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Car paid in plan ?

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  • Car paid in plan ?

    I just got the pink slip in the mail to a car paid inside the plan. .... but I have 14 months left in plan...

    Do I own the car ? Can I sell it ? How the heck did no one tell me about this ??

  • #2
    Short answers - Yes, maybe and well, read on.

    I've noticed that some financial institutions will give you clear title while in a 13, others not. I paid off two vehicles during my plan and still had about 18 months to go. A phone call to the lender informed me that they would hold the title until notified of discharge. Logic dictates that the trustee would be aware that the vehicle would be paid off early (part of the plan) and would funnel the available funds to unsecured or pay off early if you are in a 100% plan. My percentage to unsecured did not vary since day one but they were not all getting paid, regularly, until after the vehicles were paid off. Have not received mine but will not be officially discharged until after the 27th of this month, awaiting any objections.

    If I've learned anything on this forum is that consistency is non-existent when it comes to how some 13's are handled. Varies between states, districts, even trustees. All apparently have their own way of dealing with the stuff not mandated by law.
    Filed 11/10/08

    Discharged 2/18/14

    Comment


    • #3
      We won't get the title to our vehicle being paid in our plan until our 60 months is over. All unsecured claims are paid and the balance on the car is just over $500. NDC shows there is a balance on hand of over $1,500. The trustee is stretching the payment out the entire 60 months.

      I would love to get the title to drop the full coverage insurance off the car. It has over 200k on it and is on borrowed time at this point. We only drive it when absolutely necessary.
      Filed July 2009. Discharged 08/08/2014. Awaiting closing. We made it !!!! Woo-hoo!

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      • #4
        I filed Pro Se and I had actually created a plan which paid off the car(s) early while spreading out my other arrears. The Trustee decided to just pay an even amount over 60 months; that is typical. So my confirmed plan is different only in how the payments are made.

        As everyone is posting, some Trustees like to payoff secured debt up front and other Trustees like to just pay evenly over 60 months for all creditor.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Our car & truck were also paid off in our plan. They have been paid since late 2012. The payment was ten applied to taxes which show zero balance Dec 2013.

          We have 2 months left, last payment due in April. What I think is strange is that the trustee is not sending any money to our credit cards! We are not in a 100% plan, only things that got paid were our vehicles & taxes!

          The chapter 13 data center now shows we have $1700.00 on hand & the last dispersement was Dec 2013 for taxes!

          We also don't have the titles to our cars & also have full coverage on a car with 150k miles! Hope to get this changed soon!

          Comment


          • #6
            Well, I have the Pink Slip and Updated DMV registration that show no liens and it's all mine.

            I noticed last months payment increased to unsecured creditors , so maybe that's what they're doing is paying a higher amount to unsecured.

            I just wanted to know if it really was mine , as in mine to sell or do with what I want.

            Comment


            • #7
              Not having first hand experience with this, per se, here is my take. If you hold clear title I would see no reason as to not being able to sell it. However, if it is sold for more than what was owed thru the plan there may be an issue as the "extra" money could be up for grabs by the trustee. JMHO
              Filed 11/10/08

              Discharged 2/18/14

              Comment


              • #8
                FYI, you would typically receive the title if the car was paid off using the terms originally agreed upon when you took the loan. If your 13 resulted in the value of the car or the APR of the loan being crammed down, then you would not typically receive the title, as the bank would want to come after you for the difference if you fail to complete the 13.

                Comment


                • #9
                  Yes, the auto was not crammed down in the plan and neither was the one out. Only the 2nd mortgage which didn't even file ( ?? CHASE ?? ) and the unsecured credit cards. I guess the only dilemma about selling is I'd have to pay cash for any type of replacement. I don't want to get another small auto loan if it means talking to Trustee or Atty.

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