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Cars not picked up yet

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  • Cars not picked up yet

    Hi! I'm new posting but have been reading the forum for a few months. My chapter 7 was just discharged a few days ago and I wanted to know if/when the lenders will pick up the cars?

    History. --- I had 2 other Chapter 13 that were dismissed for late payment. So I basically filed 2 chp13 bankruptcies back to back (not confirmed) and then 1 chp 7 (no asset) and finally had a successfully discharge. I didn't reaffirm either vehicles because they are underwater. So basically, we haven't made a payment to either lenders since late 2016 (over a year!!)

    I owe 22k on one SUV and the SUV is worth like 12k. I owe about 4k on the car and it is worth about 5k. Chp 7 discharged a few days ago. I haven't called them. When will they come get their cars? I'm trying to ride as long as I can for free but I don't want to be stuck without a car before I go buy a new car. I also heard that sometimes the lender will deem the car not worth being picked up.

  • #2
    There is no guarantee of if or when a creditor will come to pick up your cars. Each situation will vary depending on a lot of factors, among them being:

    - If the vehicles are worth the time and effort for the creditor to pick them up
    - If the lender is a credit union (credit unions are much more likely to repossess vehicles that were not reaffirmed).

    The creditor may contact you some time in the future and try to make arrangements to either pick up or have you drop off the vehicles, or they may just wait for an opportunity to take them when the vehicle in a place where it can be easily towed. Basically, don't count on being informed beforehand if the vehicle will be taken and don't keep valuables in your vehicle accordingly.

    If you want to try and limit the guess work of the intentions of the creditor you could call them and ask what they plan on doing and even try and make arrangements for the vehicles to be picked up or dropped. Obviously, this may limit the amount of time you'll have a "free ride" but you'll get rid of some of the uncertainty of the situation.

    Comment


    • #3
      Originally posted by HeyRay2 View Post
      There is no guarantee of if or when a creditor will come to pick up your cars. Each situation will vary depending on a lot of factors, among them being:

      - If the vehicles are worth the time and effort for the creditor to pick them up
      - If the lender is a credit union (credit unions are much more likely to repossess vehicles that were not reaffirmed).

      The creditor may contact you some time in the future and try to make arrangements to either pick up or have you drop off the vehicles, or they may just wait for an opportunity to take them when the vehicle in a place where it can be easily towed. Basically, don't count on being informed beforehand if the vehicle will be taken and don't keep valuables in your vehicle accordingly.

      If you want to try and limit the guess work of the intentions of the creditor you could call them and ask what they plan on doing and even try and make arrangements for the vehicles to be picked up or dropped. Obviously, this may limit the amount of time you'll have a "free ride" but you'll get rid of some of the uncertainty of the situation.

      Thanks! This makes sense. My loans are through subprime lenders (capital one and carfinance). You're right, I was concerned about the guess work and whether they would tow me while I'm out and about. After all, I've been riding car payment free for over a year. Well, not entirely free since I still have car insurance and I recently paid registration on them.

      I just didn't know if they'd hire someone to stalk us and then grab the cars while we're at a gas station or something. I'd gladly hand over the car and keys if they were to show up at my house. I don't want to call them as that could cause them to escalate the file since I do need until the end of the month to make sure I'm getting the best financing on a new car.

      This has been a roller-coaster ride filled with what-ifs...

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