? about car repossession

[cj0203]

We will be including one of our cars in our bankruptcy. It is broken and is just sitting in our driveway. We are current on the payments but will stop paying them in January. How long after that will they try to take the car on average? We will file about 2m after we stop paying...

Thanks!

[PaKettle]

We will be including one of our cars in our bankruptcy. It is broken and is just sitting in our driveway. We are current on the payments but will stop paying them in January. How long after that will they try to take the car on average? We will file about 2m after we stop paying...

Thanks!

Not sure how long they'll try to take it, but if there's any chance you can park it out of sight, as in inside a closed, locked garage, it can take them a lot longer to get it! If they have easy access to it, it is much quicker for them.

[WantToBeDebtFre]

I think it's different depending on who you financed through. My brother didn't pay on his car for 3 months before they took it and they sent him a lot of warning letters and called before hand. You should probably get a good idea when they're getting ready to take it.

[lrprn]

We will be including one of our cars in our bankruptcy. It is broken and is just sitting in our driveway. We are current on the payments but will stop paying them in January. How long after that will they try to take the car on average? We will file about 2m after we stop paying...

Assuming you intend to surrender the car and that the repo guys picking it up will be a blessing, you can expect that repossession attempts may start in earnest after 2 months of missed payments.

If the car is an older one and the lender knows the car is not working, then they won't be as likely to rush to pick it up.

[cj0203]

So is it better to keep up on the payments so it DOESN'T get Repo'd or does it not matter since we are planning on surrendering it in the BK anyways?

[rrockinggramma]

why pay for something you are giving up anyway. I wouldn't sink another cent into it.