Will the lender really wait until after discharge to repossess?

[iturnrocks]

Here is an email I sent my lender-

I had to file bankruptcy. I cant afford this payment
anymore. I would like to keep the truck if we could get my payment lowered
to $300/month. If not, please advise what I should do to return the
vehicle.


Here is their response-
AmeriCredit is not licensed to refinance loans. Once the bankruptcy case is discharged and closed we can make arrangements to take possession of the vehicle. This is not a demand for payment. Thank you.

I searched for info online, but I hate to take wiki-answers as facts. They said that once you file, the lender can't repossess the vehicle until after the discharge. Does this sound right? I am currently 2 months past due. I would like to be able to save up some money to get some cheap transportation before they pick it up. Do you think if I dont make any payments they will still wait until the discharge to pick it up?

Thank you

I filed Chapter 7 on 08-13-08

[Minnymouth]

If you have "filed" and are surrendering the auto in the bankruptcy then your attorney should have advised you to no longer make any payments on the auto. This is money you can stick back towards another auto.
The creditor cannot pick up the auto till after the discharge or until they apply for a "relief of stay" from the courts to do it before discharge.
If your planning on keeping your auto you may have to sign reaffirm papers with the lender in order to keep it and to do this you MUST be current on all payments.

[iturnrocks]

If you have "filed" and are surrendering the auto in the bankruptcy then your attorney should have advised you to no longer make any payments on the auto. This is money you can stick back towards another auto.
The creditor cannot pick up the auto till after the discharge or until they apply for a "relief of stay" from the courts to do it before discharge.
If your planning on keeping your auto you may have to sign reaffirm papers with the lender in order to keep it and to do this you MUST be current on all payments.

Thanks for the fast reply. I noted in the bankruptcy that I will be surrendering the auto. I have only had it a year, and I had a post bankruptcy % rate to begin with. Best my credit had ever been and I had 12.5% APR. I dont think I ever had good credit. When I had no credit, no one would give me a loan, then I got a little, screwed it up, and been trying to fix it ever since. Im looking forward to wiping the slate clean even if it takes 10 years.

[Help!]

We surrendered an SUV and a boat. We were discharged over a month ago and the boat is still sitting along the curb, even though we've called several times to try to arrange a time to surrender it. We called Toyota numerous times to try to make arrangements for the SUV, but they never called us back. We finally dropped it off at a dealership with keys and a note in an envelope (left these in the after-hours drop box). It would probably still be sitting here if we hadn't.

[Cali]

We are surrendering a SUV and my attorney thought the company would wait until after discharge. The filed relief of stay this week and it was granted.

[b_girl]

It seems to depend on the lender...some choose to reposses before discharge, some choose to wait until after discharge...it's hard to say what will happen. We chose not to wait and see, since we're giving up both vehicles, so we replaced one of them a couple of weeks ago and voluntarily gave back a vehicle. However, we still have the other and have not heard a word from this lender.

[iturnrocks]

We are surrendering a SUV and my attorney thought the company would wait until after discharge. The filed relief of stay this week and it was granted.

What model year was your SUV?

[AV1611]

I just wanted to agree with everyone else. The bank that owns our Kia called after we filed BK and I told him he need to contact my lawyer or the court to get the Kia. He attempted to argue with me and told me he doesn't need to talk to my lawyer. I hung up on him.

I was worried they'd come and get it with no warning. My lawyer said they are suppose to wait or file a motion to relieve the stay as mentioned here. But he said they could try and take it. And most cases the court just tells them it wasn't nice.

They ended up filing a relieve of stay which gave us 20 days to object to it, which we obviously are not. That is up on Wed.

[Cali]

The company didn't contact me after the hearing, so I called them.

iturnrocks - The SUV is 2006 Lincoln Navigator.

av1611 - we had 10 days to object.