Repo- when?

[SubPrimeME]

OK so here's the situation, I am done with my 341, filed chp 7- trustee updated PACER as no asset. I am currently in the 60 day window.

I am planning on turning the car in as we owe 26k and it's worth 13-14k. I just made a payment for the car Nov. 22., we are to be discharged end of feb.

So should I stop making payments on the car now? If I do, will it be more difficult to purchase another vehicle- (late payments, even though it's part of the BK?!) And if I do stop making payments, when does the repo people show up?

Thanks in advance!

[SubPrimeME]

One other thing, if the payment is lower after discharge, does this mess with the schedules at all?!

[Intoodeep80]

I stopped paying the bank note on my SUV in August. The loan vs. vehicle value is waaayyyy upside down. I call them every Friday, the refuse to come and get it. Im guessing they are overwhelmed with repos right now especially SUV's.

[SubPrimeME]

I stopped paying the bank note on my SUV in August. The loan vs. vehicle value is waaayyyy upside down. I call them every Friday, the refuse to come and get it. Im guessing they are overwhelmed with repos right now especially SUV's.

The other thing is, I have 60 days to decide to give it back, do I wait till day 60 to do this, and do I then wait for them to come get it thereafter? I want to hold onto the car as long as possible saving for the down payment on the new car...

[RedLight]

I think in order to repo the car in between the 341 and discharge, the lender has to get paperwork from the trustee and it is somewhat tedious to do. That, along with all the other repos out there, they may not want it until the discharge. But, take that with a grain of salt...they may want it immediately to clear their books. Who knows.

[SubPrimeME]

I think in order to repo the car in between the 341 and discharge, the lender has to get paperwork from the trustee and it is somewhat tedious to do. That, along with all the other repos out there, they may not want it until the discharge. But, take that with a grain of salt...they may want it immediately to clear their books. Who knows.

Right, and there's the issue, I cannot finance a new car during the 60 window as the trustee is in charge of the estate. I will not be late on the car for another 30 days, so one would think that I will be fine as one late payment doesn't = repo, but does 2?

My question really is when does one turn the car in? Do I wait till the 59th day, then tell the atty that I am turning the car in? And if so does it happen the next day, or is there a month or 2 before they come get it?

Should I call the lender?

[StartingOver08]

Right, and there's the issue, I cannot finance a new car during the 60 window as the trustee is in charge of the estate. I will not be late on the car for another 30 days, so one would think that I will be fine as one late payment doesn't = repo, but does 2?

My question really is when does one turn the car in? Do I wait till the 59th day, then tell the atty that I am turning the car in? And if so does it happen the next day, or is there a month or 2 before they come get it?

Should I call the lender?

This is what we did - we waited until 12/31 to file the surrender. We originally were going to file on 12/29 and the day got away from us. I signed the paperwork for the surrender on 12/31 and the paralegal said I have 45 days to turn in the car from the the date I signed the motion to surrender. I noticed she has not yet posted to Pacer as of 1/2/09 - so I will check the status later today thinking it just may be the holidays getting in the way. I plan to use this 45 days to save as much as possible to put toward a cheap SUV so I have either no payment or very small payments for less than 12 months. (That way I can afford the gas when it starts to go back up in the Spring )

[SubPrimeME]

This is what we did - we waited until 12/31 to file the surrender. We originally were going to file on 12/29 and the day got away from us. I signed the paperwork for the surrender on 12/31 and the paralegal said I have 45 days to turn in the car from the the date I signed the motion to surrender. I noticed she has not yet posted to Pacer as of 1/2/09 - so I will check the status later today thinking it just may be the holidays getting in the way. I plan to use this 45 days to save as much as possible to put toward a cheap SUV so I have either no payment or very small payments for less than 12 months. (That way I can afford the gas when it starts to go back up in the Spring )

Ya I am supposed to sign on Feb 10th, so 45 days after then. Thanks! How much were you planning to spend on the SUV?

[relief13035]

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