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Very surprised

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  • Very surprised

    First a little background, my Chapter 7 was discharged towards the end of May and closed in July both in this year. So, it has only been roughly 5-6 months since the discharge. I have a 2007 Corolla that I had intended to reaffirm, but Toyota never sent the paperwork, so I ended up with a ride through. I have been paying the car pmt on time every month since I filed for bk.

    Well,I got into an accident a week ago. Somebody rear-ended me and pushed me into the car in front of me. I'm not going to be out any money from this as the person behind is 100% at fault and is considered so by the insurance company. But my car was the one in the middle and sustained the most damage. Chances are extremely high that it will be totaled, I am basing this on the fact that my ex had cars totaled by insurance for less damage. I will know by Tuesday.

    Well, I applied at Capital One for a used auto loan just in case it is totaled. I was approved for $14,400 at 9.51% interest. It's higher than my current auto loan, but given the BK, I am not surprised. It also could have been much higher.

    I also have a car that I want to buy if my car is totaled that I will be able to get for less mileage than what is on my current car and considerably less than blue book. I am having a mechanic look at it since it is used. It's the same type of car as what I have except it is a year older.

    Here's hoping that this goes smoothly. The best part about this is that I don't even have to consider getting a cc to rebuild my credit, if I do have to get a car, this will do it for me.

    And I am very glad that I didn't reaffirm the car loan as I still owe more than what the insurance will pay for it.

  • #2
    So will you sign the check you get for the totaled car over to Toyota and then buy this car?
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

    Comment


    • #3
      Originally posted by keepinitreal View Post
      So will you sign the check you get for the totaled car over to Toyota and then buy this car?
      The check will go directly to Toyota. That is what has happened in the past when my ex totaled his financed car. If it does come to me, then I will sign it over to Toyota. But they will not be getting anymore than what the insurance pays for it. But the insurance won't send me the check without the title. And Toyota won't give up the title without the insurance check, so it will be handled by them. If Toyota decides to play hardball and insist on the what the insurance doesn't cover, I will just tell them to repossess the car. I did everything I was supposed to. I kept it insured. I wasn't at fault in this accident at all, so they can't claim that I willfully damaged the vehicle.

      Comment


      • #4
        I'm glad something good can come out of a bad situation. I hope you get this car!
        Filed Chapter 7 July 2010
        Attended 341 September 2010
        Discharged November 2010 Closed November 2010

        Comment


        • #5
          Originally posted by helpmeout View Post
          The check will go directly to Toyota. That is what has happened in the past when my ex totaled his financed car. If it does come to me, then I will sign it over to Toyota. But they will not be getting anymore than what the insurance pays for it. But the insurance won't send me the check without the title. And Toyota won't give up the title without the insurance check, so it will be handled by them. If Toyota decides to play hardball and insist on the what the insurance doesn't cover, I will just tell them to repossess the car. I did everything I was supposed to. I kept it insured. I wasn't at fault in this accident at all, so they can't claim that I willfully damaged the vehicle.
          If they don't get what you owe and you don't have GAP insurance they will come after you for the difference. Of course, if the accident wasn't your fault you should be getting that difference from the person who was at fault. You are going to have to do some work and file claims with the insured to get the settlement. Toyota isn't going to just say, oh well we lose out. They did what they were supposed to do also, lend you money for a car. You have to pay it all back regardless of what happens to the car.

          EDIT: OK, excuse my stupidity. The car was included in the BK and not reaffirmed. They are very likely to flop on the floor and foam at the mouth but you should be fine. If you used a BK attorney I would run it by them, because you may run into an issue on the schedules where you likely chose reaffirmation and not surrender. Even though you didn't sign a reaffirmation agreement, there might be some legal loophole that since the BK paperwork didn't show surrender and you continued to make payments that a reaffirmation could be implied. You just never know, I would check into it.
          Last edited by LSUTiger32; 10-31-2010, 08:38 AM.
          New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

          Comment


          • #6
            Originally posted by helpmeout View Post
            First a little background, my Chapter 7 was discharged towards the end of May and closed in July both in this year. So, it has only been roughly 5-6 months since the discharge. I have a 2007 Corolla that I had intended to reaffirm, but Toyota never sent the paperwork, so I ended up with a ride through. I have been paying the car pmt on time every month since I filed for bk.

            Well,I got into an accident a week ago. Somebody rear-ended me and pushed me into the car in front of me. I'm not going to be out any money from this as the person behind is 100% at fault and is considered so by the insurance company. But my car was the one in the middle and sustained the most damage. Chances are extremely high that it will be totaled, I am basing this on the fact that my ex had cars totaled by insurance for less damage. I will know by Tuesday.

            Well, I applied at Capital One for a used auto loan just in case it is totaled. I was approved for $14,400 at 9.51% interest. It's higher than my current auto loan, but given the BK, I am not surprised. It also could have been much higher.

            I also have a car that I want to buy if my car is totaled that I will be able to get for less mileage than what is on my current car and considerably less than blue book. I am having a mechanic look at it since it is used. It's the same type of car as what I have except it is a year older.

            Here's hoping that this goes smoothly. The best part about this is that I don't even have to consider getting a cc to rebuild my credit, if I do have to get a car, this will do it for me.

            And I am very glad that I didn't reaffirm the car loan as I still owe more than what the insurance will pay for it.
            helpmeout...that is great news about the loan!! shoot i was just reading a thread where the person could only get like 19% plus!! wow...

            by the way...you did list the car on the bk right?? you just did not reaffirm the loan??

            i know we surrendered the our car...have NO clue what happened when the CU put it up for auction...if there was a deficiency or what...actually it didn't matter because we listed the entire loan anyway..

            i see what lsutiger is getting at...if there is a deficiency between what the insurance pays you and what the car is worth....i'm thinking if it was listed then you are good to go....anyone else???
            8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

            Comment


            • #7
              If the car was listed in the bk and not reaffirmed, then the deficiency balance should be covered. If the car was listed in the bk and reaffirmed, even implicitly, then the insurance company may try to collect the money, but they may lose. It is not as clear cut a case in that situation.
              You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

              Comment


              • #8
                Originally posted by backtoschool View Post
                If the car was listed in the bk and not reaffirmed, then the deficiency balance should be covered. If the car was listed in the bk and reaffirmed, even implicitly, then the insurance company may try to collect the money, but they may lose. It is not as clear cut a case in that situation.
                yes, that's what i thought as well...
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment


                • #9
                  Originally posted by LSUTiger32 View Post
                  EDIT: OK, excuse my stupidity. The car was included in the BK and not reaffirmed. They are very likely to flop on the floor and foam at the mouth but you should be fine. If you used a BK attorney I would run it by them, because you may run into an issue on the schedules where you likely chose reaffirmation and not surrender. Even though you didn't sign a reaffirmation agreement, there might be some legal loophole that since the BK paperwork didn't show surrender and you continued to make payments that a reaffirmation could be implied. You just never know, I would check into it.
                  No, they can't come after me without a judge having signed off on a reaffirmation agreement. I did check with my attorney regarding this when I got discharged. It doesn't matter that I had checked that I was not surrendering. They should have sent the actual legal paperwork. And if they do come after me, I will let my attorney handle it as a violation of the discharge.

                  Comment


                  • #10
                    Originally posted by helpmeout View Post
                    No, they can't come after me without a judge having signed off on a reaffirmation agreement. I did check with my attorney regarding this when I got discharged. It doesn't matter that I had checked that I was not surrendering. They should have sent the actual legal paperwork. And if they do come after me, I will let my attorney handle it as a violation of the discharge.
                    that's GOOD news helpme!! glad to hear that!
                    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                    Comment


                    • #11
                      This adds one more reason why I didn't want to reaffirm my vehicle with Toyota. On the bk petition, my atty checked "reaffirm" box. Toyota did in fact send my lawyer the reaffirm paperwork but she told me to disregard it so I didn't sign anything. I'm glad I didn't.
                      Filed chapter 7 Jul 13, 2010 341 hearing Aug 12, 2010 Trustee's report of no distribution Aug 20, 2010 Discharged Oct 13, 2010 Closed Oct 28, 2010.

                      Comment


                      • #12
                        Originally posted by helpmeout View Post
                        No, they can't come after me without a judge having signed off on a reaffirmation agreement. I did check with my attorney regarding this when I got discharged. It doesn't matter that I had checked that I was not surrendering. They should have sent the actual legal paperwork. And if they do come after me, I will let my attorney handle it as a violation of the discharge.
                        Well then what was the problem? You have no legal obligation to the car so whatever they give you will go to Toyota and that will be done. Get you another car.
                        New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home!

                        Comment


                        • #13
                          Originally posted by LSUTiger32 View Post
                          Well then what was the problem? You have no legal obligation to the car so whatever they give you will go to Toyota and that will be done. Get you another car.
                          There is no problem. The car was totaled and between the refund for the extended warrenty and the payments I have made since filing, I actually had positive equity (didn't at the time of filing, though) so I got a check for almost $3K and Toyota got all of their money.

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