
Fast forward 6.5 years and a phone call each year to them resulting in the same thing, and I still have the vehicle. I continue to use it as a spare vehicle and a toy-hauler, just so it doesn't completely rot away, but realistically, I don't need it and just want it gone before it dies in my driveway! Not to mention I have to carry insurance on it just in case something stupid happens. They just refuse to come get it or let me take it somewhere.
Each time I call them, I ask if they'd be willing to clear the title for less than the amount owed. Once I get to somebody willing to speak to me (legal department), they claim that they can get 4x what I owe at auction, so, no, they won't settle. That's ridiculous, of course, as the vehicle is worth MAYBE $1,100 private sale. I see dealers selling my same vehicle in GOOD condition for only $3,000. Selling it to CarMax would probably yield me $500ish if I'm lucky.
Do you think it would be better to write a "Good Will" letter to somebody on the corporate team and suggest the same resolution? Any suggestion on wording? I know this isn't the normal situation where I'm just asking to have a late payment removed, etc.
Thanks!