Threatened by charge off, $893 left on the loan and i'm 20+ days late on payment. Is this possible?

Question

It's a $24,000 truck and I'm down to $893 left on the loan and i'm only 27 days late. Nasty debt collectors talked to my husband and threatened to charge off the car loan. is this possible? Don't they repo the vehicle before they can charge off the loan? I made a single payment 3 days ago and let them know the check # bec. I was scared out of my wits! I can't pay off the vehicle...not in my budget ..I can only pay a single payment at a time.

Answer 1

They are trying to scare you.  They really just want the money.  If you are running almost a month behind on your payments, you are racking up extra interest and late fees.  Find a way to get the upcoming payment in on time.  Be sure to add the late fees for the previous payment if you didn't already pay those.

Squeeze your budget a little harder so you can get this loan current.  It would be silly to allow them to repo when you are so close to paying it off.

Answer 2

Call your customer service. Work out a deal and pay by phone. Follow that up by cancelling the check. They want to know for sure that you are actually making a payment. Understand that YOU are late and YOU have not lived up to your obligations. Change that by being proactive and stick to whatever agreement you make. Don't talk to the person trying to collect. Call a customer service rep. I am sure you will work it out.

Alan

Answer 3

FYI: Giving your checking account # to debt collectors is about the worst mistake you can make....Once they have this info there' nothing to stop them from raiding your checking account..

Answer 4

That sounds ridiculous.  Is this the first time you have been late?  I can't imagine it being turned over to debt collectors already.  If it's the finance company, tell them the checks in the mail and pay as much as you can.  They won't do a charge off until they have the car  - but if they repo it, they usually will sell it as a repo and then go after you for the difference in what it sold for and what you owe - which makes that scenario even more ridiculous since you only owe $893.  I'd sell something, yard sale, deliver pizza at night and get them off my back.  

But something just doesn't add up in this scenario.