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Afraid of repo please read!

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  • Afraid of repo please read!

    I am worried that my car will be taken before I can file. I am up to date on payments BUT the loan is with a credit union and I am late on the visa and loan with the credit union.

    Can the credit union repo my car if I am late on the personal loan and visa but up to date on my car payments?

    I need to know cuz the 300 a month I would pay for the visa and personal loan is needed to save for my lawyer.

    Help! Advice!

  • #2
    As long as you make timely monthly payments on your car loan they cannot repo it. I defaulted on my credit card payments but always made my car payments on time & nothing happened to my car. Of course this was in 2004 - way before Bush's anti-bankruptcy bill was around.

    Comment


    • #3
      I tend to think that if you are current with the car loan, you will be okay. Others may differ with that opinion.

      Our banking is with a CU also. We have our checking account, an overdraft loan, and the car with them. We reaffirmed the car and the overdraft loan. Our CU would not allow us to NOT reaffirm if we wanted to keep doing business with them. 'Hub had been a member for almost 40 years. We also knew that we had the monthly income to cover the car, so that was not a concern.

      I hope this helps. Good luck!
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

      Comment


      • #4
        Your car should be fine. However, your side loan with a CU may cross colateralize and not free your title after the car is paid off. They would just tag on the balance of the side loan. It would depend on the CU. I know that when they find out you have gone bk, they will freeze you checking account right now. 'Hub
        If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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        • #5
          In this economy - I wouldn't worry about it. They are happy to receive the car loan money. Just make sure if you have a banking account with them that you have no more than 5 bucks in the account. And make your car payments on time.
          Filed Chapter 7 Pro-Se May 29, 2008
          341 July 1, 2008
          Discharged September 4, 2008
          Closed November 10, 2008 :-)

          Comment


          • #6
            Your reply about CU brings up a question

            Is it better to keep your money in a bank rather than a CU? I have 5 accounts in my CU.

            1. HELOC zero balance
            2. Overdraft protection zero balance
            3. Checking account currently use to pay all bills and DD of my paycheck.
            4. Second checking zero balance.
            5. Personal Line of Credit zero balance.

            When I do a BK will all these accounts be closed and will they "freeze" my checking? I have been with them for 10 years and have paid off 3 cars in the past.

            Comment


            • #7
              Kansas: I am with mine for 42 years. Yes they froze it, but with your zero accounts, and only a checking account, that is a judgment call. I would advise you to talk to their bk department and tell them what you just posted. I reaffirmed and all things became normal upon my word that I would sign the papers. I was explained that it was not a personal things but CU has different rules as it is client owned. Are you good with checking? In other words have you bounced any? It would be a shame to close after 10 years. Hope it works out. 'Hub
              If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

              Comment


              • #8
                Thanks for your reply. I have probably bounced 2 checks in 10 years but only by mistake. That is why I opened my overdraft protection. Are you saying I should tell them before filing what I am doing and ask them how it will affect our relationship? Would I go to the branch manager or call customer service and ask for the bankruptcy department?

                Comment


                • #9
                  Ouch. If you don't plan on being current with your visa or personal loan, I'd advise moving your money from the checking elsewhere. I am also a CU member here in NorCal and have not made payments in almost three months to my Visa, HELOC, 1st & 2nd mortgages. All are with the same CU. They just took all the money ($16) from my checking to pay the visa (I'd already opened and moved my money to a new acct at a bank that I owe nothing to). I left $16 in the acct because I was now being charged $3 monthly since I was no longer direct depositing my paycheck.

                  I'd probably pay the auto loan via a different bank or CU. And maybe someone knows whether they will end up holding the pink slip on your car when it is eventually paid off due to what you owe them on the PL and Visa. Or maybe it will be a violation of the BK discharge if they attempt to do that?

                  Comment


                  • #10
                    so If I end up 60-90 days late on my credit card through them and my personal loan through them but stay current on the car I am ok?


                    I am terrified that they will not let me keep the car when I file chpt 7. I will never ever be able to get a car loan again at this point and without a car I will lose my job. My FICO has dropped below 600 because I should have filed for chpter 7 a while ago but do not have the money for a lawyer. Life can suck

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                    • #11
                      Like most have said, you should be okay but personally, I'd move my money from the checking acct if you will be 60-90 days late. And go ahead and call them up and ask (although I would not give them my account info as they'd probably flag your acct if they knew what you were thinking of doing).

                      For me I was fortunate to get a loan at another CU when I bought my car. I am current on the auto loan and do not have any other debt with them.

                      Comment


                      • #12
                        Originally posted by Kansas1960 View Post
                        Is it better to keep your money in a bank rather than a CU? I have 5 accounts in my CU.

                        1. HELOC zero balance
                        2. Overdraft protection zero balance
                        3. Checking account currently use to pay all bills and DD of my paycheck.
                        4. Second checking zero balance.
                        5. Personal Line of Credit zero balance.

                        When I do a BK will all these accounts be closed and will they "freeze" my checking? I have been with them for 10 years and have paid off 3 cars in the past.
                        CU's are bad when you file BK and they are included for anything. You can bet that your overdraft protection and personal line of credit accounts will be closed and also your HELOC. Not certain as to your checking account but I would get the balance down and open up another checking account at another bank not associated with your filing in any way.
                        _________________________________________
                        Filed 5 Year Chapter 13: April 2002
                        Early Buy-Out: April 2006
                        Discharge: August 2006

                        "A credit card is a snake in your pocket"

                        Comment


                        • #13
                          My car loans are with a CU as well. I just asked for a two month extension and received it from them. Perhaps you can do the same.

                          My question is. One of my cars I am upside down on and the other I am $10,000 to the good. If I let them repo the car I am upside down on...can they add the monies to the car I am $10,000 to the good on. Car number one is around $11,000 upside down. Car number two is worth about $20,000 and I owe $10,000

                          Comment


                          • #14
                            Originally posted by mintz View Post
                            One of my cars I am upside down on and the other I am $10,000 to the good. If I let them repo the car I am upside down on...can they add the monies to the car I am $10,000 to the good on. Car number one is around $11,000 upside down. Car number two is worth about $20,000 and I owe $10,000
                            Equity isn't shared between cars - each one stands alone.

                            What really matters here is what your state's bankruptcy exemptions allow for motor vehicles. Which state are you planning to file in?
                            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

                            06/01/06 - Filed Ch 13
                            06/28/06 - 341 Meeting
                            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
                            10/05/06 - Hearing to resolve 2 trustee objections
                            01/24/07 - Judge dismisses mortgage company objection
                            09/27/07 - Confirmed at last!
                            06/10/11 - Trustee confirms all payments made
                            08/10/11 - DISCHARGED !

                            10/02/11 - CASE CLOSED
                            Countdown: 60 months paid, 0 months to go

                            Comment


                            • #15
                              My state allows vehicles to be exempted and I tried to reaffirm an SUV with my credit union.

                              The credit union ABSOLUTELY wouldn't budge on the cross collateralization. The transmission on my $5,000 SUV crapped out right near the time I filed and I made sure the attorney helped them understand how generous my offer to reaffirm was under the circumstances. (I owed about $4,500)

                              They wanted me to reaffirm the loan plus a credit card plus a line of credit totaling almost $11,000 and I ended up telling them to get lost.

                              Keep in mind that they'll probably auction the broken SUV and get maybe $2,500 if they're lucky. They're in a different state and I think they still haven't figured out how to get clear title so it's probably still sitting in a storage lot somewhere.

                              --------

                              I stopped making payments before I filed and saved up money to buy a car. My sister loaned me enough to buy a newer SUV with fewer miles on it for less than $6,000 so I'm glad it turned out the way it did.
                              Discharged November 2008 100 days after filing no-asset Chapter 7. We intended to let a two-year-old vehicle go back to the bank and reaffirm an inexpensive ten-year-old SUV and our home mortgage. In the end we surrendered ALL of our vehicles and reaffirmed NOTHING. We'll "ride through" our mortgage after the court ruled it an undue hardship.

                              Comment

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