What is the name of your state (only U.S. law)? DELAWARE, I've been trying to obtain a payoff amount on my autoloan for over 3 months and to this day still haven't recieved it. It started when I went into my local branch to verify how much was left on my loan knowing im on my final year judging by the last payment booklett they sent me only to be told that they wouldn't be able to give me even a ball park amount, at one point the agent made a suggestion that I may be owed money but no amount was given only that I would have to show proof of my insurance to drop the forced place insurrance they issued to obtain it.
After three attempts, each time being told it was in the mail only finally to told corrections in the lien holder and adress had to made on my policy my bank still hasn't been able to give me a quote on paper or verbally. After two months my payments never even went down with showing proof of insurance, I made it clear that I can only make half of what they were requesting on my payments and was told some is better than none.
Now three months go by I havent received no information or help from my bank and haven't been able to make a full payment since, they repo my auto. Now when I spoke the claims dept. there explaing that if i dont pay the full amount within a month my car will be auctioned off. Here's the main problem, the difference of what my payment booklet adds up too and what they tell me my full payoff is $10000, I've been paying $1000 a month on a $333 (est.) payment plan for well over a year and can no longer afford that. My Bank claims with intrest increase and back due forced place insurrance that my payments wont go down even if i do have insurance and instead of paying $3,200 my payoff would be $13000.
The insurance commissioners office turned me twords the banking commissionsers office due to banking regulations are out of there jurisdiction. It could take two weeks Im told for the banking commissioners to get a response from my bank. So in the meantime I also contact the BBB which is clearing up a false credit card debt HSBC sold four years ago that may have helped ruin my credit that they are repairing and the attorney generals has still to get back to me.
Now to make things even more perplexing the banks agents that handled my loan for FIVE years now dont have no help to offer other than get a $13ooo loan from another bank to buy my car back before it is auctioned. I spoke to these people for months and never did they inform me I was in jepordy of loosing my car.
I wish to settle this without having to obtain a lawer and proceed to court but it may take a couple of weeks to even know if that would be neccesary, untill then I'm seeking as much advice as possible in hopes to prepare myself for what there responce will be if they even give one, any advice is highly appreciated and if there is anyone in the same situation please feel free to share......BAIL OUT OR SELL OUT?