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Santander (Chrysler financial) repo?

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    Santander (Chrysler financial) repo?

    Hello everyone - long story - I have a Chrysler (125K miles 2014) that Santander got a motion for relief of stay granted yesterday. The order itself (as of right now) hasn't been filed yet. I have a call into my bk atty because this was supposed to be included in a new proposed plan (long long story) - so my question is - anyone would guess how long before they come and get car once the order is entered by the bk court? Assuming atty can't do...something. (again very long story)

    I don't know if they know how many miles are on it, but I have to assume they've got to think it's not worth much (it isn't)...maybe $4-6K at auction...IF that.

    [Of course I had a car financed through One Main - sold to PRN which was to be surrendered over 1.5 years ago - they STILL haven't come and gotten that one. It doesn't work the car doesn't...so it's just sitting there. Any likelyhood that Santander won't want it? Or not soon? or would want to work something out?]

    #2
    Even $4k at auction is well worth the cost to pick up, store and sell. Typically, the point at which a lender/lienholder considers not collecting their collateral is when the car is expected to fetch less than $2000. At that point, they run the risk that by the time they send the repo man, pay to collect the car, store it prior to sale, clean it up, and auction it off, there just might not be enough left over to make a dent in the loan balance.

    Your 2014 is certainly worth a minimum of $5-6k, so expect them to take it sooner, rather than later. Also, the fact that they requested relief from the automatic stay means that they are serious about coming for this car.

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      #3
      Thank you...well I just spoke with my attorney's paralegal and she said the trustee has okd the new plan so he says they won't come and get car before official plan approval...but...I have to ....want to...think he wouldn't say this if he didn't think it was true...

      Btw...I'm not honestly sure they'd get even 4k for it...in the proposed plan they'd get $18k....

      Sigh...I'm sort of out fight...if you know what I mean.

      Btw...the car to be surrendered...is actually worth more...and it's still here!

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        #4
        Thanks so much again!

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