Surrender Van? Need advice asap please!

[tkharvey]

What a stressful week I have had! Just to summarize....we just had my daughter's car repo'd in the middle of the night because of cross collateralization of another loan I have defaulted on in the same credit union. (I was only two weeks behind on car loan!) I have made arrangements to pay off the car and get it back tomorrow. Hopefully that will go as planned....stressful.

My question is I also have another van that the repo guy is trying to take (we are behind and it is also tied to a different credit union account). I was trying to hold out and keep the van (lawyer says I can cramdown in BK...still waiting to file, though because we are waiting on loan mod). My question is this: Should I surrender the van to credit union if I have another van (my dad's that he can no longer drive due to his age) that I can have? It's not as nice as my current van, but I don't want to have to be looking over my shoulder worried that the repo man will be hunting me down. This whole situation I have found myself in is stressful enough. I'm trying to simplify my life and eliminate as much stress as possible.

I think I already know the answer to my question but would appreciate any opinions you may have. Thank you!!!

[eddiep]

sounds like a no brainer! If he is going to give you the van, no payments, no worries! Keep it in his name though. Will losing the payment on your van and car increase your ch13 payments?

[lostand]

surrender it

[DeadManCrawling]

I also have another van that the repo guy is trying to take (we are behind and it is also tied to a different credit union account).

Careful on CU accounts, they probably have the right to take any funds you have in there to pay the difference and repo fees.

Search "cross-collateralization" and set-off.

Much talk about this lately and some people have had this happen very recently.