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Newbie - Question about vehicle

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    Newbie - Question about vehicle

    I am ten months post bk discharge. I chose to keep my vehicle and did NOT file a reaffirmation agreement. I am getting slammed with my vehicle (always have been) am totally upside down and the payments are obscene. I have received a much better offer for a new vehicle, better interest rate, etc. I had a very crappy attorney and left with A LOT of questions that are still unanswered but I do vaguely remember being told that if something happened down the road and I were unable to make any further payments, my vehicle would simply get repossessed and I would not be obligated to pay any amounts after auction, etc. Does this sound accurate? If so, I was wondering if I could just let the bank take the old vehicle and start over fresh? Thank you!

    #2
    If you did not sign a Reaffirmation Agreement just call the lender and tell them to come get it. You have no financial exposure.

    Des.

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      #3
      Thank you very much for your help. That is what I thought.

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        #4
        I started over fresh, just today actually! It wasn't worth it with maintenance, gas, etc. Like Des said, if you didn't reaffirm then just return it.

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          #5
          Is there a time limit I have to do this within? Thanks!!

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            #6
            No time limit. In fact, you can stop making the payments/let it get repo's anytime you want.
            There are two secrets for success in life:
            1.) Never tell everything you know.

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