car got repoed
My car just got repoed!! The guy told me where he was taking it and that we could pay to get it back but since my name isn't on the title, he has to talk to my husband about the total amount we need to pay to get it back. He's at work and still doesn't know it's been repoed or that there was a threat of repossession. My husband and I are planning on filing Chapt. 13 in a few months. The problem is, this was my husband's car before we were married and his mom co-signed. Will they go after her for the amt owed or will they sell it at auction and consider it closed? The thing is I really don't want the car (big payment, plus it's too small). Our credit is already screwed, so I don't care about that either. My only issue is with my mother-in-law. What is the best way to handle this for her sake?
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Unfortunately, they will go after your mother in law. Does you mother in law know that you are going to file? -
Yes she knows, she wants us to. So our only option is paying whatever they're asking for and getting the car back, right?Comment
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No, you can also let them keep the repo and pay the difference between what they sell it for and what you owe. This might not be a good plan though because when they sell it at auction, they won't get much, you'd probably do better to sell it on your own and pay a much smaller deficiency if you don't want this to hurt the MIL's credit.Filed CH 13 September 17, 2007
Plan Modified July 8, 2009 from $1100/month to $400/month due to change in income, finally discharged in July of 2013!Comment
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If the mother-in-law co-signed for the car, then her credit is already damaged.
I'm sorry about the repo... Does your MIL know about it? Had they been calling her about the payments? It might be better coming from you guys instead of having somone with papers serve her at her door later.Comment
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