Automotive Credit Corporation Repossession

R

Roberts

Member
Has anyone here dealt with a repossession through Automotive Credit Corporation? I’m trying to get a clear picture of what to expect and how it shows up on my credit report.

I fell behind on my car payments and recently got a notice from ACC about repossession. From what I understand they’ll either take the vehicle back or let me try to redeem it by paying a lump sum, but I’m unsure how flexible they are. I’ve read that once the car is sold at auction, I could still be responsible for the balance if it sells for less than what I owe.

If you’ve been through this with Automotive Credit Corporation, how did it play out? Were you able to negotiate anything before or after the repossession? And how bad was the impact on your credit score long term?

I’d really appreciate hearing from others who’ve had firsthand experience. Just trying to figure out if there’s a way to minimize the damage and possibly work something out before it’s too late.
 
I went through this with ACC about two years ago. They were quick to repossess once I missed more than 60 days. They did give me the option to reinstate the loan if I paid all the back payments plus fees, but it was basically impossible for me at the time. Once they sold the car at auction, I got hit with a deficiency balance of around $4k. It tanked my credit score by about 90 points initially, but it slowly recovered after I started rebuilding.
 
Honestly, ACC was super rigid in my case. I tried to negotiate a smaller lump sum to keep the car, but they wanted everything in full. It felt like talking to a brick wall. If you still have the car, my advice is to try to scrape together the reinstatement money before they pick it up. Once it’s gone, they’re a lot less flexible.
 
Honestly they’re not super flexible. I tried negotiating partial payments to avoid repo, but their answer was pay the full past-due or surrender the car. Harsh, but that’s subprime lenders for you. Once they take the car, you lose leverage. If you can somehow scrape together the redemption amount, that’s your best shot. Otherwise, prepare for the credit ding.
 
I’d advise calling them and asking about reinstatement.nSome states allow you to reinstate the loan by just paying the past due plus fees, not the whole balance. I was able to do that once with a different lender. Don’t know if ACC honors it everywhere, but worth asking before you give up.
 
I dealt with ACC back in 2019. Once I was 60+ days late, they sent me letters and calls nonstop. They weren’t super flexible unless I had the lump sum they wanted. Eventually, they repossessed my car and sold it at auction. The sale didn’t cover my balance, so I still owed around $4k. It tanked my credit for years......dropped like 120 points.
 
My cousin had their car repossessed by ACC. They said ACC gave them one chance to reinstate the loan by paying past due + fees, but the timeline was short (10 days). If you can scrape that up, they’ll usually work with you. Once it’s gone to auction, it’s rough. On the credit report it showed as repossession and stayed for 7 years.
 
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