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

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as 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.

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Sharing voluntary repossession and subsequent Toyota Financial approval

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  • Sharing voluntary repossession and subsequent Toyota Financial approval

    Just thought I would share another positive story. My husband and I filed our respective Ch. 7s separately, a year apart. I am just shy of 1 year since my discharge. DH got discharged 1 week ago. We decided, after some number-crunching, that it didn't make sense for us to keep a car we have financed through Santander. It is 10% interest, underwater, and made little sense to roll over the outstanding balance on that 2005 vehicle into a replacement vehicle, so we are going to let Santander have it back since it wasn't reaffirmed (we were going to attempt a ride through). Before putting the voluntary repossession plan into action, I was inspired by all the approvals on this board through Toyota Financial, so I submitted an online application for credit with me as primary and he as co-borrower. I have no income right now -- homemaker/student -- so I needed his income, and his credit score is still in the toilet, so he needed my score. My TU score 11 months after discharge is 679. I don't know DH's exact number, but it was somewhere in the 500s.

    While I know everyone has very different and very strong opinions about leases, we ultimately decided to shoot for a lease approval. I just finished my training program to work at home while still taking care of the kids, so the only place I drive is the grocery store. I would never go over the miles. And we have limited extra income to make a car payment at the moment, so leasing versus buying gives us a car with extra cash flow now. Anyway, it took some extra phone calls from the finance manager at the dealership, and DH had to submit proof of residency in the form of a utility bill along with 2 pay stubs and 3 references, but we got approved for a tier 2 lease with $0 due at signing on a 2013 Toyota! We are picking it up tonight! I was so stressed about having a ride-through with Santander because of their reputation, and I am so relieved that we are truly now starting fresh with few if any reminders in our lives about the financial hell the last 3 years have been. I should be starting a new job in the next couple weeks, we're getting a free and clear title on a vehicle that was cross-collateralized with a CU, and we're getting rid of the Santander car. All this with both of us less than a year out of BK. Your life WILL go on after BK and will potentially be much better than it was before. Debt still scares the bejeezus out of me, but I know I am the one in control now. Good luck to all, and thank you for this forum.

  • #2
    Peanut; congratulations to you. You must be so relieved. May I ask about your CU cross collateral loan on the car? I have one of those too. How did you get the title to the car? I thought a secured loan like that wasn't dischargable. I'm confused.


    • #3
      Sorry I did not see this sooner, Kristy. I must have turned off reply notifications without realizing it.

      I actually have another thread going in the Before the Discharge/Repossession forums tells how the CU went back on their word. Get it writing, right? After not hearing anything for three weeks, we followed up, and they never heard of such a thing, that we were getting the title. We can have it if we give them $10K. Basically, they're not budging on the cross collateral. We are having a salvage yard become the new owner. I want to be officially done with this financial wreck of a past.


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