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Surrendered Car Question

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    Surrendered Car Question

    Filed Chapter 13 in October 2009 in Ohio. At that time I agreed to surrender a car that was used as collateral for a Citifinancial loan. It is now May and Citifinancial has not contacted me about getting the car. They have the title and the car doesnt run (I'm not buying a battery for it just to see if it starts). The tags are due in July and I live in a condo community (so they are going to ask me to either get tags for it or get rid of it).

    So my question : If they dont want the car, can I get a lost title and sell the car? Its a collectors car (1985 Monte Carlo SS) so even in its worn down condition, I can get a good penny for it. I dont want to sell it with a hidden lien against it but if Citi doesnt want it, what can I do? I read in an earlier post that someone had a hard time a hold of anyone at Citifinancial to answer their questions. Before I begin the long exhaustive process of getting a hold of a person, I thought maybe someone has knowledge or experience in this.


    Thanks.

    #2
    Heres some inside info you can use or not. When a creditor repos a car they estimate that they will only get 70% of the trade in value when they sell it at auction. On top of that repo fees etc add up to a grand. If a creditor's estimated recoup is less than $1000 they are not going to pick it up. Picking it up is a risk. If the vehicle is in rough shape they face possible losing money be picking it up. They are more than happy to retain the title and wait for you to make your move.

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