How long after close of BK 7 (discharge) before CarMax will reposess?

[tazunemono]

OK so I'm in my post-341 phase now, and am current on my payments with my '06 Jeep Liberty. This thing is a gas-sucking money pit, and I want to get rid of it. My question relates to the timing of reposession after discharge.

* I am a pro se filer
* I have NOT signed the reaff agreement that CarMax sent. On my Statement of Intention I checked 'Other' and wrote "pay as per original contract terms"
* I am current on my payments (last one made May 24, next payment due June 24)

Conceivably, if I don't pay my next payment to Carmax, how long will they wait before they attempt to reposess? Will they send me a notice of such, or just try and grab the car?

Ideal situation: I don't make my last payment, get to keep the Jeep for a couple months while I shop for my new car. I want to get a decent used car and pay with the cash I'm saving now. The longer I can 'ride out' the Jeep, the better.

Advice?

Should I sign the reaff agreement and then ask the judge to rescind it?

[jetsfan2010]

You are under an auto stay right now due to your filing.

[AngelinaCat]

Whatever you do, do NOT sign a reaffirmation, even if the judge denies it, or you are able to get it rescinded. If you do, you are setting yourself up to be responsible for the difference between what you owe on the note, and what the vehicle sells for at auction. You don't want that, or need any additional hassle.

I haven't had any experience with CarMax, and also haven't had to turn a vehicle in while in BK, but since you are some time past your 341, I think I would just sit and ride it out until you are discharged, then call CarMax, and arrange for the vehicle to be picked up.

When the acquaintance started defaulting on his car payments, that my husband co-signed for, it was at least a couple of months before we found out about it. Then, we made this person turn the car in. So I think you have some time. Good luck.

[justbroke]

I agree. Do not sign a reaffirmation agreement if you don't agree to it. That is fraud if you had no intent to honor it anyhow. (Albeit that type of fraud would be difficult to prove.) Please know that I only make that statement so that others won't use this as a "tactic" to keep their car longer. It is a risky tactic.

Just let the process play out. The lender, CarMax, would not be able to repossess until the earlier of receiving a grant of a motion for relief from stay (RFS), the Trustee abandoning the asset, the case being dismissed, or the case being closed... whichever occurs first.

Conceivably they won't repossess until after the case closes or the discharge is entered (with the Trustee officially abandoning the asset). Typically, without an actually abandonment, the lender will wait until the case closes. However, in many Districts, a no asset case will "auto close" right after it "auto discharges"... typically on the same day.

I would just prepare for a repossession. Remove all your personal items from the vehicle and just continue to operate the vehicle. I wouldn't think that they'd attempt repossession until after the case closes or you are at least 30 days late (July 24th or later).

[tazunemono]

Thanks. No way I'm signing that agreement. I really don't want to be stuck with a <14 MPG car.

How can I tell when my case is about to be closed/discharged? I have PACER access...I would like to have as much advance notice as possible before the "date"

[justbroke]

Your case should discharge sometime after 60 days has elapsed since your first scheduled 341 meeting. In fact, your paperwork should include a date known as the "dischargeability bar date". Just add one day to that date, and that should be your discharge date. Your discharge many not come "immediately" on Day 61, but it should be sometime soon thereafter.

[tazunemono]

Thanks I just checked pacer and I got a report of no distribution" from the trustee,,, so...headed for discharge!