Family - bankruptcy issue...

[somanyqs]

Hello,

I have a car that I have financed with my father. about 2 years ago. in the last 3 months, my father has had to file bankruptcy... I have NOT. I am second on the auto loan and the title, and he is primary... the bills go to him...

the problem i am having is that I dont know how to get this car into my name only... I dont know what to do. I dont want this to effect my credit, and I dont want to give up the car. GMAC will not talk to me or my father. and I dont know what to do to resolve this issue.

should I stop paying on it?

should I refinance in my name only and send GMAC a check for the total payoff?

do I just keep paying on it?

GMAC has sent me NOTHING. no letters, no nothing...


any help would be appreciated..

I live in Indiana if this helps...


thanks1
Jamie

[Minnymouth]

Ok,
Since it is your father's bankrutpcy and not yours there are several options......

1. Your dad can reaffirm on the vehicle and you just keep making payments on it till its paid off.
2. As a 2nd co-owner you keep all payments up to day from here on till its paid off. This way they will not repo the auto.
3. If your dad surrenders the vehicle, then the auto place is going to be looking to you for payment anyways. Just be sure all payments are current all the time.
4. It will only show on your credit report if the car is surrendered, or not paid for.....
5. You dads bankruptcy should not affect your credit report as long as you do not default on the auto. (on your credit report it might say "Included in bankruptcy - co owner.......... but if you pay for it - it will also say "paid as agreed" and "paid in full"....

Check with your dad's attorney and see about you taking over the debt. As you will be responsible for it anyways... since you are a co-owner.

[SinkingFast]

Also, just an FYI for you,.........

GMAC won't talk to you or your Dad because they are abiding by the Automatic Stay Order that went into place when your Dad filed BK. Unless or until the Stay is lifted, GMAC cannot, by law, contact your father in anyway. That includes sending out payment/billing statements.

If you have the acct number and the payment address, you can continue to send in payments as usual to keep the note current thru out the BK.