Lender hasn't come to get vehicle.

[Tommytunacan]

I filed bankruptcy Oct.26th. Got my discharge papers over a month ago. I gave up 2 vehicles. One they came and got in early November. The truck that needs work is still at my house. The transmission is gone and it'll need to be towed. I've been communicating with them for about a month and they asked me to tow it to the bank. I said no. I'm not spending my money on this vehicle. It's no longer mine. They said they would send someone to get it. Called yesterday to get an update on when it'll be picked up. They have me an auction company's info. Called them and as of Jan. 1st it's illegal for them to tow it from private property. Pretty sure the bank does'nt want to pay to tow it as they're already going to take a big loss on it. I owed $4000 and its legitamately worth maybe $2000 running and driving. It needs a transmission and other small stuff but overall it's a solid truck. I've put a lot of new parts on it in the last 10k miles it was driven. Would they be willing to sell it to me for a very low price so they don't have to deal with it? I'm looking for a truck and I wouldn't mind putting a transmission in this one and drive it. The money is already lost on their end. Anyone ever heard of this? I either want the title or the truck gone from my driveway. A local auto recycler said they would remove it as it sits without a title. They'll cut it up and sell it for scrap metal. Will I get sued if I go that route?

[keepmine]

I wouldn't sell it as long as the bank has a lein.

It can't hurt anything to see if you can negoiate a deal with the lender.

[bcohen]

If you can store the vehicle on your property without being harassed or fined by the city, I would recommend leaving it there for a while. Then, depending on your objective, here's what to do:

If you simply want the vehicle gone, you could try to reopen the bankruptcy and argue that the lender's failure to pick up the vehicle or release their lien is preventing you from having the "fresh start" to which you are entitled. At this point, the lender will probably pick up the truck, but perhaps they would be willing to release their lien so you can (legally) junk it.

If you want to keep the vehicle, then before you invest any money into repairing it, settle with the bank in exchange for a lien release. The longer the vehicle sits, and as a result more time has gone by, the lower of a settlement the lender will accept. It sounds like you should start your offer at $300-$400, and go no higher than $500-$800, because the transmission repairs are going to cost $1000 or more.

If neither of these options work for you, and the truck has already sat on your property for a year or more, then I would suggest sending a certified letter (return receipt requested) saying that the truck does not run, you cannot keep it on your property any longer, and if it is not picked up within 90 days, then you will have a scrap dealer tow it away for scrap metal. Then after 90 days from when the signature card shows delivery, have some company which will accept junk vehicles with no title pick it up.

[justbroke]

I agree. Offer $300 for the title. Otherwise, tell them to come and get it.

[frogger]

And if all else fails, push it out to the curb on county property.

[LadyInTheRed]

And if all else fails, push it out to the curb on county property.

He might then become responsible for parking fines.

[Tommytunacan]

I called and offered them $500 for the title. I welcomed them to come inspect the vehicles condition. She told me she would call back. She called me a few minutes ago and said they would only accept $4036 for the title. I just laughed at her. Told her they have a week to remove it or I'll put a free sign on it. I wouldn't accept money from a scrapper for the truck. It's not mine to sell but it's not mine to store either.

[spidge]

How much would it actually cost to tow the thing to the bank to just get rid of it.

[frogger]

He might then become responsible for parking fines.

I would take the position that it's not my car.

[justbroke]

Charge them storage fees. Keep good records. Charge $50 a day... and tell them you'll auction it to pay the storage fees after 30 days.

[bcohen]

How much would it actually cost to tow the thing to the bank to just get rid of it.

This is a BAD idea for two reasons. First, he should not have to pay the $100 or more for having the car towed. A scrap dealer would tow it away for free, and maybe even give him some money--even with no title. Second, and more importantly, the bank most likely rents the location where its branch is located, and the property management company probably has a contract with a tow yard to tow away abandoned vehicles. As the current registered owner, he could find himself charged for towing, storage, and disposal fees.

Like I said, unless the city is threatening fines or other legal action, it is best to send a certified letter telling the lender that the vehicle is inoperable, costs too much to repair, and after 90 days, it will be considered abandoned and junked. Then after 91 days, junk it. And if you can get a couple hundred bucks for the scrap metal, take it.

[Tommytunacan]

The free sign idea got their attention. They called me today at work to make sure they had the right address. They're coming to get it tomorrow. Thanks for the advice.

[spidge]

This is a BAD idea for two reasons. First, he should not have to pay the $100 or more for having the car towed. A scrap dealer would tow it away for free, and maybe even give him some money--even with no title. Second, and more importantly, the bank most likely rents the location where its branch is located, and the property management company probably has a contract with a tow yard to tow away abandoned vehicles. As the current registered owner, he could find himself charged for towing, storage, and disposal fees.

Like I said, unless the city is threatening fines or other legal action, it is best to send a certified letter telling the lender that the vehicle is inoperable, costs too much to repair, and after 90 days, it will be considered abandoned and junked. Then after 91 days, junk it. And if you can get a couple hundred bucks for the scrap metal, take it.

The owner(bank) requested he tow it to the bank.

[justbroke]

The free sign idea got their attention.

I love it. The problem with the "free" car, from their perspective, is that they'd then need to try to find it! That's what must have awaken them.