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 Posted: Wed Sep 12, 2007 12:46 pm Subject: Car Loan Charged Off. What Are My Options? |
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I have an auto loan through Bank of America. Due to some financial hardships in the past few months, I fell behind on paying the loan (last payment was in June 2007). I knew that I couldn't keep falling behind, so I got a second job in order to ensure that I can cover my debts. When I went online to pay BofA (I was going to catch up the loan), I noticed the loan balance was $0. Checked my credit report, and as of 8/31/07 the account was charged off.
I called BofA, and received a really nasty representative first. She stated that I haven't paid since March (not true) and that I just need to give them the car. I decided to call again to try and resolve the matter, and spoke to another rep who said she can give me until the end of this month to pay the balance due ($6,800) before they take further action. I asked if there was any way to re-age the loan, and she stated no (since the loan is off of BofA's books). Due to my credit situation, I can't find a loan to cover this amount, and I really don't need to lose the car. Is there anything I can do to rectify this situation? Help!
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Leej184
Joined: 12 Sep 2007
Posts: 1
Debtcc Points: 60
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| Posted: Thu Sep 13, 2007 11:52 am Subject: |
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Hi Lee, can you ask the rep of BofA to accept a partial payment for now and once you will surely arrange the funds in the next few days. You won't lose your car if you have some kind of arrangement done with them and stick to it. Make sure that you have the deal in writing for proof. Do you have any friends or relatives who can help you out? The good thing is that you have a job and you will be able to pay off the debts.
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fatb88
Joined: 20 Dec 2006
Posts: 221
Debtcc Points: 1571
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| Posted: Thu Sep 13, 2007 12:36 pm Subject: |
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If you made your last payment in June 07 then you missed July, August and maybe September. What I would do is find the nearest Bank of America to your house. Hopefully you have on in your city like I do. Go there and talk to a mortgage broker face to face. It will help if you have enough money to catch up the loan. See if they can do something to help you if you pay your loan to current.
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DOLLARSandSINCE
Debt Samaritan
Joined: 11 May 2007
Posts: 879
Debtcc Points: 11017
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| Posted: Thu Sep 13, 2007 10:01 pm Subject: |
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What would a mortgage broker do for a car loan, just curious? I have a friend that is a mortgage broker, can they help with auto loans?
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2745
Debtcc Points: 24743
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| Posted: Fri Sep 14, 2007 10:52 am Subject: |
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Sorry I mistated. I should have said talk to a loan officer face to face not mortgage broker. For example, I have an auto loan that Fifth Third bank owns. I got the loan from the auto dealer and not through the bank so I did not know the loan company until after I received the paper work. I happen to have a Fifth Third Bank branch down the street from me. There is a loan officer that works in that branch that deals with all different kinds of loans including auto and mortgage and she has access to my loan account on her system. If I ever have any problems I go to her first.
This is generally true with any bank that has a physical branch. I have a home mortgage through another bank near me and I can go to any bank branch and talk to any teller about my mortgage. If the questions are to difficult for the teller then they usually pass me off to a loan officer or branch manager.
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DOLLARSandSINCE
Debt Samaritan
Joined: 11 May 2007
Posts: 879
Debtcc Points: 11017
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