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Chrysler Financialdeficiency balances, collections

S

I think something should be done about the nature of auto loans in general, and what happens after a repo. When an auto loan is signed, its a contract for money and physical goods. You agree to pay X amount, we let you keep your vehicle. Interest is part of the loan for the company to make profits. I understand that. But when it comes to repossession, enough is enough.

For example: I purchased a truck for $22, 000, financed through chrysler financial. After fees and blah blah blah i forget what the exact balance was, i think around $27, 000. I paid for about 2.5 years before, hard times came, and couldn't afford the $528 monthly payment. In total that is roughly $15, 840 in payments i made to chrysler financial. They repossessed my truck, and it was sold at an auction for $14, 500. They get to keep that money. So all in all, Chrysler financial has been paid over $30, 000 for a $22, 000 truck. Being that they didn't get enough to cover the remaining balance, after fees I now owe a balance of round $7000.

I now have to pay, for something I don't even own, and they have already made an extreme profit from this situation to begin with. Something needs to change.

If you think they are bad with a good standing loan, they are just as bad with collection for remainder balances also. While I don't not think its fair, I contacted them to work out a payment arrangement for the balance. The only way they would work with me is to put 10% down ($700), and pay minimum of $250 a month. If I had that kind of money, I would still have possession of the truck and wouldn't be going through this. So off to collections it goes, and probably to court.

This is crazy. They made their money off me. Yes I know, i screwed up. Life happens and we all can't be perfect. There needs to be something done about this. Its just not fair to keep bleeding money from people that don't have it. Loan contracts are traps, If anyone has any ideas to go up against this, I say lets start a movement and quit being ### on by the big companies like chrysler financial.

Responses

  • To
    tomr4470 Jun 01, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I am experiancing the exact same thing, i was in a chapter 13 bankruptcy and the trustee paid an additional $3000 to princaple, they applied it to interest, so when they sold the truck it left a $3000 deficeit + fee's, misc. charges, ect... now they are suing me for $5, 000 + court cost and their attorneys fee's ($1000) they have received $33, 000 on a $24, 000 note, 44 months on a 72 month term. I have contacted my state Senators office and filed a complaint, they want copies of all my paperwork so they can start an inquiry. I SUGGEST YOU ALL DO THE SAME, maybe if enough politicians inquire about there practices, something will get done about it...

    Senator Corker was against the bailout from the begining and now even more so that the had filed bankruptcy themselves...

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