When will they take my car?

[NeedBKHelp]

I currently drive a leased 2006 Nissan Altima that I pay $400 a month for and I have another 12 months on the lease. My lawyer thinks it's in my best interest to stop paying on the car and let the bank (Nissan Financial) take it. I have retained my attorney, however I am still making payments to him, so my Chapter 7 case has not been filed with the courts yet.

My question is, when will they take my car? I am currently still making payments and have not yet told Nissan that I'm filing because I'm concerned about when they take the car. My lawyer wasn't really helpful on this question. I will still need to have a car, so I will need to get a loan, but I'm told I need to wait until after the discharge before I can apply. So if I stop paying now, and if they take my car now, I will be stuck with no car until it's been discharged? I'm so confused how all of this works. I have to have a car because I am an outside salesperson.

If you could please help me with my question, I would greatly appreciate it!

[magyar123]

Don't know anything about Nissan, but generally if you keep on making timely monthly payments your car won't be repo'd. Don't know if Nissan will insist on a reaffirmation agreement. If they don't - and just keep on making timely monthly payments and nothing will happen. BUT make sure your payments are received real timely, like 1-3 days before the due dates. Some real sleazy banks/creditors do not process all their incoming bill payments on the date received.

[NeedBKHelp]

Thank you for the response. Do you by ancy chance know if I decide to let them take the car, how long I have after I stop making payments before they take it?

[relief13035]

Generally they come to get it after the 3rd missed payment.

[AngelinaCatHub]

Generally they come to get it after the 3rd missed payment.

Yes this is right. After about three months it would aid you in surrendering the car. After not making three payments, you will have $1200 that could purchase you a fairly good bit of wheels if you look for private sales for cash. Do this now and you will have wheels. 'Hub

Merry Christmas

[Keebler]

Yes this is right. After about three months it would aid you in surrendering the car. After not making three payments, you will have $1200 that could purchase you a fairly good bit of wheels if you look for private sales for cash. Do this now and you will have wheels. 'Hub

Merry Christmas

That's exactly what we did and it was scary as hell not knowing how things would play out day after day. In the end we saved almost five months worth of payments by driving our newest car for three months before we filed and not turning it in until a couple weeks before our discharge.

It's sure easy to agree to make payments months ahead of actually earning the money. This way we're free of any loans and have no payments and we're not wasting even $1 a month paying interest.

When the vehicles have problems (like an alternator fails) it's actually a good feeling to go and spend $100 or so for the replacement because we were wasting more than that every month on interest and we weren't any happier.