Missed vehicle payment!

[sickandtired8]

How soon will they come and take our vehicle if we miss a payment? We were going to reaffirm but decided to let it go back. Our 341 meeting is tomorrow. Our last payment was due on July 20th. Thanks for your help! S&T

[Lindsay]

We have our loan with Nissan and they usually don't even call until the payment is about 20 days late. I thought that with BK you get some sort of automatic stay where they can't repossess unless they have a judge lift it.

[lrprn]

How soon will they come and take our vehicle if we miss a payment? We were going to reaffirm but decided to let it go back. Our 341 meeting is tomorrow. Our last payment was due on July 20th. Thanks for your help! S&T

Since you filed already, your lender has to petition the court to lift your automatic stay to repossess your car. Chances are your case will be discharged and closed before they can get the court's permission to come take your car.

You could voluntarily surrender your car to the lender too. Talk to your lawyer to see what he/she advises you is best to do in this situation.

[sickandtired8]

Since you filed already, your lender has to petition the court to lift your automatic stay to repossess your car. Chances are your case will be discharged and closed before they can get the court's permission to come take your car.

You could voluntarily surrender your car to the lender too. Talk to your lawyer to see what he/she advises you is best to do in this situation.

We surrendered the vehicle. Our attorney was happy about it too. Since we were so upside down on it. S&T
PS DO you know how long it will take for them to come get it or have us take it somewhere?

[JRScott]

They'll come get it. It is hard to say how long that will take, depends largely on local rules. I wouldn't expect it to take more than a few weeks.

[lrprn]

They'll come get it. It is hard to say how long that will take, depends largely on local rules. I wouldn't expect it to take more than a few weeks.

Could be weeks or longer. Other forum members have reported that after voluntarily surrendering a vehicle, it has taken a long time (sometimes many months) for the lender to come get the car. A lot depends on how anxious the lender is to get the car - its age and condition, how resellable the car is, etc. - and how anxious you are to get the car off your property. Your lawyer can give you some insights about what to expect in your situation.

[sickandtired8]

Could be weeks or longer. Other forum members have reported that after voluntarily surrendering a vehicle, it has taken a long time (sometimes many months) for the lender to come get the car. A lot depends on how anxious the lender is to get the car - its age and condition, how resellable the car is, etc. - and how anxious you are to get the car off your property. Your lawyer can give you some insights about what to expect in your situation.

Well we are not anxious at all to give it back but we have too...we are upside down about $15000. It is a 2003 Tahoe with 80,000 miles and in great shape. I hope they take their time. We do have another vehicle but it has no air conditioning. S&T

[lrprn]

Well we are not anxious at all to give it back but we have too...we are upside down about $15000. It is a 2003 Tahoe with 80,000 miles and in great shape. I hope they take their time. We do have another vehicle but it has no air conditioning. S&T

Just be sure to never leave anything in the surrendered car that you need/want. This isn't a repo, but there's no way to know when the dealership may show up for the car and take it if you aren't immediately available to remove items out of it first. No sense creating a problem getting things back at the dealership if that can be avoided.

Also while you are still driving the car, some states will require you to be insured. Another reason to keep your insurance current is in case you get into an accident before the dealership comes for the car.

Hope you get to drive the car without payments for awhile

[sickandtired8]

Just be sure to never leave anything in the surrendered car that you need/want. This isn't a repo, but there's no way to know when the dealership may show up for the car and take it if you aren't immediately available to remove items out of it first. No sense creating a problem getting things back at the dealership if that can be avoided.

Also while you are still driving the car, some states will require you to be insured. Another reason to keep your insurance current is in case you get into an accident before the dealership comes for the car.

Hope you get to drive the car without payments for awhile

We hope so too! haha We called our attorney's office and they are suppose to let them know that they may call us and we will take it to the local dealership. We don't want them coming here for all to see! S&T

[spell]

Keeping it sounds like a bad idea.

Surrendering would be good.
Did you look into a 722 redemption? Talk to your attorney about that. Some folks keep the car and lower the outstanding balance, and monthly payment.

[sickandtired8]

Update!

Keeping it sounds like a bad idea.

Surrendering would be good.
Did you look into a 722 redemption? Talk to your attorney about that. Some folks keep the car and lower the outstanding balance, and monthly payment.

We took it to the local dealer to surrender because we found another vehicle a few days after our 341 meeting and were approved for 12%. S&T

[JRScott]

Congratulations