How long before they take the car?

[whoops08]

Hi Everyone.
We are planning on filing in a week for CH.7 and include one of our cars. We have missed 1 payment and the next payment is coming up. If we include the car in the filing, how long will it take for the lender (citifinancial) to reposses the car? Thank you!

[Priceless ProSe]

I actually have the exect same question but I have not missed any payments (filed at the start of the month, payment due tommorow), I was hoping that I didnt have to surrender it until the BK was actually discharged, or right after the 341 at the earliest. In the schedule which asked my intentions I put to surrender. My other question was, if I continue to make payments after discharge as opposed to giving it back (even though i will not reaffirm the contract) would this allow me to surrender it once I have secured other transportation, or is this just wishful thinking?

I know that the lender can file to have the stay lifted so that they can come and get the car, and if you look up some old posts about car repo some people have some horror stories related to this subject. If they file to have the stay lifted the court will usually allow it in a short time(from what I have heard) because of the fact it is depreciating and losing the creditor money, and then they can try to repo it

[csrhjr31]

My husband was in a similar situation. He was a month behind at the filing of our BK May 22nd. At the beginning of July, they lifted the stay. My husband called to see when they would be repossessing it. The person he spoke with said it varied. So my husband set up a time to surrender the car last week.

So we went about a month and a half after filing. My husband had fiifth third.

[Cali]

I don't think there is a cut and dry answer.

Here is my situation. I filed in June, and included one of our vehicles. The last payment I made on my SUV was in March. My SUV is still at my house and I am still driving it. My attorney told me that the company wouldn't do anything until discharge.

[joenjenking]

Yeah we had Citifinicail too, they took forever to pick up the car almost 6 months after we stopped making payments. We stopped making payments in Dec 07 and they picked it up in May of 2008 before the 341 meeting, but i think it was because it had been so long since the last payment.

[Critty]

My hubby and I are about to miss payment #3. We filed April 29th and have not paid May, June, and soon July. So far, there has not been an order to lift the stay so we are happy. It's going to be interesting once we only have one vehicle. Good thing my hubby sells cars because we will be able to find a really good deal, lol. We are also hoping that the bank won't take it back til after discharge.

[Cali]

But did you miss before you filed?
I have read some that missed before and their vehicles were taken faster than those that didn't miss before.

My hubby and I are about to miss payment #3. We filed April 29th and have not paid May, June, and soon July. So far, there has not been an order to lift the stay so we are happy. It's going to be interesting once we only have one vehicle. Good thing my hubby sells cars because we will be able to find a really good deal, lol. We are also hoping that the bank won't take it back til after discharge.

[Flamingo]

Hi Everyone.
We are planning on filing in a week for CH.7 and include one of our cars. We have missed 1 payment and the next payment is coming up. If we include the car in the filing, how long will it take for the lender (citifinancial) to reposses the car? Thank you!

It's different all around; once you miss your first payment, you are in breach of contract as to the vehicle and they will start hounding you via phone and regular mail for payment. When you miss two payments, you are ripe for repossession; some more than others depending on how quickly the lender moves. Note that repossession companies are doing a booming business and have hired extra staff (ads every day looking for help in our want ads) to keep up with the demand. What I would do in your situation until you file (as we did) is contact the bank and advise them what is going on and that you are going to file and to please not repossess the car and just to be on the safe side, block it in at nights if you park it at your home. The key is trying to keep the car until you file if you are close to that second missed payment. Also just in case, get all your valuables and items out of the car just in case they do repossess it at a place other than your house (i.e., work, etc.). You just never know as many surprised people can tell you on here.

[Priceless ProSe]

I called the finance company for the auto today, they said they had just recieved the notice and will be assigning someone to the case within 48 hours. He also said that if I had filed to surrender the car, which I did, they would most likely ask for a "relief from automatic stay", in which case I assume I would have to surrender it or risk being repo'd. I asked if there was something we could work out, he said call back in two days and they will offer me a lower interest rate (he said possibly 6% as opposed to the 15% I currently pay). Although this sounds like a good deal I should also mention that I owe 18k on the car and could buy a similar vehicle for 12k max, This negative equity is the result of a trade-in. I do not have another reliable car, and if they take this I would be without until september. I would prefer to let it go, but cannot do without for a month/ month and a half.

Any suggestions?

I entertained the idea of entering "faux" negotiations with them just to delay the stay being lifted, but this might be fraudulent and therefore I dont think I will. Even if they lowered my monthy payment to 300 from 400 bucks I still couldnt afford it as we have 0 income at the moment.

[Critty]

We did not miss any payments before filing. Originally we were going to reaffirm both vehicles but my hubby's income has continued to drop since filing. We had our reaffirmation hearing with the judge last week. Our state (AZ) does not favor reaffirmations and therefore denied the one we want to keep. He said that we should be fine doing a "ride thru" as long as we keep up with the payments (never been late).

Does anyone know when the automatic stay is lifted? No one has asked for a lift of the stay. Our discharge date is supposed to be 08/05. Is this the date that the stay is lifted? Just curious how much longer we have before the bank can come take the car.

Should I call the bank of the vehicle I am keeping and let them know that even though the judge denied the reaffirmation, we are still planning on keeping the vehicle? Or do I just keep making the payments as if it was reaffirmed?

[b_girl]

I would call the bank if I were you...I think it helps if they know your intentions. Definitely keep making the payments even though the re-affirmation was denied...it's called a ride-through and appears to be widely accepted even though it's not clearly spelled out in the new BK law.

As for the stay, I'm wondering the same thing. I assume it's lifted when the discharge is finally granted, if not before (when the court grants a creditor a relief of stay). Anyone know for sure??

[Cali]

If you are not keeping the cars, you don't have to keep paying them.

I think most companies take the cars before discharge. But there isn't a one way for all surrendered vehicles. It all depends on the company.

I would call the bank if I were you...I think it helps if they know your intentions. Definitely keep making the payments even though the re-affirmation was denied...it's called a ride-through and appears to be widely accepted even though it's not clearly spelled out in the new BK law.

As for the stay, I'm wondering the same thing. I assume it's lifted when the discharge is finally granted, if not before (when the court grants a creditor a relief of stay). Anyone know for sure??

[b_girl]

I believe her question had to do with a vehicle re-affirmation that was denied by the court...she does want to keep the vehicle. By all means, if you're giving up the vehicle, don't pay. But if you're wanting to keep the vehicle and you keep on paying the payment, they have no reason to repossess the vehicle. You should have it until it's paid off despite the lack of re-affirmation.

If you aren't keeping your vehicle and you've already filed, if your creditor decides to take your vehicle from you they have to file a request for relief from stay. The court can grant this before discharge and you will relieve a notice of this directly from the court (this info is per my attorney) at which point you are warned to be ready for repossession. The question here is, if there is no relief of stay filed before or after the 341, when is the stay definitely lifted? I'm thinking on the day of discharge.

[csrhjr31]

Fifth third filed a relief of stay about 5 weeks after we filed.

[Cali]

Actually they can still repo a car even if you are paid up to date.

I believe her question had to do with a vehicle re-affirmation that was denied by the court...she does want to keep the vehicle. By all means, if you're giving up the vehicle, don't pay. But if you're wanting to keep the vehicle and you keep on paying the payment, they have no reason to repossess the vehicle. You should have it until it's paid off despite the lack of re-affirmation.

If you aren't keeping your vehicle and you've already filed, if your creditor decides to take your vehicle from you they have to file a request for relief from stay. The court can grant this before discharge and you will relieve a notice of this directly from the court (this info is per my attorney) at which point you are warned to be ready for repossession. The question here is, if there is no relief of stay filed before or after the 341, when is the stay definitely lifted? I'm thinking on the day of discharge.