Auto Repo

[pigpen75]

I was just wondering if anyone has purposely let their vehicles get repossessed? I was just wondering how long the bank waits to come get it or if they try and strike a deal with you since your already in bankruptcy. I have an 01' truck that I owe $12,500 and its only worth about $7000, I also have an 02 Galant that's been totalled and I owe about $2300 on it. I was planning on letting them both get repossessed and buying to good used once with some exempt money and a small loan from a family member. Thanks

One more thing. I never reaffirmed either loan and was wondering could the banks come after me for money I owe even when they repo my cars. I'm also awaiting discharge.

[TJR70]

I am still waiting.

Well I filed on 02/03/2009, we are surrendering our vehicle and I havent received anything yet and we havent paid for it since mid January. I am actually not making any attempts to contact them, we are trying to save as much $$$ before they come get it.

I heard if could be up to 6 months before they get the vehicle it all depends on how much the vehicle is worth I beleive.

I don't think the banks could come after you, if you are surrendering the vehicle and they are on you BK.

[SubPrimeME]

I was just wondering if anyone has purposely let their vehicles get repossessed? I was just wondering how long the bank waits to come get it or if they try and strike a deal with you since your already in bankruptcy. I have an 01' truck that I owe $12,500 and its only worth about $7000, I also have an 02 Galant that's been totalled and I owe about $2300 on it. I was planning on letting them both get repossessed and buying to good used once with some exempt money and a small loan from a family member. Thanks

One more thing. I never reaffirmed either loan and was wondering could the banks come after me for money I owe even when they repo my cars. I'm also awaiting discharge.

Call the banks tell them to come get your vehicles! If you do nothing the repo guys normally start to show after 90 days late.

No, the banks cannot do anything to you if you are not reaffirming.

[debtmonster]

I sent GMAC 3 notices in writing letting them know I am going bankrupt. I just mailed off a 4th letter today since they sent me a letter the other day wanting to make a settlement on my $8,000 deficiency balance. They wanted to settle for like $5,000 or some crazy amount. I made a copy of my current bank balance (checking and savings) and showed them where I stand and told them that they are out of their mind if they think I have any way of paying that.

I also told them how we're in the middle of foreclosure and how we will be homeless (and I'm not kidding!) Once we get the boot, I have no idea how or where we will be able to live.

These banks are just SO UNREALISTIC! I don't even know why they even bother going after people. If the people could not afford the payments before, what makes them think people could afford to buy a replacement car after the repo, AND THEN pay back the previous balance? If we could afford the payments earlier on, the car wouldn't be repo'd in the first place!

It's like banks don't use ANY LOGIC WHATSOEVER!! I don't even know why they even bother putting the deficiency clauses in the loans. How many people actually pay a deficiency balance anyway? When your credit is trashed, it makes no difference. Let it go and be done with it. I've had so many repo's over the past 20 years, it's not even funny (well, to some it may be funny... to my friends it is, at least.)

I want to hurry and save up $12,000 CASH MONEY. I've been hitting Auto Trader.com many times per day now exploring all kinds of options. If I had $12,000 cash in my pocket, there's SOOOOOOOOOOOOOOOOO many nice used cars out there that I could buy. And every now and then there's some INSANE good deals where the cars are sold for THOUSANDS under wholesale from people moving out of the country or divorce sales. I guess lots of people don't know that they could go to CarMax.

[Intoodeep80]

I havent made a car payment since August 08.

I have called every Friday since August asking them WHEN they are coming to pick up the PIG. Every time they tell me they will "forward my information to the repossession department". (Natl City)

Now my boat was repo'ed this past Sunday. It was an amicable repo, I had scheduled it. I havent paid that either since August. (Independent Bank)

House still isnt in foreclosure, same situation, havent even gotten a nasty letter from them yet. (Countrywide)

[pigpen75]

If your looking for an affordable used car go to Craigslist.com. Its better than autotrader and cars.com. Alot of "for sale by owner" and dealers w/ great internet pricing. good luck

I sent GMAC 3 notices in writing letting them know I am going bankrupt. I just mailed off a 4th letter today since they sent me a letter the other day wanting to make a settlement on my $8,000 deficiency balance. They wanted to settle for like $5,000 or some crazy amount. I made a copy of my current bank balance (checking and savings) and showed them where I stand and told them that they are out of their mind if they think I have any way of paying that.

I also told them how we're in the middle of foreclosure and how we will be homeless (and I'm not kidding!) Once we get the boot, I have no idea how or where we will be able to live.

These banks are just SO UNREALISTIC! I don't even know why they even bother going after people. If the people could not afford the payments before, what makes them think people could afford to buy a replacement car after the repo, AND THEN pay back the previous balance? If we could afford the payments earlier on, the car wouldn't be repo'd in the first place!

It's like banks don't use ANY LOGIC WHATSOEVER!! I don't even know why they even bother putting the deficiency clauses in the loans. How many people actually pay a deficiency balance anyway? When your credit is trashed, it makes no difference. Let it go and be done with it. I've had so many repo's over the past 20 years, it's not even funny (well, to some it may be funny... to my friends it is, at least.)

I want to hurry and save up $12,000 CASH MONEY. I've been hitting Auto Trader.com many times per day now exploring all kinds of options. If I had $12,000 cash in my pocket, there's SOOOOOOOOOOOOOOOOO many nice used cars out there that I could buy. And every now and then there's some INSANE good deals where the cars are sold for THOUSANDS under wholesale from people moving out of the country or divorce sales. I guess lots of people don't know that they could go to CarMax.