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Chrysler Financial / balance due

1 United States Review updated:

My Jeep Commander was totaled in a wreck (no fault of mine). I purchased the jeep due to the zero % interest. This was the 1st new auto that I have purchased in 10 years, so gap insurance was unkown to me (1st mistake). After the Progressive Insurance settled with Chrysler Financial, there remained a $10, 000 balance. I recieved a letter from Chrysler stating that the next note was not due until 2012, so I contacted the Customer Service Center to understand the letter. I was told that the next note was not due until 2012; I stated that I was going to continue to pay the note until it was paid in full. Two weeks after that discussion, I recieved a call from the Chrysler Resolution Group stating that the balance was due in full in 30 days. I have made several phone calls, with everyone being nice on the phone but providing no alternative payment schedule. As a result, I was asked to take out a loan to pay off the balance, or that it would go to a collection agency! I am willing to make my monthly payment, but Chrysler wants it all in 30 days. I am amazed!!!

Chrysler Financial

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  • Bu
      8th of Nov, 2009
    0 Votes

    Why would you be amazed? The vehicle is totalled, gone. Chrysler no longer has any collateral (i.e. the vehicle). They didn't make a personal loan to you when you bought the vehicle. So when you no longer have collateral the debt is unsecured and they don't want that kind of risk. That's how the banking business goes.
    What surprises me is that you were upside down $10, 000. Did you roll a loan from a previous vehicle into the new one?

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