First off...I have to thank everyone who contributes to this site. Knowing how to prepare,and what to expect helped me get through my financial mess. Thank you all!
I was leasing through Toyota Financial when I decided to file BK. I just wanted to give a time-line based on my experience so others in the same situation know what to expect.
5-28-09 Filed Chapter 7 with the statement of intent to assume the lease. (Wasn't going to assume)
6-5 Toyota requests through my attorney "prepare a letter indicating the preference to assume the lease,and forward it to this address" (Ignored this request)
7-1 341 meeting (no creditors showed)
7-12 Made last payment on lease.
9-3 Discharged (no asset)
9-10 Closed
10-1 Called the local Toyota Dealership. Told them the insurance will expire in a few days,and I would like to drop the truck off. They said "can't accept the vehicle without a signed voluntary surrender agreement due to liability issues"
10-2 Called Toyota financial. They said the same thing,and would send out the agreement for me to sign/return.
10-6 I receive the surrender agreement,and it basically makes me liable for a deficiency balance after the truck is sold at auction. Later that day I call Toyota,and tell them to get bent! I also mention it has no insurance,will be sitting in my driveway,and they can come repo it anytime they like. Was told an agent will contact me in 1-2 days to arrange pick-up. I was never contacted.
10-23 I receive the "Notice of right to cure default" It basically says make the three past due payments in full by 11-2 and I can continue the lease as though I did not default. Thanks,but no thanks. Later that day I call Toyota to remind them that the truck has been awaiting repossession 24/7 for weeks. Was told an agent will contact me in 1-2 days to arrange pick-up.
Today is 10-30. I never was contacted by the so called "agent" The truck still sits in my driveway as I type. I'm thinking once the right to cure default deadline passes they will repo the truck. On the other hand it could still be there on Christmas day.
I was leasing through Toyota Financial when I decided to file BK. I just wanted to give a time-line based on my experience so others in the same situation know what to expect.
5-28-09 Filed Chapter 7 with the statement of intent to assume the lease. (Wasn't going to assume)
6-5 Toyota requests through my attorney "prepare a letter indicating the preference to assume the lease,and forward it to this address" (Ignored this request)
7-1 341 meeting (no creditors showed)
7-12 Made last payment on lease.
9-3 Discharged (no asset)
9-10 Closed
10-1 Called the local Toyota Dealership. Told them the insurance will expire in a few days,and I would like to drop the truck off. They said "can't accept the vehicle without a signed voluntary surrender agreement due to liability issues"
10-2 Called Toyota financial. They said the same thing,and would send out the agreement for me to sign/return.
10-6 I receive the surrender agreement,and it basically makes me liable for a deficiency balance after the truck is sold at auction. Later that day I call Toyota,and tell them to get bent! I also mention it has no insurance,will be sitting in my driveway,and they can come repo it anytime they like. Was told an agent will contact me in 1-2 days to arrange pick-up. I was never contacted.
10-23 I receive the "Notice of right to cure default" It basically says make the three past due payments in full by 11-2 and I can continue the lease as though I did not default. Thanks,but no thanks. Later that day I call Toyota to remind them that the truck has been awaiting repossession 24/7 for weeks. Was told an agent will contact me in 1-2 days to arrange pick-up.
Today is 10-30. I never was contacted by the so called "agent" The truck still sits in my driveway as I type. I'm thinking once the right to cure default deadline passes they will repo the truck. On the other hand it could still be there on Christmas day.
but they did come and get it.
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