I entered my loan with LBAC 2 years ago when I purchased a used Dodge Caravan. I had credit problems and my trade-in wasn't worth much so I ended up paying top dollar/top interest rate. I was also told that Long Beach was the only company that would take me. My payments were astronomical, but financially we could handle it at the time.
Then the current economic crisis hit. We live in Oregon and my husband was one of the many laid-off computer guys. He was out of work for 9 months, and we had to move so I could get a better paying nursing job. We were struggling to get payments in on time for all of our bills. I tried to keep in contact with LBAC, to let them know when a payment was coming if it was a few days late, but when I got on the phone with them they were harrassing, and eventually I stopped making contact and would let the answering machine pick up.
We are still struggling, and are about 1 month behind. They have started calling my family members, and my employer. I have tried to expain the situation to them, asking if we could lower our payments and pay over a longer period of time, but they are rude and insulting, verbally abusive and threatening.
I realize it is their job to get payment for the car, but in light of many people's sudden change in economic status I think they would be better off working with their customers instead of threatening them. They will end up with more money in the long run if they are more flexible.
I would love to get rid of my car and get something cheaper with lower payments, but I now owe more than it's worth. Ideas anyone??