When can we Surrender the Cars

[RedLight]

[Tbornetun]

Stop making the payments and wait for them to come get it. Don't waste your money paying any more payments to them. You listed the loans for each on the bankruptcy, correct? You have not signed any reaffirmation agreements? Then you are good to go. Stop making payments and drive them until they demand to pick them up.

[RedLight]

That is correct. We have not signed any reaffirmations and even though Citizens Auto Finance sent a reaffirmation agreement to my atty, it was blank. She just laughed when she saw it and is going to call them to see what is going on. Our atty told us there was no way she would have us sign that.

My DW and I figure that this should be a fresh start for us and by getting cheaper,newer, lower mileage cars with good mpg, we will be able to hold on to them for a while and actually drive them paid off. I have to tell you, it feels so good to be putting money into savings right now. And, I am able to fully contribute to my 401k. I never thought these days would come.

[RedLight]

What is the typical time frame that you can miss payments before they attempt to collect?

[biotechsolution]

if you are planning on financing the new car purchases you may want to start looking now. Or save up down payments so that you not stuck with 20% interest rates.

[b_girl]

Usually after you miss 2 payments, your vehicle is fair game for repo UNLESS you have already filed BK, at which point there is an automatic stay on collection attempts. However, the lender can file for relief from the stay and if granted, can proceed with the repo. We have a vehicle we had planned to keep but decided to give up and we still have it...haven't heard a word from the lender. Now that we're closed, we'll be calling them to arrange pick up.