Questions about repossession and insurance (Georgia)

[flyspeck]

Hi again --

Posted two weeks ago about our BK13 and impending surrender of a vehicle (Objection to modified plan, 09/07/2011).

Here's the latest -- our modified 13 was confirmed yesterday, after Mazda withdrew its objection (our atty. negotiated some terms regarding unsecured deficiency). On the coattails, Mazda filed its Motion for Relief. Did so last Friday, and on Monday it was approved. We have already cleaned it out, and for all purposes the car is ready to be taken out of our hands.

I am fully aware that our car could be gone as soon as tomorrow morning. Also, I've read of people waiting as long as six months for the repo man to pay a visit.

We have three questions, for those in Georgia and/or familiar with the workings and doings of Mazda American Credit.......

1) Is there anything we should expect - does MAC act swift in repossessing in these cases (our car is a 2007 model), as my gut says they'd be, or do they tend to drag their feet? I know each case is different, I'm merely trying to see if there's a common thread ... if there's anything that can be expected.

2) Do they typically contact the person instead of taking it under the cover of darkness? I'd think since we're not being evasive, they'd prefer a clean "transaction."

3) We have provisions now to acquire a 'beater' car. What I wonder is, if we cancel registration on the Mazda and transfer the car tag to a succeeding vehicle, and keep the Mazda parked until they come and get it, what is our obligation regarding insurance? "Full Coverage" is mandated, but wouldn't that apply if the car is being driven? If it remains parked, would we be able to get away with keeping just comprehensive on the car until it's no longer in our possession? I'd love, if possible, for us to get on with life, without being at the mercy of MAC's repo'er, and not having to absorb three (3) car insurance payments for the short term, if not longer!!

Thanks to those who offered their insight in my previous message, and to those who have anything to share regarding these questions.

-R.

[bling32]

It would seem that you could simply take it to the Mazda dealership or where you purchased an let Mazda know that you are surrendering the vehicle. Then, I would call my insurance company the same day and let them know that I no longer own this vehicle. I am not familiar with Mazda Credit. But, call them and ask if it is feasible or ask your attorney. It seems senseless to wait on the inevitable if you do not plan to drive the vehicle. Best wishes!

[AngelinaCatHub]

It would seem that you could simply take it to the Mazda dealership or where you purchased an let Mazda know that you are surrendering the vehicle. Then, I would call my insurance company the same day and let them know that I no longer own this vehicle. I am not familiar with Mazda Credit. But, call them and ask if it is feasible or ask your attorney. It seems senseless to wait on the inevitable if you do not plan to drive the vehicle. Best wishes!

The dealer is really out of the loop. Call the Mortgage company, and ask when they could pick it up, or could you drive it where ever. They will mark your paper as surrender and this is better for you. Don't not insure it unless this goes beyond a month. Take your tag off but if they call you (as they did us) take pictures of this car inside and out as of now, and ask the repo man to do a walk around and sign a condition report. The man will appreciate it and NO it is not like Repo on TV. The guy is just doing his job. Hand him the keys and he will smile and you will too.

If they don't pick it up within a reasonable time, write a letter that as of x date you will cancel insurance with the expectation that they will take full responsibility and that you regard the car as abandoned as of x date and make a copy to them certified and your lawyer as well.

Don't expect a problem. You won't have one. 'Hub

[flyspeck]

Spoke with the attorney's office who had communicated with Mazda American Credit's attorneys. They have expressed intent to retrieve the vehicle within the forthcoming week. So we'll wait and see if this happens. I hope so ... which means I could see Mazda dragging their feet.

Since I posted the above question, our lawyer explicitly told us - verbatim - "only when you see the tail lights disappear do you cancel insurance." So, much as I'd love to send a registered letter if we still have it after, say, a month, I'm afraid we're stuck with this albatross until they come and get it.

What's done is done, we've signed off on it, they've file the Relief motion, so I'm ready to get that car out of the way and get on with life!!

-R.

[flyspeck]

UPDATE: The "albatross" was retrieved this morning. As in, EARLY. We were awakened by the doorbell at 6:15 a.m., to be greeted by two guys from what they said was "Hide and Seek Investigations" -- no courtesy call, either (as the attorney said would happen). Seems Mazda went with a skip-tracer outfit ... when I went outside to retrieve the car tag, I saw where the tow truck already had the car by its rear wheels.

Both "Hide and Seekers" were pleasant, and without an attitude (they seemed to have one when they first rang - I'm sure folks like that always brace for trouble with each assignment!). Still, the whole experience felt dirty -- as if we were 90 days late on the car note and never returned MAC's phone calls. I suppose, given that we were voluntarily giving up the car, it would have been more of a meet-up-and-hand-over-the-keys.

Oh well ... it's behind us now. We can go shopping for a beater. A beater with better gas mileage than a Mazda3! :-)