giving up only vehicle

[okiemom2008]

You should have at least 31-60 days before there are threats of repossession. Generally, they'll tell you first. Just answer the phone and tell them you're trying, but just can't pay now. Don't offer any other details... like you're filing for Bankruptcy, or that you're never going to pay them.

So, if you're really filing 2/1/2009... stop paying them immediately!

Ok, great. So if I dont pay the 1/9 payment by 2/1 when we file-we will be 22 days late. But then they will get a letter from lawyer or us saying we are filing and then they will come get it since we are giving it up? Basically I am wondering how long I have to save up for a new vehicle before that one gets repo'd and if I should go finance a used one (maybe a 5k or less one?)at a local lot so we have a back up car

[justbroke]

You should have at least 31-60 days before there are threats of repossession. Generally, they'll tell you first. Just answer the phone and tell them you're trying, but just can't pay now. Don't offer any other details... like you're filing for Bankruptcy, or that you're never going to pay them.

So, if you're really filing 2/1/2009... stop paying them immediately!

[okiemom2008]

Just a quick question...only working vehicle we have is a 08 Durango..worth 10k we owe 28k on it. We are current until January 9th. We are retaining lawyer on Dec 29th and trying to file by February 1st.

We are not going to re-affirm or 722 the vehicle. But it is our only vehicle and all our extra money is going to the lawyer. We cannot file until we pay him completely.

We are not going to make the Jan 9th payment. It is with Chrysler Financial. How long do you think, in your opinion we have until it gets repo'd? I don't know what to do because we don't have any money saved for a vehicle. Should we go out and try to buy one right now..like one for 5k or so and try to finance it?

Thanks

(I accidently posted this on someone else's thread earlier...sorry about that!!)