When do I surrender my car?

[BBW]

I am planning on surrendering my car as part of my bk ($7-9k upside down). This is a two part question.

1st. I bought the car for $23k (my credit union paid off the original owners loan for that amount), then my credit union gave me $9k deposited into my checking account. They give you up to 125% of the retail value... I most of the money on the car. $1k tires, $1k service, $2k body work, $2k sales tax, $500 accessories. And kept the extra $2500 for myself. This was just over two years ago. Do you think they will give me a hard time since 1/3 the loan was a cashout so to speak?

2nd. I filed last week, my next payment isn't due until 11/1. My 341 is 11/2. I want to contact the credit union to return it to them so it's not reposessed while I'm at work (that's the only place they would have access to it). When should I contact them? They can't get it before I am discharge without a court order, which I would know about first. Right? My discharge if all goes well will be just after the new year.

[liz417]

I
2nd. I filed last week, my next payment isn't due until 11/1. My 341 is 11/2. I want to contact the credit union to return it to them so it's not reposessed while I'm at work (that's the only place they would have access to it). When should I contact them? They can't get it before I am discharge without a court order, which I would know about first. Right? My discharge if all goes well will be just after the new year.

They can't pick up the car unless they file for motion to lift the automatic stay. I would wait until they do that first, keep the car until your discharge or until they file.

[BBW]

Thanks. What do you think about the first question. Should I be concerned?

[freedom7]

they can't repo without relief from the stay, and you shouldn't be worried about the money above and beyond the purchase price, they agreed to give you that much and secure it only with your vehicle.

Did they place a lien on the car or do you have the title free and clear?
If you have the title and the loan was simply a "signature loan" or personal loan from the credit union you may also own the car outright with no debt left at the end.

If there is a lien on the car, then once they get relief or you get discharged they will get the car and you will be free of the debt...good luck

[aljohnson007]

You may want to make sure you do not have any active checking, savings or cc accounts with the CU as they will set-off if are late on a apyment. In other words, if you have money in that CU, move it immediately.

[BBW]

they can't repo without relief from the stay, and you shouldn't be worried about the money above and beyond the purchase price, they agreed to give you that much and secure it only with your vehicle.

Did they place a lien on the car or do you have the title free and clear?
If you have the title and the loan was simply a "signature loan" or personal loan from the credit union you may also own the car outright with no debt left at the end.

If there is a lien on the car, then once they get relief or you get discharged they will get the car and you will be free of the debt...good luck

There is supposed to be a lien on it. I guess I should contact the DMV. I wonder what would happen if they forgot to file the lien...

[BBW]

You may want to make sure you do not have any active checking, savings or cc accounts with the CU as they will set-off if are late on a apyment. In other words, if you have money in that CU, move it immediately.

Already done. I have twenty bucks there.

[OhioFiler]

There is supposed to be a lien on it. I guess I should contact the DMV. I wonder what would happen if they forgot to file the lien...

If they didn't file the lien the car will be yours free and clear.

[Chowder]

I want to contact the credit union to return it to them so it's not reposessed while I'm at work (that's the only place they would have access to it). When should I contact them? They can't get it before I am discharge without a court order, which I would know about first. Right? My discharge if all goes well will be just after the new year.

If they are like most CUs, they'll file a relief right away.

There have ben posts from others who have had their cars repo'd without a relief bring filed. So that is not necessarily an absolute.

Is work gated? Can you have a buddy block your car while it's there?
In most states, they can't move one car to get to another.

I also had a car I surrendered to a CU. But they did not get it until I was ready to give it back.

[aljohnson007]

If you have the title vs just the registration then my guess is you own it.

[music12]

don't worry about the $9k. it's a loan that will get discharged along with everything else.

[BBW]

If they are like most CUs, they'll file a relief right away.

There have ben posts from others who have had their cars repo'd without a relief bring filed. So that is not necessarily an absolute.

Is work gated? Can you have a buddy block your car while it's there?
In most states, they can't move one car to get to another.

I also had a car I surrendered to a CU. But they did not get it until I was ready to give it back.

At home it's garaged but at work it's just a huge parking lot. Very easy access. And it's a rare model so it's usually the only one around.