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Cars just paid off in Plan...question...

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  • Cars just paid off in Plan...question...

    So we are about 15-16 months into our plan. The TT just paid off both of the cars being paid in the plan. My question is what would happen in regards to the cars if the plan was dismissed for some reason? Would we get the titles to the cars since the principle was paid in full already, even if the case itself never got to discharge?
    Filed CH 7 Sept. 2011 - UST Motion to Dismiss (presumption of abuse) Dec. 2011 - Converted to CH 13 Feb. 2012 - Plan Confirmation May 2012 - Expected Discharge June 2017

  • #2
    Yes, you would get the titles if the plan is dismissed. In fact, you may get them soon. They really should send the titles as soon as they loans are paid off. But, some lenders don't send them until you are discharged.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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    • #3
      Was your car loan paid the full amount they were owed or was it a crammed down amount? We paid off our full amount after 6 months of plan payments and the title was returned to us. We were told this was because we paid the full amount so there was no concern that if the plan didn't complete, they wouldn't get the money they were owed. They would have held the title till the end of the plan if a reduced amount had been paid (this was per Toyota Financial). Just sharing my experience.
      Filed Chapter 13 - 07/20/12
      Discharged 8/2/16

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      • #4
        Sophieanne is correct. If you have paid off the underlying contract in full you will get your lien release regardless of the status of your bk. If you have only paid the lender's allowed secured claim and that claim is less than the amount owed on the original contract (including the contract rate of interest), the lender will not release the lien until you get the Chapter 13 discharge. If the case gets dismissed and you have not paid the original contact in full, unless you bring payments current or make other arrangements with the lender, the lender can and will repo the vehicle.

        Des.

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        • #5
          The principal owed was paid in full on both vehicles, and both at 100%. In fact, one of the CUs (both cars were financed through CUs) actually refunded some money from the last payment to the TT (which I saw on Datacenter).

          Now, the interest rates were reduced on both cars to 4% in the plan. One car was originally around 7%, and the other was around 11%.

          So I'm wondering if the CUs would try to collect the difference in interest, and how much that would be? And I wonder if they would therefore withhold the Title? This is all hypothetical as I'm not planning on a dismissal.
          Filed CH 7 Sept. 2011 - UST Motion to Dismiss (presumption of abuse) Dec. 2011 - Converted to CH 13 Feb. 2012 - Plan Confirmation May 2012 - Expected Discharge June 2017

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          • #6
            Hi Alorth,
            In my case, the interest rate was reduced also..i can't remember how much but it was minimal. Because my trustee paid off the car so quickly the difference between the interest paid in the plan and what would've been paid outside the plan was very little (maybe around $100). In my case Toyota financial did release the title and said if for some reason the case was dismissed they would invoice us for the $100. If your case completes per your plan they can't ask for that difference. You should call the CU and ask if you'll get your title back..i can't see why they wouldn't give it back. Also they would be able to tell you what the difference in interest would be. I did this with Toyota Fnancial...they just had me state that our phone call was not an attempt to collect a debt that I was just calling for information.
            Filed Chapter 13 - 07/20/12
            Discharged 8/2/16

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