Surrendered Car / Letter from bank

[Colton]

We surrendered our car as it was listed in our bankruptcy. Now, after six months, we get a letter from the bank saying that the car will be auctioned and we will be responsible for paying the difference ... or we may get money back. Can anyone tell me what to expect? I don't want to pay any more money on the car (that's why I surrendered it to the bank ... it wasn't repo'd). I'm nervous about them coming to me for a huge sum of money.

HELP!

[StaciMM]

If it was discharged in BK, you would not owe a balance. I believe they are required to notify you, though, of the auction in case you want to have a chance to buy it first.

[Colton]

What a relief! Yes, everything was discharged and we got our discharge letter. I did not reaffirm the car at any point in our bankruptcy. Although the wording in the letter from the bank seemed to indicate that I was going to have to pay for the remaining balance after the auction - or I could pick up the car and pay the balance due plus any additional late payments, costs, penalties and fines, etc, etc.

Yeah, right ... like I would want to do that!

Thanks for the good news.

- Colton

[Viper]

It was probably just a form letter they send to everyone who surrenders/repo's. As long as it's listed in your BK you'll owe nothing more.


-Viper