I am a 41-year-old contractor. Back in March I was forced to declare bankruptcy due to some severe financial difficulties. After my bankruptcy was approved I was asked by Chrysler Financial to sign a reaffirmation loan for a 2004 Dodge truck that I purchased the year before.
Since my attorney advised me against signing this agreement I of course declined. However, I continued to make my regular monthly payments of $450.00 since this truck was my only vehicle. It is also my primary source of income as I am self-employed.
During the 3 year period since, I was contacted daily by Chrysler Financial advising me it was imperative I call their office. When I returned the call I was told they could not speak to me due to the terms of the bankruptcy. This continued until February of this year and abruptly stopped.
As previously stated I continued to make the required monthly payment with the last one being on February 20th. Also during this time my wife and I traded in a Dodge Caravan and purchased a Dodge Caliber. My mother and my sister each own a Jeep and a Caravan respectively. Pretty loyal Chrysler customers, wouldn't you say?
Well, at 4:00 am on Friday March 6th my truck was repossessed. When I called Chrysler Financial I was advised it had been taken because I was 46 days late and the past due amount was $775.95. I was also told I had been 46 days behind for the past 3 years due to a payment missed during the bankruptcy hearing.
When I offered to pay the past due amount, I was informed that I could not. I had to pay off the entire amount of the loan, which is approximately $8,500.00. I was also informed that they had asked for, and received, permission to repossess the truck in March. They obviously did not do that and as a result allowed me to make payments of $450.00/month for 3 years.
Then, with no warning at all, they repossessed the truck for a balance of $775.95. This is a company that has already received billions of dollars from taxpayers. They are now asking for billions more in order to stay in business. What about my business? How do I make a living with my truck and all of my tools in some lot somewhere?
What type of business in such financial trouble would repossess a vehicle from someone making the required payments? My truck is valued at $9,500.00 and the sale of it at auction would bring of that amount. Is this the type of business that we really want to bail out? It seems to me that this type of decision-making is what put them where they are right now.
It also seems to me that while one hand is asking the taxpayers for help the other is slapping us in the face! I'm just a small contractor from Pittsburgh and I'm asking you to spread this message for me. Let's tell these companies to go to h*ll!
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