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Repo vs Voluntary surrender..which is better?

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    Repo vs Voluntary surrender..which is better?

    Finally got a call today from my credit union (Escalade is "83 days past due"). We have until the end of the month or else they want it.

    So, which is better....a repo or a voluntary surrender? I hate to sign anything and know we won't be able to afford any deficiency balance. I know the credit union has mentioned that when we surrender the vehicle we can just "sign definiciency papers right away"....

    Any advice?
    Filed Chapter 7: 3-22-08
    341 Meeting: 5-15-08 It went great!!!
    Last day for objections: 7-14-08
    Discharged and Closed: 7-21-08

    #2
    I'm not aware of any difference on your credit report. The total amount you owe them should be a little less with a voluntary surrender because they won't need to charge you for the tow company coming and taking your car.
    Filed Chapter 7 July 2010
    Attended 341 September 2010
    Discharged November 2010 Closed November 2010

    Comment


      #3
      It's interesting that they offered you the opportunity to "sign deficiency papers right away".

      They actually have to go through the process of selling the vehicle and determining the actual deficiency first. Then they have to provide proper notification to you showing you the calculation of the deficiency by showing the actual sale less the expenses applied. They also have to show that the sale was conduced in a "commercially reasonable manner". Make sure you protect yourself, know the value of your car and don't sign anything with the CU without running it by your attorney first.

      If you have filed BK, then don't sign any deficiency papers at all.
      Filed CH 7 9/30/2008
      Discharged Jan 5, 2009! Closed Jan 18, 2009

      I am not an attorney. None of my advice is legal advice in any way..

      Comment


        #4
        Originally posted by StartingOver08 View Post
        It's interesting that they offered you the opportunity to "sign deficiency papers right away".

        They actually have to go through the process of selling the vehicle and determining the actual deficiency first. Then they have to provide proper notification to you showing you the calculation of the deficiency by showing the actual sale less the expenses applied. They also have to show that the sale was conduced in a "commercially reasonable manner". Make sure you protect yourself, know the value of your car and don't sign anything with the CU without running it by your attorney first.

        If you have filed BK, then don't sign any deficiency papers at all.
        We did file bankruptcy, but signed reaffirmation papers on the car....ARGH!!!!

        What is the value? clean trade in?

        Yep, they said they can get our deficiency loan going...I asked if we had to be approved for that and they said "well, yes, but we can shove you in the loan"....why don't you shove me into a refinance?!?
        Filed Chapter 7: 3-22-08
        341 Meeting: 5-15-08 It went great!!!
        Last day for objections: 7-14-08
        Discharged and Closed: 7-21-08

        Comment


          #5
          Originally posted by keepinitreal View Post
          I'm not aware of any difference on your credit report. The total amount you owe them should be a little less with a voluntary surrender because they won't need to charge you for the tow company coming and taking your car.
          Any balance we owe we can't afford to pay them. I have researched and, in the state of WI, we are exempt from a wage garnishment because we receive state aid.
          Filed Chapter 7: 3-22-08
          341 Meeting: 5-15-08 It went great!!!
          Last day for objections: 7-14-08
          Discharged and Closed: 7-21-08

          Comment


            #6
            Well, your BK was discharged 2 years ago. How long do you have left on the vehicle?
            Ch 13 filed 06/22/09. Dismissed,thankfully, 03/31/10. Ch 7 filed 06/28/10. 341 07/29/10. UST POA 08/06/10. UST mot to dismiss hearing extended to Dec...Feb...March...May...Aug. UST withdrawal of dismissal filed 05/31! DISCHARGED 07/12/2011!

            Comment


              #7
              Originally posted by olivies View Post
              Well, your BK was discharged 2 years ago. How long do you have left on the vehicle?
              Doesn't matter...they came and got it last week. It's over!

              We had 2.5 years left, we were half way done with the loan.

              Funny thing is is that we voluntarily surrendered it, yet they charged us a bunch of fees. They want over $3700 to redeem the vehicle, yet our monthly payment was only $460/mo and we owed 5 months.
              Filed Chapter 7: 3-22-08
              341 Meeting: 5-15-08 It went great!!!
              Last day for objections: 7-14-08
              Discharged and Closed: 7-21-08

              Comment


                #8
                Originally posted by Stilltheone View Post
                Doesn't matter...they came and got it last week. It's over!

                We had 2.5 years left, we were half way done with the loan.

                Funny thing is is that we voluntarily surrendered it, yet they charged us a bunch of fees. They want over $3700 to redeem the vehicle, yet our monthly payment was only $460/mo and we owed 5 months.
                Since they still had to come and get it, their expenses weren't any lower even though you voluntarily surrendered your vehicle. That sucks that the expenses are so high.
                Filed Chapter 7 July 2010
                Attended 341 September 2010
                Discharged November 2010 Closed November 2010

                Comment


                  #9
                  Originally posted by keepinitreal View Post
                  Since they still had to come and get it, their expenses weren't any lower even though you voluntarily surrendered your vehicle. That sucks that the expenses are so high.
                  They came and got it because our collection specialist lived in the same town. She came before work and just drove it to work. There shouldn't be any collection fees whatsoever.
                  Filed Chapter 7: 3-22-08
                  341 Meeting: 5-15-08 It went great!!!
                  Last day for objections: 7-14-08
                  Discharged and Closed: 7-21-08

                  Comment

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