repossession with retain and pay??

[pthy]

If you do not reaffirm your auto/rv loan i understand the bank can repo even if you're current, but what if you stay current for years, can they still repo? I have 9 years left on an rv loan and would hate to make 8 1/2 more years of on time payments to have the bank decide one day to come take it. Could the bank repo your car right before you make your last payment even if they've never been late or missed?

[despritfreya]

Under your scenario the lender would be "estopped" from repossession due to its actions - nor would the lender try. Acceptance of payments over that long of a period of time could result in a major suit for bad faith. Not worth it to the lender.

Des.

[pthy]

Thanks for responding!!

could you explain "estopped"?

and how long of a period does it need to be of on time payments does before it would be consider bad faith? 6 months, a year?

[despritfreya]

could you explain "estopped"??

Estopped (Estoppel): a "party is prevented by his own acts from claiming a right to the detriment of (the) other party who was entitled to rely on such conduct and has acted accordingly". (Black's Law Dictionary - which is always on my desk.)

You make payments over a long period of time; lender accepts payments; lender, by its actions and your reliance on those actions, is estopped from repossessing just because you did not sign a reaffirmation agreement.

how long of a period does it need to be of on time payments does before it would be consider bad faith?

Can't answer as such would be on a "case by case" basis. But, like I said, if you are making payments and the lender accepts those payments it is unlikely the lender will repo after a "reasonable period of time" after discharge. Just can't define what is "reasonable".

Des.

[pthy]

Thank you for the clarification