Car Loan with Navy Federal Credit Union

[happy76]

Well, I received an e-mail from NFCU stating they may file a "possible civil suit against" me. My account is 60 days past due. I called them to see if they can give me more time w/ out making a payment. They declined.
Anyone been thru this?

[liboton21]

Well, I'm in a process of BK for CC and other loan but intend to keep the car. We shall see what will NFCU say about it.

[liboton21]

Well, I received an e-mail from NFCU stating they may file a "possible civil suit against" me. My account is 60 days past due. I called them to see if they can give me more time w/ out making a payment. They declined.
Anyone been thru this?

Any status?

[Ripcurlzma]

In California, if you file chapter 7 BK they will not repo as long as your current on your monthly payment on a house or vehicle. That is also if you never listed your vehicle or house on your debt sheet. However the moment you miss a payment kiss the ride goodbye . However if you haven't paid your bill in 6 month, then yes they will repo. They first have to get permission from the court to repo your vehicle and this process take about 30-90 days after you've been discharged. I didn't pay my car payment for 5 months. When I was finally discharged I called the finance company and "surrendered" my truck.

[Ripcurlzma]

In California, if you file chapter 7 BK they will not repo as long as your current on your monthly payment on a house or vehicle. That is also if you never listed your vehicle or house on your debt sheet. However the moment you miss a payment kiss the ride goodbye . However if you haven't paid your bill in 6 month, then yes they will repo. They first have to get permission from the court to repo your vehicle and this process take about 30-90 days after you've been discharged. I didn't pay my car payment for 5 months. When I was finally discharged I called the finance company and "surrendered" my truck.

[StartingOver08]

To others reading this thread, you must list ALL OF YOUR DEBT in your BK schedules, there is no choice to list or not to list.

You can choose which to reaffirm or surrender, but all the secured and unsecured debt must be listed. This is true in all districts.

[liboton21]

Just trying to revive this thread about the NFCU cross collateralization, since I just got a message in my work phone about the vehicle owe $6000.00 and late payment on my CC (28K), lady said cross collateral agreement will repo the car unless I negotiate with them to pay the CC. I was 3 mos behind on CC and current with the car. My lawyer already submitted my BK7 last Monday and probably received today or tomorrow, how long will they process repo? If I already filed BK, can they still pursue the repo? Thanks in advanced.

[happy76]

My Update w/ NFCU

Ok, just a quick update on the situation I am in w/ NFCU. I originally stopped paying on my account in July. I owe them $25 k in a CC. My vehicle payment was paid until Nov '09, so they threatened to repo the vehicle. They have been calling me, but they have not taken the vehicle from me. I am going to start the process of BK in Jan 2010. They have NOT filed a suit against me; probably because they checked my credit and saw I owe $80 in CC debt and lost my home, so they must've though, "this guy really lost everything, so why pursue it." I will keep ya'll posted. NFCU has been proffesional though.

[chad9162]

Just trying to revive this thread about the NFCU cross collateralization, since I just got a message in my work phone about the vehicle owe $6000.00 and late payment on my CC (28K), lady said cross collateral agreement will repo the car unless I negotiate with them to pay the CC. I was 3 mos behind on CC and current with the car. My lawyer already submitted my BK7 last Monday and probably received today or tomorrow, how long will they process repo? If I already filed BK, can they still pursue the repo? Thanks in advanced.

Liboton,

I sent you a PM. Sorry haven't been here in awhile. If your lawyer filed BK paperwork then your are protected by automatic stay. NFCU would have to pay an attorney and filing fees to get a relief of stay to repo your car, which they're not going to do!!. They'll just wait. I answered the other questions in the PM.

[chad9162]

Ok, just a quick update on the situation I am in w/ NFCU. I originally stopped paying on my account in July. I owe them $25 k in a CC. My vehicle payment was paid until Nov '09, so they threatened to repo the vehicle. They have been calling me, but they have not taken the vehicle from me. I am going to start the process of BK in Jan 2010. They have NOT filed a suit against me; probably because they checked my credit and saw I owe $80 in CC debt and lost my home, so they must've though, "this guy really lost everything, so why pursue it." I will keep ya'll posted. NFCU has been proffesional though.

They probably haven't repo'd your car because it isn't worth anything after repo fees and auction fees. Usually its just a scare tactic because they see you're still paying on it so they assume its important to you. BUT, there is one member on this board where NFCU did repo his vehicle prior to filing BK. If you're worried just hurry up and file. Automatic stay! Remember, its all a numbers game. Banks only care about profit vs loss.

I still like NFCU. Still paying my Auto Loan and didn't reaffirm! I feel bad for not paying my other debts with NFCU and if I ever win the lottery I will pay them. Good people over there! Even the collectors

[chad9162]

To others reading this thread, you must list ALL OF YOUR DEBT in your BK schedules, there is no choice to list or not to list.

You can choose which to reaffirm or surrender, but all the secured and unsecured debt must be listed. This is true in all districts.

Very True, if you don't its called FRAUD

[BKInLA]

So can someone straighten this out for me:

Mortgage - Pentagon CU
Car - Pentagon CU
Visa - Pentagon CU

I'm planning to reaffirm the Mortgage and Car. I'm current on both and will remain throughout BK filing (hopefully). Can they come after the car at ANY time after I file and, God willing, am discharged of the Visa debt?

[chad9162]

So can someone straighten this out for me:

Mortgage - Pentagon CU
Car - Pentagon CU
Visa - Pentagon CU

I'm planning to reaffirm the Mortgage and Car. I'm current on both and will remain throughout BK filing (hopefully).

Thats not a good sign! But then again I wasn't exactly current after I discharged and all of my secured creditors were willing to work things out.

Can they come after the car at ANY time after I file and, God willing, am discharged of the Visa debt?

Yes, they can do whatever they want. They'd have to file a motion "relief of stay." Will they? Probably not. It cost money to hire an attorney and file motions. Just adds to there lost. Unless you have equity, they're not coming after you. Just list in your BK paperwork you want to reaffirm.