calling bank to turn over truck...

[shygal]

I have a question regarding our loan on our truck... we are surrendering it! Our attorney told us to call the bank and tell them we can't afford the pmts any longer and wish to turn it in. Does that sound right?? I thought none of this happens UNTIL the 341? We are filing our papers TODAY ! So, if I call the bank next week and tell them this how soon will they come for the truck OR will I have to bring it somewhere ?? Any advice or help would be appreciated, thanks so much !

[tinroofrusted]

MAKE THEM COME AND GET IT!

I can't stress this enough. Once you surrender it, it's THEIR responsibility. After my bank harassed me and threatened me after I filed BK (yes my State Attorney General's office is STILL investigating that) I wasn't about to make it any easier on them. I made them come and get it, and then the jerks stole my license plate.

[johntw45]

Not a problem

I have not filed yet and won't until July 1, I "had" a truck which I stopped paying for 6 months ago. Lease company was very nice about it. Asked if could negotiate payoff and he went "no that lease company has insurance, that if not paid off the insurance company pays the lease company"

So last Thursday told them to come get it. Was done in a very nice manner. Tow truck operator called and set an appointment. They came and picked up, according to lease company that is it. To not even list them on the 7 because they are gone! I'll list anyway to be safe.

As for as neighbors lease was up and I decided to not keep.

[edwards2]

I had a friend who filed BK and surrendered her car too. Anyway weeks went by and the company did not pick up the truck so she had her attorney call them because she was afraid it might get stolen and then what. The attorney told the company they would be responsible if something happened to the car. They picked it up that day.

[missy2]

I surrendered my car too. I emailed my bank and told them I wanted to voluntarily surrender it. I hadn't been driving it for over two months and it was sitting at my mothers house. The bank told me they required that I sign a voluntary surrender form. I asked them when they would pick up the car - they said Friday and I must have the from signed and back to them by Thursday at 4pm. It was Monday when we decided all this. They sent me the form via email on WEDNESDAY MORNING! I emailed it to my attorney and he said - why sign it?! The car is theirs let them come get it. I responded back to them, and at 8pm on Wednesday night they showed up at my mothers to take it! I had cleaned and taken off the plates a week before - as I knew I was surrendering it.

[missy2]

By the way this all happened BEFORE I had even filed my BK paper work! I was still paying the attorney!

[tinroofrusted]

I personally wouldn't have let them get it until AFTER you have filed... they could come back to haunt you later and say that it was volunariliy repossessed instead of included in bankruptcy.....

[HRx]

Yes, this is called a voluntary repo. Also mail (certified) the lien holder a letter stating your intent to voluntarily surrender the vehicle. Type in the top center of the letter a statement along the lines of: "Delivered Certified Mail"

Good Luck!

[shygal]

Thanks everyone... we filed our papers last Friday.... So, are you saying that I should write Bank One a letter first OR call them to come get the truck?

[tinroofrusted]

Thanks everyone... we filed our papers last Friday.... So, are you saying that I should write Bank One a letter first OR call them to come get the truck?

Don't do anything until you have filed! First and foremost.

Secondly, let them contact YOUR ATTORNEY. It is completely up to them to take responsibility for the vehicle once you surrender it.