Walking away from car not reaffirmed?

[erinmi]

First we were going to reaffirm both, then our lawyer suggested doing a ride-through on them just in case we felt we wanted to walk away from either or both. Both of our car payments are just under $300 each but one has about 24 months and the other 60 months before they are paid off.

After much hemming and hawing, we decided we want to walk away from the car we have 60 months left to pay on and are about $5000 upside down on. I paid our last payment at the end of January and did not pay our February payment (it was due the 28th).

Should we call Ford and make arrangements to drop the car off somewhere?

Or should we just wait and see what happens? If so, how long does it normally take for a creditor to file for relief of stay when we are just now past due but in bk?

Thanks

[PaKettle]

If you aren't buying another car, I would think you may as well save everyone a lot of trouble and call Ford to have them pick it up at your house or you can deliver it, I imagine, to the local dealer.

If you are going to buy another cheaper car, maybe you want to use the car until you buy another one.

[erinmi]

We are going to become a one car family for awhile.

I'd like it if we were able to keep the car for a little while yet without paying but I'm just taking it day to day.

Oh, and I hope your discharge shows up soon!! Our lawyer said anywhere from 90-120 days after the 341 here in MI....

[HHM]

Just stop making payments, the will repo the car eventually (about 2-4 months). After you have missed 2 payments, you should probably remove all personal items from the car.

Also, since your BK is not discharge, I would go ahead and amend the petition to change your statement of intent with regard to that vehicle...that way there is no dispute, later on, that the vehicle was let go IN the BK.