My story on this topic

[MizErin]

I filed Chapter 7 bankruptcy in November of last year. I had 2 vehicles in my name; 1 upside down quite a bit and another that was a tiny bit upside down. I did not reaffirm either vehicle, but planned to keep making the payments on them. I was officially discharged from my bankruptcy on February 20th, and these vehicles were discharged as well. Like I said, originally, we wanted to keep both cars, but when I realized that they were not going to be reported to the credit bureaus as a good-standing account, which is what I need to rebuild my credit, we decided to see what we could get and to stop paying on my husband's car (the one a tiny bit upside down).

We went to the dealership last night and walked away with a used 2015 Chevy with low miles and same payment as the vehicle we currently were paying on! I couldn't believe how easy it was to obtain a new vehicle a little over a month after bankruptcy! My new loan is through Wells Fargo with a 12% APR. I thought the APR would be much worse, also!

Now, we have this vehicle that I guess we'll just give back to the bank since it was discharged through the bankruptcy. Does anyone have any experience with giving the car back? How does this work?

[LadyInTheRed]

If you stop making the payments, the lender will send somebody to pick up the car eventually. If you are in a hurry, you can call them and tell them to come get it, which may or may not speed up the process.

Your story sounds pretty typical for people seeking car loans after Chap 7. You can get a loan, but the rate is not going to be great. I'm glad your rate was better than you expected.