I got out of the Army in the beginning of March. In May, after I realized I couldn’t keep up with a $600 a month car loan, I contacted Nissan Motor Acceptance Corporation and asked if there was a way to get lower payments.
I explained my situation to them and also informed them I am living off of disability and unemployment, to include asking: is there a way to lower my payments until I find another job. The customer representative who “helped” me told me she could defer my payments for three months, i asked what that meant and she said they would take three payments and put it at the end of my loan. I told her that would be great and if that was the end of my pay issues, she said yes.
In August I got a job and started my payments again. From May to now I haven’t received a statement or any type of written communication for NMAC. I have requested to have my statements mailed to me or if NMAC can update my online information , they never did.
Fast forward to July 2011, I was shopping with my nieces for school when they repossessed my car. Since it was Saturday, I couldn’t get any information from NMAC. When I contacted them on Monday they said I was three months behind. I asked how is that possible and they stated I was behind for May 2010 to August 2010.
I informed them that it was to be deferred to the end of the loan, but they said I never signed the documents. NMAC will not give me back my car or let me pay the behind payments. NMAC said it was my fault for not following up on my document process, even though I wasn’t informed I was supposed to sign papers.
I have three credit cards that need to be paid off; the total debt I’m in is about $24,000. Also my credit report shows me being 120 days late on payment for Nissan.
When NMAC auctions my vehicle and leaves me with a huge payment due, can this be covered by a debt management plan? Or is this balance still considered a secured loan, which then disqualifies me for a debt management plan? Can I dispute the 120 days late on my credit report? I have documentation that shows I have been paying monthly, I just didn’t know I was three months behind.
The deficient amount they will come after you for will be pretty big. Considering your current state of being on disability and unemployed you might want to consider bankruptcy and close the door for good on the past debt. Here is a link for some pro bono bankruptcy clinics that might be able to help for a reduced cost.
The 120 days behind does not sound that far off since Nissan appears to be claiming you never had a fully executed deferment agreement.
The big question now is do you want to deal with all the debt now or continue to deal with it over the next five years.
What is the ultimate goal you want to achieve on your path out of debt?
Please post your responses and follow-up messages to me on this in the comments section below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.