Honda Finance Relief From Automatic Stay

[FS09]

We just filed for chapter 7 June 4th. We are 1 1/2 years into a lease on an Acura MDX. Every payment was made on time until 2 weeks before we filed! They quickly sent a letter to my attorney today saying if we don't pay up immediately, and then keep current, they will file a motion for relief from the automatic stay. I am playing phone tag with my attorney, so I thought I'd also post here. Anyone have experience with Honda financial? We plan to surrender the vehicle, but I really don't want to give it up just yet...I also don't want to pay them anything! I am saving every penny, selling stuff, etc to buy an inexpensive used car, but it's gonna take until at least late July. My 341 meeting is July 10th. Any insight or experience?

[justbroke]

Of all the lenders, Ford Motor Corporation (FMC) and Honda Financial are the worse when it comes to loans and Bankruptcy. From what a prominent Florida Bankruptcy Attorney told me... don't mess with them.

For what it's worth, they would need to get relief first, before attempting to reposess the car. That relief has at least a 21 day window on it.

[FS09]

Thanks. Anyone else with experience? My attorney said I should have at least 30 days, and even then there is a chance they will want to talk. In his opinion, Honda doesn't want the leased vehicle.

[FS09]

Just an update. We had our 341 on Friday and it went smooth. Now time to hold my breathe and wait! Honda has not filed for the relief of stay yet. We have not paid for 60 days on the lease. My hope is to keep the vehicle until we hopefully get discharged in 60 days without paying them any more $. Anyone think I have a chance? I'm trying to save to pay cash for a vehicle, or get a loan on a much cheaper car once discharged. Paying Honda $550 the next couple months isn't going to help! How long have some of you kept a leased vehicle without paying?

[jribe]

Of all the lenders, Ford Motor Corporation (FMC) and Honda Financial are the worse when it comes to loans and Bankruptcy. From what a prominent Florida Bankruptcy Attorney told me... don't mess with them.

For what it's worth, they would need to get relief first, before attempting to reposess the car. That relief has at least a 21 day window on it.

i would expect them to repo. honda's hold their value well; and they'd probably just sell it at auction.. i had a ford that was repoed after 2 latepayments

[falken]

How long have some of you kept a leased vehicle without paying?

I had a lease BMW X5 for 8 months without paying.
No payments for 3 months before filing, then they made no effort to file for a relief of stay (ch13, was rejecting lease), 3 more months until I was confirmed, at that point I was only a month and half from the lease end date and they asked me to simply turn it in as scheduled at the end of the lease.

I did not expect to keep it so long!

[justbroke]

I had a lease BMW X5 for 8 months without paying.
No payments for 3 months before filing, then they made no effort to file for a relief of stay (ch13, was rejecting lease), 3 more months until I was confirmed, at that point I was only a month and half from the lease end date and they asked me to simply turn it in as scheduled at the end of the lease.

Cheaper for them.

[OhioFiler]

Of all the lenders, Ford Motor Corporation (FMC) and Honda Financial are the worse when it comes to loans and Bankruptcy. From what a prominent Florida Bankruptcy Attorney told me... don't mess with them.

For what it's worth, they would need to get relief first, before attempting to reposess the car. That relief has at least a 21 day window on it.

Great. I have a car loan through Honda Financial I was expecting to do a ride-through. Is your statement based on personal knowledge or hearsay that Honda Financial is the worst when it comes to loans and bk?

[FS09]

My goal is to keep it for the next 60 days...then get a different and CHEAPER car! Crossing my fingers. Main problem is I need to renew the license plates now. They are overdue.

[justbroke]

Great. I have a car loan through Honda Financial I was expecting to do a ride-through. Is your statement based on personal knowledge or hearsay that Honda Financial is the worst when it comes to loans and bk?

Hearsay from several prominent Florida BK Attorneys who were discussing the worse lenders to deal with. They actually called the FMC attorney "creditor attorney scum"... but in a jokingly-loving way... to his face.

[maungoo]

[tdawg]

How long before they reposessed your car?

My goal is to keep it for the next 60 days...then get a different and CHEAPER car! Crossing my fingers. Main problem is I need to renew the license plates now. They are overdue.

I have a similar situation as you except with Ford. I filed a few weeks ago, and have just missed my first payment with them. I have my 341 just before Christmas, and I'm hoping to keep the car as long as I can (until the middle of January would be great). Did you get to keep driving your car until after discharge?

[FS09]

I have a similar situation as you except with Ford. I filed a few weeks ago, and have just missed my first payment with them. I have my 341 just before Christmas, and I'm hoping to keep the car as long as I can (until the middle of January would be great). Did you get to keep driving your car until after discharge?

Yes, I was very lucky and kept it until a couple weeks after discharge. I met the "repo guy" in an out of the way strip mall and he was very nice. He showed up with a 2nd person who just drove the car away after I signed the paperwork.

[liz417]

I'm in Cali too and did a "ride-through" too for my Honda. Like "maungoo", I included them in our BK and don't receive monthly statements anymore.

[maungoo]

I stopped paying for 3 months as my car price is upside down and high monthly payment and since they don’t report any positive to credit bureaus even though I am keep paying monthly; they came and got my car last week. Anyway, I used my motorcycle for mean time (about two weeks) and I got a couple of auto loans from Road Loans, Americredit and Capital One but interest rate was 17.5%. I bought a used car (2009 Chrysler ) with better deal and low payment. And they will start reporting positive to all credit bureaus and I think this is kind of rebuilding good credit history. I’ll do refinancing after 6 months or so with lower interest rate. now I start checking credit unions for auto refinancing.