Car and CC at Credit union- getting title

[eap82]

Hi all. I have a car and credit card at the same credit union and while they tell me they "usually don't" cross collateralize, it is in my loan agreement they can. I'll have my car paid off before my 13 ends. Anyone having any luck with this situation and getting a clean title once the car is paid off or did they make you wait until the 13 is done and see where things fall with the unsecured debt?

[justbroke]

Whether you will receive title if it's paid off early in the Chapter 13 can depend on several factors, such as a.) how that creditor normally deals with this, b.) whether they transferred it to a company like Ascension Capital, and/or c.) whether the value was crammed down in the Chapter 13. The latter is the one that usually keeps the creditor from sending the title, even though the "claim" secured amount is paid. The issue is that the claim's unsecured amount won't be paid (or discharged) until the Chapter 13 is discharged.

I waited until the end even though my vehicle was paid off in the first 16 months of my Chapter 13. My vehicles were crammed down. One of the titles was sent to me after a call to Ascension Capital, but one they said was destroyed and lost. It was suddenly found later.

Your mileage may vary (pun intended).

[flashoflight]

I got the title two months after final payment from a credit union. It was not crammed down. I overpaid the final amount by approximately $3 dollars since I had no online access and I haven't seen a refund yet. It's been a hassle since the BK dealing with this CU. I'm not spending an hour on the phone to get $3. I got the title which is what I wanted.

[eap82]

Whether you will receive title if it's paid off early in the Chapter 13 can depend on several factors, such as a.) how that creditor normally deals with this, b.) whether they transferred it to a company like Ascension Capital, and/or c.) whether the value was crammed down in the Chapter 13. The latter is the one that usually keeps the creditor from sending the title, even though the "claim" secured amount is paid. The issue is that the claim's unsecured amount won't be paid (or discharged) until the Chapter 13 is discharged.

I waited until the end even though my vehicle was paid off in the first 16 months of my Chapter 13. My vehicles were crammed down. One of the titles was sent to me after a call to Ascension Capital, but one they said was destroyed and lost. It was suddenly found later.

Your mileage may vary (pun intended).

Thanks JB. No cram down, they still have the loan and it was current at time of filing. Hoping they don’t give me a hassle.

[eap82]

I got the title two months after final payment from a credit union. It was not crammed down. I overpaid the final amount by approximately $3 dollars since I had no online access and I haven't seen a refund yet. It's been a hassle since the BK dealing with this CU. I'm not spending an hour on the phone to get $3. I got the title which is what I wanted.

This is what I’m hoping for. They have been non committal on if they will let cross collateralize so
there is a chance. They did give me back online access but only with my lawyer writing a letter.