top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Method of car repo???

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Method of car repo???

    Hi Everyone...I've been wondering about this for awhile now. We have 2 cars we are going to surrender in the bk, because they are wayyyy too expensive and too new. We were able to get financing on 2 new cars (MUCH cheaper, payments cut in 1/2) and hopefully that won't create any problems, we will begin/continue to pay for them. First, does it matter if we surrender them prior to or during the bk? We are working on the paperwork now, and will file as soon as we can get it all completed--sometime this month. Second, should we take the cars to the dealers or let them come get them? (they are both financed thru the car companies, not banks) And this is my favorite ? -- if we let them come get them, will they just come and knock on the door so I can give them the keys? I have this big fear of BOB THE REPO MAN (with that literally scrawled on the side of his vehicle) pulling up into our driveway for all the world to see

    Thanks for any info you may offer!
    Tags: None
    #2
    LOL.....BOB THE REPO MAN. That's funny. I had the same impression of the repo man and it's not what you think. Your neighbors may think you are just having a car towed for whatever reason(s) other than it's being repo'd. There's no "REPO MAN" scrawled across the truck. Well, that was me.....others may be different. Anyways, you can call the lender, inform them you will voluntarily surrendering the vehicle and make arrangements to deliver the vehicle(s) to the dealership yourself or you can let the vehicles sit idle and make the lender lift the stay and let them make the arrangements to get the vehicle(s).
    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.

    Comment

      #3
      If you call and surrender it volentarly (sp) they will work with you. Our lenders rep called last Sunday and asked us if we were done using it. He actually asked us nicely. They didn't file for a relief of stay and we didn't have our 341 yet at the time. ANyways his "crew" was going to start work at 9:30 that night and he said they were coming to our house last since we were out in the country and he asked us to leave it out of the garage and put the keys under the seat. I put it out, went to bed at 10 hubby didn't go to bed until midnight. I woke up at 3:30 am and it was gone (it was 341 day). I have heard of people also agreeing on a parking lot to meet them. Good luck.
      Filed Ch 7 - 04/08/2008 - Done
      341 continued 06/30/2008
      Last day for objections - 08/01/2008
      Discharged 08/13/2008

      Comment

        #4
        We also voluntarily surrendered one. The company worked with us. I suggest having them (the cars) nice and clean, but detailing is not necessary. Take photographs both inside and out should any questions arise about the condition of the vehicles, and time-stamp them. You can do that by photographing the front page of the current day's newspaper along with the car. We also got the guy picking it up to sign a receipt that he had done so. Everything worked out well, at least with that situation.
        "To go bravely forward is to invite a miracle."

        "Worry is the darkroom where negatives are formed."

        Comment

          #5
          I arranged for them to come to my work...I met them outside with the keys...and off they drove. Very easy.
          Chapter 7 Pro Se....Discharged Feb. 2006

          Comment

            #6
            We have 2 vehicles from the same company, but will only surrender one of them. I hope they work with me when it comes to letting it go.

            Comment

              #7
              Originally posted by Cali View Post
              We have 2 vehicles from the same company, but will only surrender one of them. I hope they work with me when it comes to letting it go.

              who is the company? I had two vehichles with Ford....one was included in the BK....then 2 mo after the BK they financed another for me...then 8 months later I let the one included in BK go....they didn't care.

              I had never been late on any payments and it was a planned thing. They got the car back in perfect shape, no payments missed.

              I guess it depends on the company. Most cars do not have cross collaterization, but if its a credit union or a small local bank they might. My friend had to reaffirm a SeaDo in order to keep his car, which were both financed by a small local bank becuase of cross collaterization.

              If you are unsure, just call and ask.
              Chapter 7 Pro Se....Discharged Feb. 2006

              Comment

                #8
                Ford, and this good to know. Thanks.

                Originally posted by CindyLou View Post
                who is the company? I had two vehichles with Ford....one was included in the BK....then 2 mo after the BK they financed another for me...then 8 months later I let the one included in BK go....they didn't care.

                I had never been late on any payments and it was a planned thing. They got the car back in perfect shape, no payments missed.

                Comment

                Previous template Next

                bottom Ad Widget

                Collapse
                Working...
                X