Question about the repo-man!! Need advise

[sydneynoel]

After much thought and consideration we have decided to let one of our cars go and just make do with one car for awhile. We currently have 2 cars. A 2004 Pontiac Sunfire which costs us $254/month and a 2002 Dodge Durango that costs 600/month. We are obviously wanting to give the gas guzzling SUV (Durango) back because it has 100,000 miles on it PLUS we still owe almost $11,000 on it. My question is this, since we are going to surrender it in the BK when we file in Dec. (waiting out the 90 days since credit card activity) should we simply call the bank and ask them where we can bring it? Or tell them to come and get it? Or just wait for the repo-man???? We are current on the payment (bank will be really surprised as we've never been late....only cuz we have been known to take cash advances to make the payment) but I was just wanting some advice. The next payment is due on Sept. 26th and I'm not paying it. We need the money to give to our attorney. Should I call the bank and ask if I can bring it back to them because we're filing bankruptcy or should I just sit tight and wait for the repo man? I want to do whatever is less embarrassing. I think my husband would be embarrassed if the repo man showed up at work to get the Durango. Even though it wouldn't be there because my husband doesn't drive it to work. The repo guy could still show up!!! Also, if he comes here all our neighbors will see our Durango getting towed off!!! Most importantly though my 4 yr old son is OBSESSED with our Durango. If you have a little boy I'm sure you understand. His first word was "Truck", and whenever we're driving around he sits in his booster seat and counts Durangos! It would literally break his heart and mine to watch it get hauled off. I want to avoid him accidently seeing this happen. He doesn't even understand when we drop the Durango off for oil changes!!! He bawls because he thinks they are keeping our vehicle. Can someone tell me what they would do? Realistically they probably won't even think about coming to get it until it's 30-60 days late, but after that don't you think it's best if I voluntarily surrender it to them before we file BK? Or will then I have a repocession and a BK on my credit report? I need advice.

[rrockinggramma]

it will take at least 2 monhs of missed payments to bring out the repo man. and even then, once you file, it will sit in your driveway until they lift the stay to come get it or until you are discharged. From my own personal experience, a voluntary repo is still a repo on the credit report. It makes no difference. Are you with a bank or a credit union? If it is a bank then you are ok to just let the payment go and use your caller id to ward off the collection calls. If it is a credit union, talk to your attorney. They are nasty in BK and cross collateralize and cause you a lot of stress until you file. As to your son, awww, I would be preparing him now for the loss of the truck. It could be pretty traumatic for him. But to avoid the tow truck, you could just drop it off at the bank and hand them the keys, or I had to take it to the dealership and hand them the keys. Ford had called them and knew it was coming and the guy was great and said ok, thanks. And I drove off into the sunset . . . (but credit report still says repo

[rrockinggramma]

actually my credit report says, repo, discharged in BK. so both are on my credit report. The only way to avoid both on credit report is to stay current until day you file, then let it go back. Then it should say IIB/zero balance only. (hopefully) but credit reporting agencies never get it quite right)

[genseeker]

DO NOT RETURN IT BEFORE YOU FILE. If you return it before you file, then the bank can legally list it as a repo. However, if you wait until after you file, then the status will be changed to IIB (included in BK) plus whatever your payment status was when you filed. We are surrendering our vehicle and we had got 60 days late 1X so the bank can list the 60 days late but cannot list it as 90 days late, 120 days late, repossession, etc.

Same with CC, if you are not late when you file, then the account cannot be changed to late. My hubby & I had some CC that we were never late on when we filed. The banks cannot ever mark those as late. The correct status for those CC will be (IIB/Never late)

Unfortunately, an auto accident and the possibility of one of the jerks suing us (accident was not our fault), was the item that pushed us into BK. One of the other people tried to tell our insurance company we caused major damage to his truck and that he couldn't get out of bed. The officer noted previous damage to the guys truck (the damage had rust in it) and the guy told the cops he was fine and had no injuries. The only damage to his truck was a black mark on his rear bumper, no dents or any signs if damage, a rubber fender on a trailer caught the edge of his rear bumper and left a black streak which the officer observed could be wiped off with no trace left of it. The wreck was listed as caused by faulty rental equipment, which makes the rental company liable for the damage.