Capital One Auto Finance loan - behind on payments!
Date: Tue, 08/24/2010 - 16:11
I did call to talk to Capital One today, our loan has been moved to the "small balance collections" department. The lady I spoke with was really nice, explained that we were currently NOT in danger of repossession, but that we needed to pay about $925 by August 30 in order to avoid the loan being "charged off" - at that point it would go to third party collections and repo would be a possibility.
I might be able to pay half the $925 but there's just no way we can do the whole thing. Maybe by September 10 but no way by August 30. We are pretty desperate at this point, even tried applying for some payday loans, but didn't get approvals.
Has anyone ever had an auto loan charged off? I've heard of this for credit cards but never a car loan. If that were to happen, would we possibly be able to pay the collection agency or set arrangements with them, or would they instantly just come repo the car?
Also... if we were to let it go into charge-off status, and able to pay the collection agency in full, would we still be able to get the title when the vehicle is paid off? Or would this throw us into some weird no-mans land where it would be impossible for us to get the vehicle title once paid in full?
Thanks so much.
What is the blue book value of the car? If it is much more than
What is the blue book value of the car? If it is much more than the 925 you owe, do everything you can from letting the car go to a third party! They will most certainly go for the car if it stands to be more profitable! If the car is worth a lot you may be able to get a modification on the loan! Work with Cap One as closely as you can! Be upfront and keep calling until you get the right person! You do not want to have that small amount charged off! You need that car!
Do you have any old broken gold jewelry you can sell? It is sky high right now! Do not sell to the mail in crooks or the come to your home cons! Find an established storefront buyer!
No, the only gold item I have is my wedding set and I just can't
No, the only gold item I have is my wedding set and I just can't bear to give that up, at least not at this point. I may have some items I could possibly pawn and get a loan for the $925... not certain though. Thanks for the information about the third party! Yes the car is much more valuable than the $1200 remaining that we owe so that is good to know they would probably just try to repo it. That means we will have to work that much harder to keep it from reaching that point.
Do you think Capital One would offer a loan mod at this point? The lady never even mentioned it - I assumed since we were basically so far behind, so close to the end and such a small balance it was not even an option worth asking about.
UPDATE!!! I called Capital One on the morning of August 27. I
UPDATE!!!
I called Capital One on the morning of August 27. I spoke to a different person in the department where our loan is (small balance). She was incredibly helpful and nice, and explained every step of what was going on. She explained to me that our loan was in that department due to the small remaining balance owed, and because Capital One didn't want to repo the car at this point and possibly incur (and then have to write off, if we don't pay) another $350-$500, or add that amount onto our debt. So, that department was supposed to work with me to get the loan paid off in a way we can afford. She helped me set up an arrangement over the phone with her. I paid $500 that day, and will pay the remaining balance over the month of September. So long as we have it paid in full by 2 PM on 9/30, we are good, we will get the title sent to us asap, and the account will not be charged off!