Thanks, I'll be sure to look out for that.
Originally posted by FreshLikeADaisy
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If you do a voluntary repo (in other words, drop it off) be sure to read what you're signing VERY carefully. A friend of mine went through this a couple of months ago, exact same scenario, and when he offered to drop it off, the dealership faxed him a paper to sign that included accepting responsibility for a $28k deficiency balance (the car was worth less than $20k, and the loan balance was $15k, so where they got the $28k is anyone's guess). My friend declined to sign such an agreement so they refused to let him drop it off, and the repo man came to the house. But they called first and were very cool about scheduling it, so it wasn't a middle-of-the-night embarrassment at all.
If you have already filed Ch7, and THEN you sign such an agreement, it seems like it could be non-dischargeable debt since it was executed post-filing, so be careful. I don't know if this would happen, but I wouldn't take any chances. The repo man might actually be a friendlier choice.
Caveat emptor.
P.S. I don't think there was a tow truck involved in my friend's repo; he told them where it was and where to find the keys, and if I remember correctly they just drove it away. No tow truck.
If you have already filed Ch7, and THEN you sign such an agreement, it seems like it could be non-dischargeable debt since it was executed post-filing, so be careful. I don't know if this would happen, but I wouldn't take any chances. The repo man might actually be a friendlier choice.
Caveat emptor.
P.S. I don't think there was a tow truck involved in my friend's repo; he told them where it was and where to find the keys, and if I remember correctly they just drove it away. No tow truck.
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