Can Isurrender my car AFTER discharge?

[BillyRip]

I intended on keeping it. I ahve been discharged and would like to dump it and pick up a more reasonable payment. I am about $15K upside down so trading it in or selling it privately really isn't an option.

Your thought?

[mamaluv]

As long as you didn't sign a reaffirmation agreement you can let it go.

[BillyRip]

As long as you didn't sign a reaffirmation agreement you can let it go.

Would the payment be removed from my means test? Will I be responsible for any shortfall? Thank you!

[HHM]

If you decide to let the car go after discharge (assuming no reaffirmation), there are no consequences to doing so. You will not be responsible for the shortfall and they will not go back and change your means test.

[aces67]

As long as you didn't sign a reaffirmation agreement then you can let it go back with no consequences.

[BillyRip]

OK, so even if I told the trustee I was current on payments, which I was, and that I wanted to keep it, which I did, I can still dump it?

[relief13035]

That's what we did - surrendered the car 2 weeks after discharge.

[BillyRip]

Thank you all!

[aces67]

Yes you can still dump as long as you didn't sign anything. It doesn't matter what you told the trustee.

[BillyRip]

Just an update for those who might be in the same situation some day.

I have been discharged and my Atty just told me that I could dump the car because I did not reaffirm.

So I dump an '06 Ford that I owe $22.5K on (worth about $15K), and was approved by Cap One TODAY for a new '10 Ford for $22.5K.

That will drop my monthly payment by about $190 a month, I will get better fuel mileage, and... My insurance actually went down $5 a month.

[whipster1]

Nice! Mind telling what kind of interest rate you got?

[pookieny]

Just an update for those who might be in the same situation some day.

I have been discharged and my Atty just told me that I could dump the car because I did not reaffirm.

So I dump an '06 Ford that I owe $22.5K on (worth about $15K), and was approved by Cap One TODAY for a new '10 Ford for $22.5K.

That will drop my monthly payment by about $190 a month, I will get better fuel mileage, and... My insurance actually went down $5 a month.

Did you have any debt with Cap One when you filed?

Did they send you one of those offers to take to a dealer, or did you seek them out for a loan?

[BillyRip]

I didn't have any accts with Cap One when I filed.

They have already given me a $1000 CC and they are overnighting the check for me to take to the dealer.

I just went to capitalone.com and got a 72 mos term and 9.25%.

I figure I will re-fi at a lower rate after a year.

[downsized]

Congrats! Hey, even 9.25 is a great rate considering you're just out of BK!

[RackingJ]

Congrats! Hey, even 9.25 is a great rate considering you're just out of BK!

Ditto that. Congrats!