Did NOT Reffirm--Can I return the car?

[guest1975]

We filed for chapt 7 and our 341 was in 10/05. We were discharged in 1/06. We had intended to keep our vechicle, but we never signed a Reaffirmation Agreement. We are having major problems with it & we don't want it anymore.

1. Can we return the vehicle without having to pay the balance owed?

2. Since it was included, can they still report it on our credit report even though we did NOT reaffirm?

3. Should we just tell the finance company that we included it & since we did not reaffirm, we will be returning it to them?

We have a payment due tomorrow, and we found another vehicle that's more affordable. I just don't want to screw up our credit again.

[StaciMM]

Your credit report should indicate $0 owed, included in bankruptcy-regardless of whether your turn it in or keep it.

If you surrender it, you won't owe anything more. Do what you need to do-call the lender and ask where they'd like to pick it up from.

[djt]

I had that same question. My problem now is that I haven't paid in 2 months and have now been discharged. I'd like to keep the car but it doesn't seem smart. I have 2 others which were also included in bankruptcy. I would refinance with my credit union but they were saying 11-16% interest. Right now I am paying 8%. They have not contacted me yet about being delinquent. Anyone have any luck negotiationg with them after discharge?

[Anj]

We didn't reaffirm a truck when we filed 7 - and it was "included"... we were late on a payment and they repo'd it about 3 months after we were discharged - it worked out to our advantage because we bought another car later that day... I would imagine it would work the same for you if you surrender the vehicle.

GL - A

[pink_amulet]

Yes you can we did!!

Make sure you get a receipt!! We turned in our minivan into the "buy here pay here" place. They were not happy...Oh well!!!

I handed the owner the keys and said I wanted something in writing stating he received the van, he said you "Bked, so what do you want??" He wanted me to come back tomorrow, I said "I'm not leaving until you give me something in writing" Then I told him "My lawyer said to get a receipt stating you received the van, so later you can't say you never received it." (which my lawyer did say) He got pissy and signed the van's registration stated he received the van, I said thank you and turned up my nose...we walked out free and clear!!


LOL, that's what we gets for selling a piece of crap!!

pink

[bkfiler]

you are a bad girl pimk_amore-a-ell!

[BassBoy]

I'm glad this subject has come up. My wife and I were also planning on keeping our vehicles, but if it doesn't work out where we can save enough money every month or if it's tighter than we thought, I would let my truck go (I'm more upside down on my truck and my wife's car will be paid-off 03/07 and she has an extended service plan until 03/08). We haven't receive anything about reaffirming (probably because we are not discharged yet), but I was wondering if I could just let it go, even though our petition says to continue payments (of course the lender doesn't know that yet). We have been on time witht he payments every month since we filed.

Anyways, I've been thinking about letting it go because the truck needs new tires, alignment, brakes, oil change and it was hit in a parking lot (hit and run, but minor damage) and I have a $500 deductable..........so..........I don't have that kind of cash right now. Hell, even if I did, I would be hesitant to part with it because after years of not having sufficent funds in the bank, I'm feeling greedy with my money.