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About to file; you will NEVER believe what just happened.

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  • About to file; you will NEVER believe what just happened.

    Well hello again everyone,

    In a nutshell: back in Oct. 08, DH & I decided to file ch 7. But to time it out right and all, we had to wait several months. Now all the paperwork is signed and our attorney should be filing our case this week. We are very anxious to get on with this so we can get it all over with and on with our lives!!!

    OK, now for the "you'll never believe what just happened" part. I'll try not to write a novel here...but some background: we have two cars. Car A, we are reaffirming. Car B, we're surrendering. It was once paid off, but then we put it up as collateral for a Citi Fi personal loan (stupid, stupid, stupid - but we were desperate). We owe like $10K and it's worth about $4K.

    Well, Car B had been sitting in our mechanic's lot this past week, waiting to be looked at for some problems it's been having. We get a call from the police Saturday (yesterday) morning saying they found it in the projects, completely trashed. Windows smashed out, license plate mangled, engine block broken (???), the inside trashed...they even ripped up our insurance/registration info and all the stuff in the glove box...wth??? (Thank GOODNESS they didn't think to come to our house and use the garage door opener to get in!!!)

    Well it turns out one of the employees at the garage left the key in the car. Not smart. We called our attorney and left a message (these things just have to happen on weekends, right?) and also talked to our insurance guy...I am very VERY anxious to hear what's going to happen. Especially with the BK factor - I mean, in a matter of days, we're going to be filed. I wonder if this will change what we state that we're deciding to do with the car? I have no idea. I cannot wait to find out what the attorney has to say.

    My gut tells me that we may be kind of screwed. I mean, we were intending to surrender the car, but not YESTERDAY, you know? We were counting on having it at least until the 341 meeting. I really don't know how these things work. Obviously ours or the mechanic's insurance will cover the "cash value" of the car (no way is it a repair job)...but I'm thinking any money will have to go to Citi Fi? That leaves us with no car AND no money to get another one.

    But then my OTHER gut tells me that we may NOT be screwed...maybe this could actually work out well for us? Can we still surrender the car, let Citi Fi take it back (if they even want it back at this point) and...if we're not liable for the remainder of the loan because of our BK, then does that mean that WE could get the insurance money and buy another car?

    Does the fact that we have not paid on this "car-collateral" loan in 7 months, and they have not even threatened to repo it...could that possibly mean that their name is not even on the title? If THAT is the case, that would be great. I can't imagine that it is, but who knows.

    Bizarre. My brain hurts just thinking about it. I'm still trying to get over the fact that this happened to us.
    Visit my blog and say hi!
    http://apple-afreshstart.blogspot.com

  • #2
    I hope I'm wrong but any money from insurance will go to the bank since it is a secured debt. As far as why they havent tried to repo after 7 months, its really not that unusual, I had a car that I hadnt made a payment on in 2 years and never heard a thing from the bank. I was hoping that they simply forgot, but sure enough one night a repo guy knocked on the door. 2 days later I filed and I still have the car.

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    • #3
      If your insurance company has to pay off the check will be in both your name and the lien holders. That is IF your lien holder is recorded on your insurance policy. The shop owner's insurance may be the one that has to pay off.

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      • #4
        My guess is , It will be CitiFiancial money if insurance pays. So Plan on being without the car now. Either way the title is theirs for secured debt. Be glad to be rid of the debt. Let us know the outcome. Good luck with your Freshstart.
        chpt 7 ,5-2009

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        • #5
          Originally posted by Floridagail View Post
          My guess is , It will be CitiFiancial money if insurance pays. So Plan on being without the car now. Either way the title is theirs for secured debt. Be glad to be rid of the debt. Let us know the outcome. Good luck with your Freshstart.
          Seconding this, as this is the whole reason why you have lienholders on the insurance when you finance the car. Citi will get whatever the cash value (usually the current MSRP) of the car, and anything left will be subject to the bk.

          Sorry you lost the car this way. I'm sure that whoever left the key on the car is probably not working there any longer.
          sigpic
          Filed - 11/19/08;341 - 12/22/08
          Discharged - 2/23/09 ;Closed - 3/6/09
          Got my first post BK credit line - car loan - 4/9/09 On my way to recovery.

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          • #6
            Yep, you're right...our lawyer said that any insurance money goes to Citi Fi. That's what I figured. The optimistic part of me should just give it up!!!

            Well this really stinks! We were NOT planning on giving up the car this soon. I have no idea what we're going to do. We have no money to buy even a crappy junker. I DON'T want to finance. Financing is what led us to BK in the first place. I just don't know what to do.
            Visit my blog and say hi!
            http://apple-afreshstart.blogspot.com

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            • #7
              Sue the people that left the key in your car and let it get stolen.

              Or at least tell them they need to provide for a rental until you get another car.

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              • #8
                Not knowing where you live is there public transportation like light rail or bus, you might could use one of those? Maybe you could carpool with a friend from work?

                Sorry this happened to you.
                May 31st, 2007: Petition Filed by my lawyer
                July 2nd, 2007: 341 Meeting Held
                September 4th, 2007: Discharged and Closed.

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                • #9
                  I feel better today. We've been in worse situations than this.

                  We still have our tax refund coming. We were going to use it to pay back DH's brother what we owe him (whenever all this BK stuff is over), but it looks like we're going to have to use at least some of it for a car. I'm just thankful it's an option.

                  Oh, and Enterprise should be dropping off our rental today - we can have it for a month - thank goodness! So at least I won't be stranded at home for the next who-knows-how-long.
                  Visit my blog and say hi!
                  http://apple-afreshstart.blogspot.com

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                  • #10
                    I wouldn't be so sure about that insurance money not being property of the BK estate.

                    You still have the vehicle and it can be surrendered to the lender. As is.

                    The question is (a) is the lender listed as a loss-payee on your insurance? and (b) if the garage pays through its insurance almost certainly the money would go to you, correct?

                    I guess the complication now is, where is the car? Did the insurance company pick it up yet?

                    Look at it another way, the loan is only secured by the value of the collateral. The collateral now only has salvage value. If you file BK today then the rest of their loan value becomes an unsecured claim. If the insurance now pays with a check made out to you jointly with the lender, it is a payment against the unsecured debt which the trustee can rightly claim as property of the estate.

                    If the check comes directly to you before you file without being payable to the lender then I think it's yours to spend.

                    I'd grill your lawyer a little more closely on this.
                    Last edited by catleg; 05-12-2009, 08:09 AM.
                    filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

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