California - American Credit Acceptance - ACA - paying on charge off loan

[mettmann]

Background - in short - car loan with ACA( June 2017 - 27% int) Understandably - we kept loan with intent to pay on-time and refinance. (nobody else would touch us) Unfortunately lost job in early 2018 but avoided car repo'd, by catching up on payments / reducing lates. However - in October 2018 during a lull in payments, account went to charge off - but not to a collection agency. (I also never received a tax doc for the charge off amount)

Been dealing with collections dept at ACA, and will be finally current with account next week. The issue is what I owe from the original note vs what the car is now worth. During the charge off process - ACA cashed in GAP / Extended warranty, lowering my total owed but leaving car with no protection. The car is worth $15K - and the charge off is listed at $35K! (based on the inflated costs of the warranties - and the 27% int rate)

We need to keep the car (still trying to rebuild credit) Cannot view my account online as charge offs with ACA put them in a "ghost" status as I am working with them directly thru collections. As I understand it - this account will always be in charge off status - unless I pay the note in full, not an option at this point - or ask for a settlement amount. (pay to delete - and that's if ACA agrees). I have a few questions - once I am current next week - can I ask for a repayment program for the worth of the car? (similar to a cram down) I realize that the car is no longer on their books, nor will benefit from repo of a car less than the note's worth. Should I confirm with DMV that the lienholder is still listed as ACA? Or no other remedy short of BK? Thanks in advance.

[Remember0]

Let me try to understand:

A) You bought a vehicle with ACA and ended up getting late on the loan in 2018

B) By the end of 2018 the finance company changed the status to charge off

C) ACA eventually refunded your (assume this is what you mean by cashed in) to GAP / extended warranty and reduced loan balance

D) You still owe more than the car is worth today

E) You are trying to see if there is some way to get them to take less than what you owe since the account is already listed as a CO and the underlying collateral isn't worth the amount of the loan

Do I have that right? If so can you please clarify what the current NADA clean trade-in value of the vehicle is as well as what your current principal amount is? In general, I'd think this is pretty hard outside of CH13 BK unless you get on the phone with someone senior at ACA and they are in a helpful mood.

Please also clarify if you are open to buying another car, and what your FICOs (ideally auto enhanced) are currently.