need help! Judgement for Repo?

[jribe]

Okay here's the situation- we have 2 cars we want to surrender. We can't file for BK until May 1. We are current on both cars. I would like to just bring the cars back to the dealership and give them back. I know there is some papers they have you sign.

My question is what happens after that? Can they get a judgement against me for the balance owed and garnish my wages? (i'm in Ca) If that's the case, should i just let them repo them, and have that buy me a little bit of time?

I really don't know what to do. I can't afford the cars anymore- and would rather send them back. But i don't know what will happen if they get a judgement. Would they be able to garnish wages by may?

[HHM]

The least hassle way is to simply stop making payments and go to repo. Keep in mind, repo's usually occur within 60-90 days of the 1st missed payment.

You will run into all sorts of hassle and red tape if you try to simply return the car.

[allavdj]

I would agree with HHM here, just stop making payments until it goes into repo with the financing company. When they notify you that you are about to have your car repo'd, then you can call them up and tell them you realize what's going on and would like to set up a time to have the car picked up. By doing this, the repo process will be a little less invasive and the repo guy will probably be a little more friendly. I did this when I turned my car over and the repo guy showed up right at the time we set up and was very friendly and professional. We talked for about 10-15 minutes about life in general, he had been in the same situation earlier in his life. He offered some words of wisdom from somebody that's been there, I signed a piece of paper, we shook hands and he went on his way.

After all that is over with, it's anybody's guess how long it will take to go to judgement. I didn't even get a "final bill" after I turned my car over for probably 2 months. They have to take it to auction and sell it before they can do anything else (so they know how much you will end up owing) and that process can take at least a couple weeks. My car was repo'd about 8 months ago and I get no phone calls on the account and maybe a letter ever other month regarding the collection activities on the account.

YMMV (no pun intended)