I had purchased my vehicle in 2007. Often I was a week, sometimes two weeks late on my payment. This would generate late payment fees. I lost my job in late 2009 and have been on unemployment since. I had kept current, without ever going 30 days over-due, on my car payments. I informed the car loan company of my financial situation and they would extend my loan/skip a payment, on occasion. However, this would only put me further in the whole (extended payments and late fees).
In June 2010 I fell behind on my $305/mo payment. I called them, as I always did. Then August came around and I called again and informed them again that I have been on unemployment, asked to lower my payment and informed them of my financial hardship. They informed me that they may refinance, extend the loan and it would probably be at a higher interest rate and payment. Due to needing to chose between buying groceries or paying for my car: I opted for them to come get the car.
They picked up the car (voluntary repo) and I sent the loan company a letter detailing my financial situation/budget/income. They sent me a bill for the deficiency of the auto sale of $7900. Which is far lower than the NADA list on the vehicle.
What are my options here?
Thank you!!!