I have come to the conclusion that I can't afford my car payment anymore. Anyhow, I found a cheap car for $4500. It will have a lien as well. I plan on filing in 5 months. Is it a good idea to call the lender and let them know I can't afford the car and to come and get it? I have 3 other loans with this institution that are late. My car payment was due 12/30 which I didn't pay.
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9/22/2009 - officially filed chapter 7
11/03/2009 - scheduled 341
- COMPLETED
01/04/2010 - last day for objections
01/11/2010 - DISCHARGED & CLOSED
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Five months is a long time to wait and tipping off the mortgage company can get you sued faster. You really don’t want a judgment if you can avoid it. I suggest wait till they tell you, they want it back. It will buy time as they have to sell it and you will owe the difference, this before a judgment could be wiped out. ‘HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
I do not have a mortgage. I will just hold the car and not say anything to the lender. How long until they will repo it?9/22/2009 - officially filed chapter 7
11/03/2009 - scheduled 341 - COMPLETED
01/04/2010 - last day for objections
01/11/2010 - DISCHARGED & CLOSEDComment
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Well, yes you have a mortgage. The car loan is a mortgage, by any other name, but what's in a word? You have a good three months before they start to pick up that there is something wrong, then longer for the process. You outright tell them, and they will move on you. 'HubOriginally posted by drowningNdebt View PostIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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Use it until they repo it. Save the monthly payments for your new car or whatever else.
good luck.Filed Chapter 7 Pro-Se May 29, 2008
341 July 1, 2008
Discharged September 4, 2008
Closed November 10, 2008 :-)Comment
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Does the 3 month rule apply to all companies? I am with Chrsyler Financial and the day after payment is due they start calling constantly. I mean every 30 minutes atleast.Originally posted by AngelinaCatHub View Post
I talked to my lawyer and told him our plan was to surrender it but try to drive it as long as possible so we could save up for another vehicle as it is our only one. He said when we file he has to put an intent and if it is to give it up we have 30 days.Comment
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