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

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$0.00 Balance on credit report?

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  • $0.00 Balance on credit report?

    Why does my home and car loan on my credit report say Balance Due - $0?

    I wish this were true.

    My brother told me I could just trade in my car - by giving it to the dealer and letting them give it back to the bank - and buy a new car outright, since it was included in the bankruptcy. Wouldn't that show as a repo on my credit? The loan is through my credit union, and I don't want to hurt my standing with them and my husband is afraid they will take money out of our savings account.


  • #2
    The reason for the $0 balance due is because that debt was discharged. The creditor can no longer report to the CRA's. Even though you may have kept the house and/or car, the debt is still technically wiped out.

    As for the car, yes it may show as a repo and IIB...double whammy. If the car loan is through your credit union, I would advise moving your money to a new bank. Not saying that they would take it, but why risk it.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.


    • #3
      will not show up as repo! BUT DO NOT INVOLVE THE DEALERSHIP!! They do not even need to know you have that car. Period. Get the new car then return the other to the bank!!
      Chapter 7 Pro Se....Discharged Feb. 2006


      • #4
        according to Ford Motor Credit; once a car included in discharge they will no longer report ANYTHING once the vehicle is "included in bankruptcy" it remains "included in bankruptcy" i have two vehicles through Ford. One I bought 1 week before I filed and one I bought 2 months after discharge. They financed the second knowing the first was included in BK. I even asked what would happen if one day I decide to just "return" the first and they stated nothing; its already written off. I would recommend that you don't express your desire to give that one back until you get a new one. Keep us posted.
        Chapter 7 Pro Se....Discharged Feb. 2006


        • #5
          Cindy definitely has a point. Make sure you have new transportation before you go turning over the BK'd car.
          Filed Ch 7 - 09/06
          Discharged - 12/2006
          Officially Declared No Asset - 03/2007
          Closed - 04/2007

          I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

          Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...


          • #6
            My sis went to the dealership where she purchased the car, told them she couldn't afford it. They out right sold her a new car with a lower payment. They told her to wait 7 days then call the bank and tell them where the car was and to get it. It took the bank another 14 days to come get it. They then took her to court for the balance due. She filed BK after and that's how she got rid of the debt.

            Being that you have already filed if you did not reaffirm the debt it can be discharged. So, go get a new car, then call the bank and tell them where to pick it up.
            Filed 09/05
            Discarged 1/2/06
            Closed 1/13/06


            • #7
              We just did this a month ago. Our car was just an 05 but it was falling into a lemon law and I couldn't keep having problems with it, so I told them to come get it once we got the new car.
              working on getting stuff off the reports hoping to see at least 150 point + in the next six months...can i do it ?

              credit since bk in july 05:

              Premier :$300
              Aspen : $300
              Wards: TBA


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