topic Re: Auto loan settlement with NMAC ?? in Auto Loans

Auto loan settlement with NMAC ??

Anonymous — Wed, 03 Apr 2013 05:36:47 GMT

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.

Re: Auto loan settlement with NMAC ??

blondy250 — Wed, 03 Apr 2013 05:49:20 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Wed, 03 Apr 2013 17:43:19 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Wed, 03 Apr 2013 17:52:07 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Wed, 03 Apr 2013 18:30:06 GMT

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.

Re: Auto loan settlement with NMAC ??

sccredit — Wed, 03 Apr 2013 18:41:45 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Wed, 03 Apr 2013 18:56:46 GMT

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.

Re: Auto loan settlement with NMAC ??

sccredit — Wed, 03 Apr 2013 21:49:42 GMT

@Anonymous 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

Re: Auto loan settlement with NMAC ??

Anonymous — Wed, 03 Apr 2013 22:39:08 GMT

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.

Re: Auto loan settlement with NMAC ??

sccredit — Wed, 03 Apr 2013 23:11:29 GMT

@Anonymous 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.

Re: Auto loan settlement with NMAC ??

Anonymous — Thu, 04 Apr 2013 00:13:56 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Thu, 04 Apr 2013 01:27:48 GMT

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.

Re: Auto loan settlement with NMAC ??

blondy250 — Thu, 04 Apr 2013 10:13:19 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Thu, 04 Apr 2013 14:59:43 GMT

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!!

Re: Auto loan settlement with NMAC ??

Anonymous — Thu, 04 Apr 2013 19:57:26 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Thu, 04 Apr 2013 19:59:28 GMT

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.

Re: Auto loan settlement with NMAC ??

webhopper — Sun, 07 Apr 2013 15:18:12 GMT

@Anonymous 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.

Re: Auto loan settlement with NMAC ??

Anonymous — Wed, 10 Apr 2013 15:19:00 GMT

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.

Re: Auto loan settlement with NMAC ??

Anonymous — Fri, 12 Apr 2013 15:24:36 GMT

@webhopper wrote:
@Anonymous 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!