- Report: #1151692
Complaint Review: Chase Auto Finance - Maryland
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Chase Auto Finance
Maryland, USA
Phone:
800-346-9670
Web:
www.Chase.com
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Chase Auto Finance SETUP to take advantage of by CHASE Fort Worth Texas Texas
After being injured during a robbery, I fell 30 days behind on my auto payment however, continued to communicate with the finance department. I began making regular payments weekly to catch up as well as calling Chase Auto to avoid repossession since I'd never one time been late in the prior four years and was close to having the vehicle paid in full I sent multiple payments often weekly via money gram which fees of $10 per payment were added.
I paid $300 on Friday the 30th before the Memorial Day Holiday which then brought my payoff balance to under $1000 and my truck was repossessed in the middle of the night on the 1st. I've been informed that my vehicle goes to auction in a week!!
I know that anyone could have looked in the system notes to recongnize that I would soon have it paid in full but they made me think that as long as I continued the catchup they would work with me?! Yea, right!
2 Updates & Rebuttals
FloridaNative
Palm Beach Gardens,Florida,
If you have equity in the vehicle and you are behind in your payments you are in a difficult spot.
#2Consumer Comment
Sat, November 29, 2014
From your report you only owed $1000 on your principal balance before the reposession charges are applied to your account.
When you have equity in your vehicle (or even your home) the lender has an incentive to repossess your vehicle (or foreclose on your home in the case of a mortgage delinquency).
It doesn't matter which lender you have, if you are deliquent in any way, even a small amount, the lender will pick up your vehicle because now they can profit from the deliquency through repo fees and default interest. The lender can sell the collateral immediately and use the proceeds to pay off the loan, pay all the default penalties and repo fees and give you the balance, if any remains after the fees have been paid.
It isn't good to ever be behind, however, the worst time to be behind in a loan is when there is equity in your vehicle.
The more equity you have, the faster the lender will move to repossess, no matter which lender finances your vehicle.
Robert
Irvine,California,
What is the full story..
#3Consumer Comment
Tue, June 03, 2014
You appear to be leaving out many details.
First of all it is very unlikely that you fell ONLY 30 days behind, and you are most likely under stating your actual delinquency. So just how many months have you been "catching up"? Because a single 30 day late, paying "catch up' weekly would have not extended it out more than a month(or at most 2) if you were trying to pay something reasonable.
You paid $300 on the 30th. How did you pay it, and exactly what time? Then after this $300 just how much were you still behind?
At least on the positive side, depeding on your car and how much they get at Auction after they take out the fees and remaining balance you will get the difference back to you that you can use toward a new car...IF you find a finance company willing to finance you with a Repossession on your credit. So perhaps you should find a way through friends or relatives to borrow that $1000 and let them "work with you" while you pay them back.
Oh and here is another thing..until your payoff balance is $0 it is NOT your car they have the legal right to reposess it even if you only owed $1.
