Giving up a car before first payment is due

[funcritter]

It is perfectly clear that you said:

The payment is supposed to be due this weekend but I have yet to get a bill on it and I don't even know if the loan was approved (They wanted alot of proof of income due to the current economy).

Is there going to be a problem on getting rid of this car on my chapter 7? I know the loan company will be extremely upset and I really hope they are.

For the other poster, I was hoping this really gets the lender upset because they gave me such a hard time by asking for all kind of proof of income from three months check stubs to three months bank deposits.

Again, of course I hope they will be upset and they will be. I didn't say that was the only reason I am giving up the car. That would be just plain stupid. If I had the cash to afford it, I would keep it. That $477 car payment is a few dollars more than my mortgage payment. It's not worth it.

Where am I saying that getting them upset is the only reason? You keep quoting this same thing.

[InDebtNeedHelp]

It is perfectly clear that you said:

The payment is supposed to be due this weekend but I have yet to get a bill on it and I don't even know if the loan was approved (They wanted alot of proof of income due to the current economy).

Is there going to be a problem on getting rid of this car on my chapter 7? I know the loan company will be extremely upset and I really hope they are.

For the other poster, I was hoping this really gets the lender upset because they gave me such a hard time by asking for all kind of proof of income from three months check stubs to three months bank deposits.

[funcritter]

4. You are now going to not make a single payment on the loan that they gave you, and you hope that it makes them mad!

I am not giving up the car simply top make the lender mad. The simple fact is is that I should never have tried to purchase the car. The first payment was due Thursday and I simply don't have the money for it. My mortgage payment is due Monday and that will get paid.

Making the lender mad is the least of my problems. I fully intended on paying for the car the day I bought it. It wasn't till two weeks later that I started regretting it because I already had a car sitting in the garage that was paid for in full. I haven't been car payment free since 1993. I also had another car that was beginning to have some problems and very little warranty left and three years to go of payments. I get the idea to trade it for a new car because I would now get 100,000 mile warranty so I get excited about that. So two weeks into the new car, I realize that I got rid of the old problem car and I really don't need a second car with a $477 payment. Yes, I should have said no when they offered me the car with that payment.

I hope it's all clear now.

[Stilltheone]

1. I am considering Chapter 7 BK, but I am not sure I will need to. I haven't decided yet.
2. Being mad because a lender wanted to verify your income is asinine. Hoping that they are angry when you default on your loan before making a single payment is juvenile, foolish, and part of the problem.
3. For those of us loaded down with debt in a slumping economy, yes, we are all in the same boat: The RMS Titanic.

EXACTLY! Get off the high horse already, buddy. We're all broke and can't pay our bills. I'm sure alot of us got this way by acting "juvenile and foolish", otherwise we'd have a handle on our bills.

[InDebtNeedHelp]

1. I am considering Chapter 7 BK, but I am not sure I will need to. I haven't decided yet.
2. Being mad because a lender wanted to verify your income is asinine. Hoping that they are angry when you default on your loan before making a single payment is juvenile, foolish, and part of the problem.
3. For those of us loaded down with debt in a slumping economy, yes, we are all in the same boat: The RMS Titanic.

Kind of interesting that you're looking down upon the OP, yet weren't you posting about being upside down in a car on another thread? I thought FOR SURE I read you were going to be filing Ch. 7....so, wouldn't that make us ALL in the same boat?

[Stilltheone]

Let me break it down scientifically for you:

1. America has become a debtocracy that has Titaniced itself by giving out BILLIONS of dollars of bad loans via credit cards and BILLIONS of dollars of bad mortgages that did not require income verification.
2. The Titanic is sinking fast.
3. You are upset that a lender wanted you to verify your income before they would give you a loan. (This is prudent on their part and is part of the solution to the economic crunch.)
4. You are now going to not make a single payment on the loan that they gave you, and you hope that it makes them mad!

Kind of interesting that you're looking down upon the OP, yet weren't you posting about being upside down in a car on another thread? I thought FOR SURE I read you were going to be filing Ch. 7....so, wouldn't that make us ALL in the same boat?

[InDebtNeedHelp]

Let me break it down scientifically for you:

1. America has become a debtocracy that has Titaniced itself by giving out BILLIONS of dollars of bad loans via credit cards and BILLIONS of dollars of bad mortgages that did not require income verification.
2. The Titanic is sinking fast.
3. You are upset that a lender wanted you to verify your income before they would give you a loan. (This is prudent on their part and is part of the solution to the economic crunch.)
4. You are now going to not make a single payment on the loan that they gave you, and you hope that it makes them mad!

I don't get it, what does this have to do with this thread?

[Stilltheone]

I don't get it, what does this have to do with this thread?

Sounds like someone is upset with the election results, perhaps?

I'm upset too buddy, but we'll survive Obama. It's okay.

[Stilltheone]

I'd suggest that you are not prepared to file a bankruptcy, there are lots of details to consider, you seem to be acting in haste and at random? Aside from that they, will repo the car when they want to, the day you are delinquent that can happen, or anytime after that. (But I can see people will be doing what you did in depseration to get out from vehicles they are hopelessly upside down on. That's only going to escalate).

Just wanted to point out that this is not true. It varies state by state.

In our state, Wisconsin, they can only repo a car if we are 3 months behind and they get a court order and sue us.

Now, in Illinois for example, all you have to be is a week late and they can repo it.

(We recently tried buying a vehicle in Illinois and were approved for more because of their laws are "looser")

[funcritter]

The irony is AMAZING. I don't see much of a future for America. I am rushing to finish a degree in English to add to my teaching degree, so I can, if need be, flee to another country to teach English.

I don't get it, what does this have to do with this thread?

[InDebtNeedHelp]

The irony is AMAZING. I don't see much of a future for America. I am rushing to finish a degree in English to add to my teaching degree, so I can, if need be, flee to another country to teach English.

I posted a while back on advice about filing chapter 7. Back on September 29, I bought a new car with intentions of keeping it when I file sometime in December. Since then, I have come to the realization that I really don't want this car. My only inention of buying it was to get rid of the trade in and I have done that. The payment is supposed to be due this weekend but I have yet to get a bill on it and I don't even know if the loan was approved (They wanted alot of proof of income due to the current economy).

Is there going to be a problem on getting rid of this car on my chapter 7? I know the loan company will be extremely upset and I really hope they are.

[funcritter]

Found out the first payment was due yesterday. I simply don't have the money to pay it. When I get a notice from the finance company, I'm gonna find out how to surrender the car.

[funcritter]

"I stopped paying my credit cards in October so the clock is kind of ticking"

I stopped paying on mine about 2 years ago, my clock is ticking. The credit card companies automatically report if your payments are on time or not, so if you've missed payments, it's already hit your credit report.

My advice would be sit on the car for as long as possible, forget the lawyer for the moment and buy a cheap car so you can keep your delivery job. Then start saving for your lawyer and BK.

I already have a car that is payment free. The reason I was buying a second car was to keep the miles off the one that is paid off since it was about $10,000 more in price then the new one. I'll be using the one that is paid off. If you read the rest of the replies here, you will see that I may not have even been approved on a loan for the new car so it may just be a short time before the car goes away anyways.

So for you, it's been two years and the credit card companies haven't done anything yet to get their money?

[allavdj]

"I stopped paying my credit cards in October so the clock is kind of ticking"

I stopped paying on mine about 2 years ago, my clock is ticking. The credit card companies automatically report if your payments are on time or not, so if you've missed payments, it's already hit your credit report.

My advice would be sit on the car for as long as possible, forget the lawyer for the moment and buy a cheap car so you can keep your delivery job. Then start saving for your lawyer and BK.

[funcritter]

Then why did you sign a contract to pay for something you can't afford? I think what you're doing would send up a huge red flag in your bankruptcy proceedings, and rightfully so.

Well, I fully intended on keeping th car and paying for it. I of course did not take into account the cost of filing a chapter 7. If I have to pay for the car and my mortgage, well, it will be a very long time before I can afford a few thousand that is needed from reading these forums to file. I stopped paying my credit cards in October so the clock is kind of ticking.

It's possible that even by now your financing won't be approved- and that MAY be why you have yet to be billed. Same thing happened to a distant relative- she was not approved even tho she had possession of the car, while the dealer was trying creative ways to GET her approved. A month later they told her to bring the car back!

I hope this is the case. I should give them a call the dealership today and see what's going on. This would be the easiest way to give up this car.

I work two jobs, one of the is pizza delivery and on this job, I don't report all of my tips. This is why they required all this extra proof of income because my monthly income as stated on my paystubs wouldn't cover my car payment and mortgage at all. It was never a problem in the past in getting a new car but the economy was much better two years ago when I last got a new car.