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Repossession with payments kept up

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  • Repossession with payments kept up

    My husband and I have recently filed chapter 7. Ally auto, our lender, has implied but not said outright that they will repo the car as soon as the stay ends. We owe 23000 on a car worth under 13000. I would love to let the car go but we have no funds to get another and it is the only car for a family of four. My attorney is very against the reaffirmation agreement. He believes that they will not take the car as long as payments are made. I want to try to negotiate new terms for a reaffirmation. I am terrified that we will keep paying on a car for nothing and they will take it anyway. I need a car for work.

    If they take the car, will I be able to get another with little to no down payment quickly?

    What are the odds that they will really take it?

    Can I get another, cheaper, car financed while the stay is in place?

  • #2
    I have not heard this, GMAC is not threatening us;

    Hubby is also in chpt 7 with Ally for our truck, they have not sent us any letters , we are still makeing our pmts. We are about even with what we owe. Have you received a letter saying they will take. I do not see any advantage of them taking it, they will lose money. I think you will be fine.
    Last edited by Floridagail; 04-11-2013, 07:19 AM. Reason: add
    chpt 7 ,5-2009

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    • #3
      Yes, they sent us a letter that said we were in default. We called and they said that per their policies bankruptcy is a default. They admitted that they cannot take it now but implied that they will when the bankruptcy is over. I read online that they can, in fact. do this.

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      • #4
        Our letter states . from Ally , Roseville MN.
        If our case discharges without reaffirmation agreement , at this point the client may be eligible to receive informational statements to assist them with voluntary payments should they desire to retain possession of the vehicle.

        They could legally , if you state law allowed it to. But they would lose money.
        I think if this were to happen you could get a new loan if you have employment to afford one.
        chpt 7 ,5-2009

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        • #5
          Ally has a policy that as long as your payments are current and you have valid insurance they will not take your vehicle. I had a CHIMM order but my monthly "Informational" statement says at the bottom "Your account has been discharged in Bankruptcy. If you continue to make voluntary payments you may retain your vehicle but if you fail to make a payment your vehicle may be repossessed". I would call and talk to someone.

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          • #6
            We have our Jeep financed through Ally. We did not reaffirm and was discharged in Jan. I asked and they told me as long as I paid, they would not repo. They put a note in our file that we intended to keep the car. We've been fine since...

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            • #7
              We received another letter today from Ally, basically stating the reaffirmation must be signed or they could take possession of the car within 45 days of the 341 meeting. I thought we were protected until discharge May 15. The paperwork is also wrong since we have made payments since the reaffirmation original letter. We are even on value of the Truck, so we want to keep it, but not sure if He will reaffirm or not.
              chpt 7 ,5-2009

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              • #8
                Did you try calling them? I think the are just trying to bluff. Maybe you could ask your attorney? We are now going to surrender our vehicle to them (discharged end of jan. last payment made was the one due feb.15.) I called them the other day and expressed our desire to do a voluntary surrender and they took their sweet time sending the letter instructing us of what to do.. We are 30 days late as of yesterday.

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                • #9
                  I would not make it easy for them. Make them come and get it. They will have to pay a repo fee, storage fee, recondition fee, transportation fee, new title fee, and auction fees. If they do not want to cooperate with you do not make things easier for them. Take the tags off, clean out your vehicle, cancel the insurance and tell them where it is.

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                  • #10
                    I filed chap 7. I am with Toyota and current on all payments and did not re-affirm. They are still sending me statements and I have not recieved anything regarding repos so it may just be an GMAC thing?

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                    • #11
                      It's really simple: if you are ahead on the car (i.e. you owe less than what it's worth) or are near even on the loan balance to current value, then it may be worth reaffirming if you are otherwise happy with the car, and it's in good condition. If you are underwater on the car, then don't be stupid. Quit paying, drive the car payment-free through the bankruptcy, and try to keep it as long as you can before they eventually repo it. The only thing their threats should make you do is stop paying, and keep the car in a garage whenever possible. Don't be bullied into reaffirming when it's not in your interest to do so.

                      You most certainly can get a new or late-model used car from a legitimate dealer, even after bankruptcy. Heck, scarcely 6 days after I filed for Chapter 7, I got not one but two letters from different car dealerships--a Nissan dealer, and a Kia dealer--offering to finance me for a new or used vehicle to "help rebuild my credit after bankruptcy".

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