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Old 01-12-2010, 08:04 PM   #1
lackofhp
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Default Chase Auto Finance: The Ride is Over

Most of the active members here know that I was unemployed for 13 months until October 2009. During that time I begged, borrowed and dealed to pay my bills.

As of Thanksgiving I was 120 days behind on my car payment. In December I was able to make three payments (480 each) and bring the car within 30 days. On Monday Jan 4 I called and set up a payment for that friday bringing my car to only 12 days late. Monday night, the repo men show up and take my car.

I start making calls the next day to figure out how to get the car back. After faxing nearly any information about me in existence to Chase they gave me a number. $2566.20. Thats December's payment and paying January's payment 2 weeks early as well as 1600 in repo fees! 1600!!! If I had an extra 1600 I wouldnt be in this situation. I am thinking they were waiting to get my 3 payments then come get the car.

I sent them a proposal this past Friday. I said I would pay two payments and 400 of their repo fee by the end of January. I went all the way up the ladder and was denied by everyone and anyone. So officially the car is theirs. I dont want it back at that cost.

After talking to Dad and his financial advisor, they both suggested to not pay Chase a penny and allow them to hit my credit. The repo on my credit apparently will not make it any worse than the 13 months with no income did.

So there it is. No more Subaru for me. Luckily I bought my brother a 97 Accord v6 a while back with cash. He moved back to Oregon Sunday so I at least have transportation, however I by-passed the leaking heater core this summer so I have no heater.

If any of you run accross a OBP 07 WRX with 08 WRX wheels at auction or a lot, dont buy it. It has a stuck/loudly ticking valve in the driver's side head. It was supposed to go to SOP last Thursday for a new motor under warranty. It obviously didnt make it. Already had 2 and 4 pistons and rings done under warranty last year.

Good news- with Insurance and car payment going down I have close to 600 a month to save. Bad news- no more fun car.
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Last edited by lackofhp; 01-12-2010 at 09:13 PM. Reason: Had October 2008
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Old 01-12-2010, 08:13 PM   #2
finnRex
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You can find a fun car for under $3k. Shouldn't take you too long to get that grip either. I'd rather drive a lesser car and have more in the bank than vice versa.



Mika
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Old 01-12-2010, 08:15 PM   #3
lackofhp
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Quote:
Originally Posted by finnRex View Post
You can find a fun car for under $3k. Shouldn't take you too long to get that grip either. I'd rather drive a lesser car and have more in the bank than vice versa.



Mika

That is my thought exactly.
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Old 01-12-2010, 08:20 PM   #4
finnRex
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Hell, the SHO I bought back in the day cost me $1100. And then $200, and then $150... But seriously, just save up and drive that Accord out. In the meantime, find something that's reasonably fun and inexpensive and when the time hits, get it. I've been eyeing Grand Prix GTP's. Big boats, but good power and can be made to be pretty quick for cheap. Handles like a barge though.

We're here for ya if you want entertainment. I should be there this Friday(Taco Cabana)....gonna try to make it at least.



Mika
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Old 01-12-2010, 08:27 PM   #5
ohxietviet
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Damn Shawn.. sorry to hear.
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Old 01-12-2010, 09:08 PM   #6
zmw
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FAST

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Quote:
Originally Posted by lackofhp View Post
Most of the active members here know that I was unemployed for 13 months until October 08. During that time I begged, borrowed and dealed to pay my bills.

As of Thanksgiving I was 120 days behind on my car payment. In December I was able to make three payments (480 each) and bring the car within 30 days. On Monday Jan 4 I called and set up a payment for that friday bringing my car to only 12 days late. Monday night, the repo men show up and take my car.

I start making calls the next day to figure out how to get the car back. After faxing nearly any information about me in existence to Chase they gave me a number. $2566.20. Thats December's payment and paying January's payment 2 weeks early as well as 1600 in repo fees! 1600!!! If I had an extra 1600 I wouldnt be in this situation. I am thinking they were waiting to get my 3 payments then come get the car.

I sent them a proposal this past Friday. I said I would pay two payments and 400 of their repo fee by the end of January. I went all the way up the ladder and was denied by everyone and anyone. So officially the car is theirs. I dont want it back at that cost.

After talking to Dad and his financial advisor, they both suggested to not pay Chase a penny and allow them to hit my credit. The repo on my credit apparently will not make it any worse than the 13 months with no income did.

So there it is. No more Subaru for me. Luckily I bought my brother a 97 Accord v6 a while back with cash. He moved back to Oregon Sunday so I at least have transportation, however I by-passed the leaking heater core this summer so I have no heater.

If any of you run accross a OBP 07 WRX with 08 WRX wheels at auction or a lot, dont buy it. It has a stuck/loudly ticking valve in the driver's side head. It was supposed to go to SOP last Thursday for a new motor under warranty. It obviously didnt make it. Already had 2 and 4 pistons and rings done under warranty last year.

Good news- with Insurance and car payment going down I have close to 600 a month to save. Bad news- no more fun car.
wow that's kind of jacked up... You should call Obama or your local democractic representative and see if you can get a bailout...

but in all seriousness it definitely looks like they were trying to wait until you paid them every penny you had, the fact that you paid it to with in 12 days behind (which is with in most loan companies grace period) and THEN They decide to take it is pretty f'kd up...

I would actually wonder if that's actionable, did you have any payment agreements in place with them?

That's why i park in a garage - okay that's not why, but at least if I see the repo man peaking in my window i can shoot his ass...
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Old 01-12-2010, 09:40 PM   #7
lackofhp
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Quote:
Originally Posted by zmw View Post
but in all seriousness it definitely looks like they were trying to wait until you paid them every penny you had, the fact that you paid it to with in 12 days behind (which is with in most loan companies grace period) and THEN They decide to take it is pretty f'kd up....

the payment I had scheduled would have made it 12 days behind they picked it up at 42 days or something along those lines. Needless to say I cancelled that payment.

Only thing I lost was my Alpine media player, satellite radio equipment and boost gauge. I couldnt take anything out that was bolted to the car. Guess it's good it was all parted out over the last 10 months.
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Old 01-12-2010, 10:23 PM   #8
OneBadPig
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I will never finance through Chase again, due to their credit card practices.
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Old 01-12-2010, 10:27 PM   #9
distorto
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at least the last payment was canceled.
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Old 01-12-2010, 10:32 PM   #10
Gary Bechtold
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Originally Posted by OneBadPig View Post
I will never finance through Chase again, due to their credit card practices.
What does Chase do with their credit cards? Just curious.
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Old 01-12-2010, 10:44 PM   #11
uathatis
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Originally Posted by Gary Bechtold View Post
What does Chase do with their credit cards? Just curious.
I'm not sure either...

I bank with them (well... just checking.. screw investments or .01% savings..)




I got screwed by one of their personal bankers... long story short credit limit went from around 7.500 to 3.500 and they won't raise it...

Because I have too high of rotating balances vs limit.. Even though I pay in full every month


It's screwed me so badly finding credit cards elsewhere isn't working well...
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Old 01-12-2010, 10:46 PM   #12
Spider Pig
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They jack up your APR even if you've been paying on time. Or they lower your credit line. Or cancel your card. They did the first and second to me and I haven't missed a payment in over two years.

That sucks Shawn. Rock the Accord until it dies man. That way you'll be back on your feet with money saved up to buy something fun. Remember my old ass Volvo? Transmission ****ed out at 352,000 miles, and I had saved enough money to buy the MINI.

You'll get back going again man. Screw Chase. Their stock sucks anyway.
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Old 01-12-2010, 10:48 PM   #13
Phoenix_Moore
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that sucks man. i cant imagine being in your position. luckily you have some wheels and a job.

good luck out there!
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Old 01-12-2010, 10:50 PM   #14
finnRex
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Quote:
Originally Posted by uathatis View Post

I bank with them (well... just checking.. screw investments or .01% savings..)
Haha. Funny you mention the .01% interest. At first I thought it was a typo for the savings account I had in there. Once we figured out it wasn't a typo, my wife and I brought the money to a local CU. Now we're SCREAMING money at 1.49% or so.


Mika
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Old 01-12-2010, 10:51 PM   #15
Gary Bechtold
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All Banks are giving next to nothing on their Money Markets, CDs, etc. Credit Unions are probably much better in that respect right now.
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Old 01-12-2010, 11:04 PM   #16
uathatis
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Originally Posted by finnRex View Post
Haha. Funny you mention the .01% interest. At first I thought it was a typo for the savings account I had in there. Once we figured out it wasn't a typo, my wife and I brought the money to a local CU. Now we're SCREAMING money at 1.49% or so.


Mika


I had some cash in a savings account and it literally didn't gain a CENT of interest over the half year or so I was dumb enough to keep it open. Don't even have to file it for taxes, sheesh





Quote:
Originally Posted by Gary Bechtold View Post
All Banks are giving next to nothing on their Money Markets, CDs, etc. Credit Unions are probably much better in that respect right now.
YESSIRR It's nuts. I was thinking " well what if I moved enough into their money market"..... and that is a whopping.... .05% without a checking account and... .1%? with one? maybe .15%?

(Vanguard Prime MM FTW )


I guess the good news is the general rise of the market again...
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Old 01-12-2010, 11:11 PM   #17
ed10
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So I was reading your story and feeling bad for you but then I read this...

Quote:
Originally Posted by lackofhp View Post
Luckily I bought my brother a 97 Accord v6 a while back with cash.
then I asked myself why in the heck did he buy an accord while in debt and apparently not being able to keep his other car??
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Old 01-12-2010, 11:27 PM   #18
Spider Pig
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You've never helped out a family member when they were worse off than you, even though you weren't doing well yourself? Good to know.
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Old 01-12-2010, 11:39 PM   #19
uathatis
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Sorry you're going through a tough time...

i'd be crushed to lose my car... especially to a bank being ****ty to me
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Old 01-13-2010, 02:40 AM   #20
SilverSpool
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i was caught in the same situation back in 08 after i blew my motor, except i was only 60 days late and they were already out to get my car, though they couldnt find it, i had no idea, i wasnt even trying to hide it. 2 years later and im 4 payments from getting the title... just keep your head up and dont lose sight of your goals

to spider pig, i was in a similar situation myself, during tough times, the suby needed new tires and an uppipe leak fixed to pass inspection... i dont throw ****ty tires on the scoob, so i parked it, bought a 95 accord for 400 bucks to drive for a while... it happens
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Old 01-13-2010, 05:26 AM   #21
BoXXy
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Originally Posted by Spider Pig View Post
They jack up your APR even if you've been paying on time. Or they lower your credit line. Or cancel your card. They did the first and second to me and I haven't missed a payment in over two years.

That sucks Shawn. Rock the Accord until it dies man. That way you'll be back on your feet with money saved up to buy something fun. Remember my old ass Volvo? Transmission ****ed out at 352,000 miles, and I had saved enough money to buy the MINI.

You'll get back going again man. Screw Chase. Their stock sucks anyway.

All credit card companies do that
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Old 01-13-2010, 09:04 AM   #22
samagon
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All credit card companies do that
that is what I was thinking.
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Old 01-13-2010, 09:42 AM   #23
Kastley85891
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Sucks.

what happens now with the repo debt and the loss on the car, does CHASE come after you for the balance?

Did they not tell you the repo was going to be executed? or did the guys just show up?
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Old 01-13-2010, 10:30 AM   #24
stArs Inked
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Originally Posted by Kastley85891 View Post
what happens now with the repo debt and the loss on the car, does CHASE come after you for the balance?
typically, yes
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Old 01-13-2010, 10:56 AM   #25
Kastley85891
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^ so more repo of goods etc, court? I am not origianally from the USA, in the UK we typically get some gorilla turn up with some henchmen lol
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