My husband and I feel like we are at a crossroads. We purchased our SUV in 2006. We got paired up with the worst finance company we have ever had. My husband and I have never had any reposessions. He has 2 paid off cars on our credit and we currently have 2 auto loans. One for a car and one for the SUV. We've been having a hard time making payments on time but by January we were caught up. What was hurting us was the $1200 late fee we got for being a few days late. On the last day of January we called and told them we were making January and Februarys payment. So, march rolls around and I am getting called 10+ times a day. They called 3 days in a row at 4:45 in the morning. They told us since we didnt pay in February we were in risk of losing our SUV. Our payment for March wasnt due till the 30th. So my husband called them and told them that the February payment should of been paid in January and they were like "oh, ok but you owe us some $200 fee". They then told us we could pay that "later". Since he was talking to them he told them he could pay half of March's payment that day (which was 2 weeks before the duedate) and the other half on the 30th. They said okay and we paid them. Then, April 1st they start calling our neighbors, family and friends telling them that they are coming to get our SUV. They said since we only made a half payment on the 30th we didnt make the full payment we are at risk for reposession. It's been non stop since then. I was about to make Aprils payment yesterday when they began texting us non-stop and calling or neighbors (who were not on our application...we didnt live here when we got the loan). Now we have another $1200 in late fees to pay. I just don't know what to do anymore. We almost feel as though we just need to be done with this company. We've been fighting these people for almost 4 years and I cant take it anymore. We still owe $12,000 on the SUV. We cant trade it in because we are too upside down and my husbands credit scrore is so low. We made a lot of mistakes when we were younger and we are paying for that now. I've googled this company and they have an F rating on every site I pulled up. I wish I would of been smart enough to do that four years ago.
Anyway, we are considering allowing reposession. How bad will this hurt his credit? His score is already very low... 498 but we are working on getting it up and stuff should begin falling off of it soon. We can't refinance because we owe too much. Any advice would be great. The other has a much lower payment (half the amount) and will be paid off in about a year. We could manage with one car and without the almost $600 payment we could easily save for a new car if needed.
Thank you. We arent ususally ones to give up or run away but we don't even know what to do anymore.
I am not on the autoloan. My credit score is around the same.
Starting Score: 682 EQ, 663 TU
