When do they take your car??

[DadTL]

We had planned to reaffirm our minivan in order to help rebuild credit after discharge and because mama likes it
We have the loan with our credit union who we also had a truck loan $21k (took that back to them) a signature loan $5k, and a line of credit $18k. They wouldn't return any of our voicemails so I went over to the main branch... finally got someone to answer questions.... they've been told by one of the head honchos that we either reaffirm all or nothing
Needless to say... it will be nothing.....
Luckily we took all our funds out of that CU right before filing...
I tried to tell them that with the damage to the van it won't be worth what is owed and that we are just trying to do the right thing (as evidenced by dropping the truck off to them the day after filing of our own volition).

So now... my mom is going to either co-sign for a 'new' van if we can do that so that it is somewhat in our name, or just in her name if we have to so that my wife has a car. In the meantime.... since they've decided that they don't care if we do the right thing or not, we're going to keep the van until they come get it.

So if you've read this far... can you tell me how long it will be until they come get it?? Will it be after the 341 in a couple of weeks, or after discharge ???

Or.... do I find out if they will keep accepting payments on it without reaffirming? Would this be better for our credit rebuilding efforts??

TIA

[Priceless ProSe]

It wont be during the automatic stay unless they file for relief from the stay, keep your eye on pacer so you will know in advance if they are coming for it. If the van really is upside down, you might consider letting it go (depending on how upside down it is) if you think you could find another vehicle post BK or simply do without.

[Cali]

It depends on how aggressive the CU is and if they get relief of stay.

[momof5]

I just dont understand these Credit Unions. I also am a 'Mama who loves her van' so I completely understand where your wife is coming from, our CU has given us 2 options also. Reaffirm or surrender. Well after they added in their fees, its really a no brainer now. They can have it back. They wont talk to us either as we would like to find a mutually agreed upon place to return it.

They really are going to lose so much on this vehicle! Its worth much less than we owe. I just dont get the thinking on their part. Now because they refuse to talk to us, we will stop payments in August(we are current up till now) and sit and wait for them to come get it. Thats another expense they will have. They wont even tell us how long after non payment until they retrieve it. It all reminds me of when my oldest was a little (shes the only girl) and would get upset about something and play the silent game. She was only about 4 at the time. A CU is a business so you would expect more mature dealings. Oh well... I just figure their loss.

I wish we had someone here who worked for a CU who could explain this 'business' tactic on the part of Credit Unions.

[Tabbygirl]

A CU is a business so you would expect more mature dealings. Oh well... I just figure their loss.

I wish we had someone here who worked for a CU who could explain this 'business' tactic on the part of Credit Unions.

I like banking with credit unions for checking/savings and such, not to mention that we are in a rural area with not a lot of banks and the CU nearby is part of a group with locations all around here...BUT...my experience with a CU is they're businesses--nothing more; the "personal service" /"Member owned" talk is just talk. If they think they'll make money, they will do the deal...if not, then no go. I wonder if the "no deal" mindset is partially because they're supposed to be non-profits, therefore may not be able to negotiate as much as a admittedly for-profit bank. I guess I will find out as I have a CU car loan!!!!!!!

I'm seriously about done with banks except for my ATM/Visa check card and am about ready to stash my money under my bed or in a safe.

[Cali]

I've never financed a vehicle with a bank or CU.

I would think they would want money instead of having something on the lot that will sit there forever and them lose money in the end. Doesn't make good business sense to me.

[dragonnfly]

As Priceless said above they cant come and get it during the Automatic Stay unless they file to lift the stay. Im pretty sure that is the time from when you file til the 341. Our loan Co called the night before our 341 and asked if it was OK if they picked it up, I had been expecting their call. Instead of the legal fees involved in getting the stay lifted they just sent a letter to my lawyer asking permission to contact us and PU the vehicle. My lawyer asked me if I was ready to give it up and he signed it and sent it back. Our went back the night before our 341 which was almost 2 months. Dragonnfly

[Cali]

The whole car thing seems to be a mystery. For some they take it fast, and for others they don't.