Buying back your 'own' surrendered car

[outsidetool]

Here's another quite humerous side to how totally dumb the folks who do car loans can be: While recently wading through my Ch 7 issues in which I did in the end result surrender (though they haven't come to get it yet) a vehcile to Ford Motor Credit, my attorney actually had told me at the start of my case that I could, theoretically, surrender the vehicle and then quite possibly go buy it back via one of the MANY 're-establish your credit' offers I would get after filing. The wonderful thing would be that I'd buy it back at considerably less than I owed on it.
While I did not actually do this in my case, my attorney said that he'd had several clients do that over the past year. I think it's great; the creditor refuses to work with you on the loan, you give up the vehicle, then go buy it back a week later.

[hereforinfo]

Yes, but consider the fact that your interest rate will be through the roof and you have to pay sales tax, tag & title - by then you're probably not paying much less for the vehicle.

[StartingOver08]

Even so, the redeemed value is probably greater than the auction value on a surrendered or repo'ed car. So for the bank, I am beginning to believe that they prefer the 722 redeemed value!

[outsidetool]

That is true hereforinfo; and in my case that did come in to play. Had a 0% interest balance of $33k on a truck. But the truck will likely turn out on the lot at only around $18k. Pile on taxes, etc., and a nice high interest rate after filing and likely my payment would have been right around what I was paying in the first place. But for some people who have actually done this, varying interest rates, terms, etc., have resulted in having the same vehicle at a payment at least marginally lower than the original. For someone wanting to keep their vehicle, maybe simply 'cause they "like that car," but the original creditor is making things tough, this IS an option. In my case I kind of did like the vehicle, and liked the fact that I was familiar with it as opposed to buying something totally unknown as far as history, problems, etc. But I was happy to reduce my payment in the end.