Repo status after 8 years

[Rftltto]

I am looking for some advice. I have a car financed through Ally that we purchased in 2016. In 2020 we were forced to file chapter 13 due to the economic status and our business suffering. Fast forward to this year, our case was dismissed. Now there is still a balance of $31k to pay the vehicle off. I am wanting to keep the repo off my credit but don't have the $31k or ability to obtain financing. I've reached out to Ally which directs me to Asset Recovery which seems to be run by a company called AIG Portfolio. I asked if there was an option for a settlement offer or to make larger payments to get it paid off soon. However, since the loan matured in February and Ally shows the account as closed and charged off I must work with the recovery department. The vehicle is now in repo status and I'm unsure what to do. I've tried to negotiate with them but the language barrier is making it rather difficult. Any advice or does anyone have experience working with their Asset Recovery? 

[CorpCrMgr1]

No experience with the company. I'm hopefully giving your post a bump.

FWIW, you could ask for an American English speaker as a first language. Also, push the Spanish button. The person answering often speaks Am-Eng. Lastly, ask for all of the paperwork regarding this matter.  This would include the auction of your former vehicle.

Good luck!

[JoeRockhead]

From what I get from your post the vehicle has already been repossessed. 

If it has been repossessed, you almost always have  a very limited amount of time (7 to 10 days) to either bring the loan current, which you can't do since it's been charged off, or,  come up with the balance. 

Recovery companies generally don't hold on to cars very long before they send them to auction.

If it hasn't been repossessed yet, they're looking for it. If they're willing to accept payment and release the car to you, again, they'd be looking for the balance owed (plus any other fees due) in order to release the car.