Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

What is the real process of Repossession

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • What is the real process of Repossession

    So I went to a Toyota dealorship this weekend to buy a cheaper car. I currently drive a 4Runner that is financed thru Santander for 598.81. Toyota wanted to sell me a 2011 Carolla for 498.00 a month with only 500.00 down. The catch is I would have to do a voluntary repo on my 4Runner. The manager told me that the repo should be easy since I am giving the car back to the bank on my own will. He said they will sell the car and what they don't sell the car for I am responsible for the rest. He said I could make small payments of 25.00 a month to Santander and they can't garnish my wages. He said that my credit score is below 600 so a repo wouldn't affect it that much. Is he telling the truth? Should I take this deal? I love these boards and everyone has been so helpful!

  • #2
    If you can't afford 598, I'm thinking that 498 isn't going to be that much different. I'd be looking for something you can pay cash for (maybe save up for a month or two), or finance something older and get a very small payment. You don't want to end up back here again...
    --------------------------------------------
    As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness. ~Henry David Thoreau

    Comment


    • #3
      What are the terms on that corolla loan? $498 seems VERY high for a car in that price range.

      Comment


      • #4
        That salesman/woman should be hung by the toes over a ant hill! To suggest such a thing I think is terrible. Your payment would be 100 cheaper a month, and your insurance would more than likely be higher due to the higher value of the vehicle. PLUS you'd be paying 25 a month for YEARS!! Not to mention your credit will be worse than it is today, keeping you stuck. I can promise you that if you let your current car get repoed, it will be sold for next to nothing and they will come after you for the balance. So you will be paying for it, even after you do a voluntary repo. You just won't have the car.

        I have to agree with "Wantmypeace", save up and buy a cheaper car for CASH. You can find a very nice, dependable, reliable car without the high payment. I found a car right after discharge of my BK that is 17 years old, and I'd drive it anywhere.
        8-07-09-filed Chapter 7
        11-18-09-DISCHARGED!!

        Life is not what challenges you face, but how you face those challenges.

        Comment


        • #5
          Thank you so much for the replies!!! There was never a contract drawn up but, the manager told me that he could sell me the car for 498.00 a month and the car only costs 21K so I can only imgaine the terms. I am having problems paying the 598.00 a month and I have seriously been thinking about bankrputcy but, I am hoping that is the last result.

          Comment


          • #6
            With all due respect, if you can't handle $598 a month (which is an extremely high car payment as it is) then I very seriously doubt you'll be able to handle $498. And remember, that's just the loan payments. You'll still have to pay for insurance, fuel, maintenence, and so on. Therefore, your cost to own this Corolla will easily exceed $750 a month, which is more than what a decent 2-bedroom apartment rents for here!

            BTW, the salesman is saying what he thinks you want to hear. There is no such law that merely by paying something toward the deficiency balance, that would prevent Santandier from filing a lawsuit, obtaining a deficiency judgement, and proceeding to garnish your wages, levy your bank accounts, and so on.

            It sounds to me like you'd be better off to quit paying on the 4-Runner, drive it for a couple months until the repo man comes to get it (maybe longer if you keep it in a locked garage, or at a friend's house) and then use the money you're saving to buy an inexpensive, but functional "beater car" from a private seller, auction, or similar source.

            Then, by the time the deficiency judgement hits, you can file BK and dump the debt.

            Comment


            • #7
              I am not sure if you ever filed BK or made your decision, but would be curious to hear your choice. I think many members here hit it on the head. Since you had not filed already, the salesman was probably able to state he could get you approved for financing, though the rate would be rather high. As many have said, figure out the true cost of owning the car, not just the car payment. Get a quote from your insurance company on the new car you would be buying, before making any decision. there are some factors that arent listed, such as the year of your current 4runner, current mileage, how much time left on loan etc. a new corolla will last you forever, and if you did the vol repo, you could look a potential ch 13 on the def balnace from the 4 runner loan plus lowering the interest rate/payment of the newly financed corolla.

              Look at all options and keep an open mind.
              Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
              The rebuilding begins

              Comment


              • #8
                Originally posted by jetsfan2010 View Post
                I am not sure if you ever filed BK or made your decision, but would be curious to hear your choice. I think many members here hit it on the head. Since you had not filed already, the salesman was probably able to state he could get you approved for financing, though the rate would be rather high. As many have said, figure out the true cost of owning the car, not just the car payment. Get a quote from your insurance company on the new car you would be buying, before making any decision. there are some factors that arent listed, such as the year of your current 4runner, current mileage, how much time left on loan etc. a new corolla will last you forever, and if you did the vol repo, you could look a potential ch 13 on the def balnace from the 4 runner loan plus lowering the interest rate/payment of the newly financed corolla.

                Look at all options and keep an open mind.


                Thank you sooo much for your response! To be honest with you I am still trying to make a decision about the car. I am not buying the Toyota Carolla. I am now trying to decide if I should keep the 4runner or just go ahead and file chapter 7. I have two more years left to pay on the 4runner but 598.81 is killing me. I can afford the rest of my bills but with Chapter 7 it would wipe everything out. I love my 4Runner but it has 139K miles on it and it has a bad Catalytic Converter. So I don't know what to do. I welcome all the help I can get on here. Thanks

                Comment


                • #9
                  Originally posted by Rozi View Post
                  Thank you sooo much for your response! To be honest with you I am still trying to make a decision about the car. I am not buying the Toyota Carolla. I am now trying to decide if I should keep the 4runner or just go ahead and file chapter 7. I have two more years left to pay on the 4runner but 598.81 is killing me. I can afford the rest of my bills but with Chapter 7 it would wipe everything out. I love my 4Runner but it has 139K miles on it and it has a bad Catalytic Converter. So I don't know what to do. I welcome all the help I can get on here. Thanks
                  Have u priced the cost to fix the issues on the 4runner? The good part about that car(if there is one) is you KNOW your car, and you know the problems it has. If you qualify for a 7, then give serious thought to possibly including everything in the 7, getting a small daily driver car for maybe 6 months, then after the bk is fully discharged, rebuilding your credit with a new loan. You would likely get a better financing options then
                  Ch 7 filed 8/15/11 341 9/22/11 Discharge 11/28/11
                  The rebuilding begins

                  Comment


                  • #10
                    Yes, I was quoted with a price of 2K to fix my car. My car on the nada website is only worth 13K and I still owe 23K on it through Santander. That is why I am scared to file a chapter 7 because I need a car to drive back and forth to work. That is why I was trying to buy a car before I file. It's hard to buy a car though when you have an open car loan already so that is why I am going back and forth. The total debt including my car is 37K. I didn't think that was enough to file chapter 7. Plus I filed Chapter 7 10 years ago and it's about to drop off my credit report so I am depressed about filing again. You are right about the car though. I know what is wrong with my car. If I were to buy another car I would have no idea what was wrong with it and it could be a lemon.


                    Originally posted by jetsfan2010 View Post
                    Have u priced the cost to fix the issues on the 4runner? The good part about that car(if there is one) is you KNOW your car, and you know the problems it has. If you qualify for a 7, then give serious thought to possibly including everything in the 7, getting a small daily driver car for maybe 6 months, then after the bk is fully discharged, rebuilding your credit with a new loan. You would likely get a better financing options then

                    Comment


                    • #11
                      I still stand by my previous advice. Quit paying on the 4-Runner and save your money. Park it in a locked garage, or at a friend's house to reduce the chance of it being reposessed quickly. Save your money and buy an older car in good condition for $2k-$3k. Even if it needs a couple thousand in repairs in a year or two of ownership, you're still way ahead of the game. Besides, most cars that people are selling are not lemons--especially if the same person has owned the car for many years. Now if the person just bought it not too long ago, and/or the car has had many owners in its lifetime then you know there's something wrong with it.

                      Comment

                      Unconfigured Ad Widget

                      Collapse
                      Working...
                      X