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Too Incompetent to Deserve Bailed Out

Chase Auto Finance owned by JP Morgan/ Chase bank sent us a letter today. Letters are nice. I like getting letters. This is the first letter we have gotten from JP Morgan. We have been doing business with them for over two years. They have sent us bills. They have sent us statements. Today was the first time they have written a letter.

This letter was not so nice. It, in fact, was threatening in tone. It said if we don’t make a payment on our car by October 3rd  they may have to take it back. Take it back? Now that’s odd.

We have made 27 payments on our Pontiac G6 on time. Coincidentally 27 payments is the same number as the total payments we had owed. This letter was written on September 23rd. Our payment was due on the 20th.

Now remember this is the same establishment that received 25 BILLION DOLLARS from the U.S. government when they were in trouble in 2008. Now three days after they thought our payment was due they are threatening us with repossession. I am thinking we, the U.S. tax payers, should of treated them the same way. No instead of demanding repossession of collateral we rolled out a check book and President Bush, with the endorsement of the U.S. Congress, sent them enough money to survive. Also enough to swindle home owners but that’s a different story.

Now they think I am a couple of days late and they threaten me. Actually they think I am more than a couple of days late. They think I am 33 days late. 33 days late after 27 on time payments and they send a threatening letter.

I am sure a couple of you are now thinking we ll of course they are going to threaten you after 33 days. But there is more to the story.

Last month we traded the car in on a new one. As part of the deal the car lot paid off our old car. Granted they took their time but we have been on the phone with Chase Auto Finance every day until September 18th making sure they were kept up to date.  Even though I am sure Chase understands how car deals work and the time in which the payoff is completed.

Why till the 18th?

Because that is when they got the check for the total balance of the car.

We had this odd idea that after they were paid every cent we owed them they would be happy. Not the 25 BILLION DOLLAR BAILOUT BANK. No not them. They apparently not only wanted the money we owed but now they want the car.

It’s kind of like if a bank wanted to be able to make  decisions with no downside. Decision good – we make money. Decision bad – the U.S. taxpayers pick up the tab.

We loan money for a car. We get our money and we still want to repossess the car too. If we don’t get to – oops we made a mistake sending you a threatening letter. No skin off our …….pick a body part. We get to be incompetent and still stay in business.

I wish I lived in their world.


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