Retained Vehicle Questions????

[tcwhip22]

I had a bankruptcy about a year and half ago. I tried Reaffirming my vehicle but my laywer let that one fall through the cracks I guess. So I "Retained" my vehicle. Which means I don't get bills for it every month and my payments are voluntary. My question is, I am wanting a new vehicle, but I am upside down in the one I have now. If I turn it in as a voluntary repossession, does that go against my credit? Can they come after me for the balance on that vehicle, with it being listed on my bankruptcy. I can find information on reaffirmation but nothing about the laws or anything on retained???? Can anyone help?

[CindyLou]

You can turn it in FREE and CLEAR!!! Great thing your attorney is a slacker. I recently gave a card back to Ford after doing a ride through (thats what I think its called). The status never changed the reporting from the day I filed. It said IIB and still says it today. I also still have my other vehichle that is financed through Ford at 0.9%. They didn't even act like it was a huge deal when I told them I wanted to give it back approx. 4 months after the BK. I was never late, the car had low mileage, but I was very upside down and with high interest. It worked out good for me. I gave it up and then used capital one blank check to get a much nicer car at a lower rate. Good luck and keep us posted.

Oh, and don't freak out. Shortly after you give it back you will recieve a "balance due" letter and instruction on how to redeem it. Its the law, they have to send it to you. But then approx. a month later, depending on your state you will receive an accounting of the fees, ect...and at the bottom it should say "blanance owed $0."

Most importantly, if you have any questions, call the company where you have the car financed and ask them straight out what are their policies and what you should do to make it easiest for all involved. It was a very smooth process for me and Ford gave me all the information I needed to feel comfortable returning the car.

[tcwhip22]

Thank you so much for your help. I thought that is how it worked, but like I said I couldn't find any info on it. I will call my lawyer and the credit company before I do it, just in case. Thanks again. I am hoping to get a new vehicle this weekend.