Not reaffirming a vehicle

[lookingforward]

We already had one vehicle repoed in January. We continued to pay on the other two. Our lawyer sent us the reaffirm papers on the other two.
We signed the papers and right after that the motor went out on one of them. So obviously we are not reaffirming that one. Our 341 was yesterday. So our lawyer is notifying them that we will not reaffirm.
Here's my question. The vehicle is stored in a large warehouse where we work. It is safe in there and actually can't be driven. Do you think it would be a problem to turn in the plates and drop the insurance? We could really use the difference in the insurance costs. On my other repo, I dropped the insurance as soon as the sheriff took it. I have no worries about anything happening to the vehicle where it is now. Once they get here to take it, its their baby from then on right?

[LuciluS]

Devil's Advocate:

If the vehicle was stolen from the warehouse, would the warehouse's insurance pay for your vehicle?

If the warehouse burned down, will the warehouse's insurance pay for your vehicle that burned?

I would call the insurance company and reduce the insurance to cover only the vehicle, not the medical liability, etc. If I were in your shoes, I would call the lender who has the loan on that vehicle Every Day until they came and picked it up.

We had a Motorhome we surrended last Nov. because the insurance amount was over $100 a mth. I called the Loan Company every day and they finally picked it up two weeks after I started calling. Then I cancelled the insurance on the motorhome.

One thing to think about if you are replacing the vehicle soon. Is it worth carrying the insurance on the burned out vehicle & just transferring to the vehicle you are replacing? or is it better to cancel & get new policy? I think some insurance companies may run a credit report. Also, are you in a State where you are required to turn the license plate in? If so, you might be able to transfer the old license plate to the new vehicle & save some money. 'Google' your State's Motor Vehicle Laws.

I've already talked to my insurance agent for State Farm and he said they don't raise their rates just for a person filing Bankruptcy as I've heard some wil do so with your vehicle and home insurance.