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    #1

    signed today, attorney told us to surrender vehicle

    Signed and payed attorney in full today. I had initially thought I could ride through on a vehicle that's worth $11,000 but owe $20,000. After discharge I initially thought we would decide on what to do with the car. My attorney said that the lender(National Auto) doesn't play that "game", referring to the ride through, and said for us to just stop paying and drive the car for free. He said to be prepared for them to repo at anytime but we could possibly drive it for a month or two.

    I guess I need to plan on getting another vehicle. Fortunately I have another older vehicle(1998 that has been very dependable) that has 80,000 miles that's paid for. If worse comes to worse we can make due with just one car until we figure out what to do.

    One question I do have...what are the chances of National Auto doing a redemption type loan on the car. I would consider redeeming the car if they offered. My intuition tells me no though.
    6/30/2009 Filed Ch. 7
    10/06/2009 Discharged
    01/24/2011 Closed
    Tags: None
    #2
    US Bank may do the redemption loan for you.
    Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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      #3
      Dude! What time were you there today? Our appt was at 10:15 to turn in our 'homework' papers. I got to see the white dog today. You're right, he's huge!

      I don't blame him for telling you to surrender to National Auto. They are a$$es. They would NOT work with me on anything when I first found out my hours were being cut so I didn't even bother calling them when I was laid off. So guess who's getting my car back? LOL. Good luck getting someone who speaks halfway decent English if you call them. ;)

      Let me know how long it takes them to repo. I'm 2 mos behind as of today so I'm hoping they won't repo before the 6th of July when we file. At least I know then they'd have to file for relief of stay to get it back.
      07/10/09 Filed Chapter 7
      08/10/09 341
      10/16/09 Discharged
      02/01/10 Closed

      Comment

        #4
        Originally posted by RackingJ View Post
        Dude! What time were you there today? Our appt was at 10:15 to turn in our 'homework' papers. I got to see the white dog today. You're right, he's huge!

        I don't blame him for telling you to surrender to National Auto. They are a$$es. They would NOT work with me on anything when I first found out my hours were being cut so I didn't even bother calling them when I was laid off. So guess who's getting my car back? LOL. Good luck getting someone who speaks halfway decent English if you call them. ;)

        Let me know how long it takes them to repo. I'm 2 mos behind as of today so I'm hoping they won't repo before the 6th of July when we file. At least I know then they'd have to file for relief of stay to get it back.
        2:00...What's funny is I almost made a car payment yesterday. I'm real curious on how long it will take them to repo as well.

        Did you decide against the 722 people? I'm kinda glad they turned me down. On to plan C.
        6/30/2009 Filed Ch. 7
        10/06/2009 Discharged
        01/24/2011 Closed

        Comment

          #5
          I haven't really decided about them yet. I won't be able to go to their site & see what cars they have until we file. I'm leaning toward having my mom finance a cheap used car (have found a few good deals on Craigslist) and then refinancing in my name in 6mos-year after our BK. I'll decide more when I see what 722 has.

          Although if National Auto doesn't repo the car until after discharge, that should be 1st of Oct if we have our 341 1st of Aug. So I don't mind driving the car for free since they wouldn't work with me. ;)
          07/10/09 Filed Chapter 7
          08/10/09 341
          10/16/09 Discharged
          02/01/10 Closed

          Comment

            #6
            Instead of going through a 722 redemption loan from USBank or whomever, what if you got the funds from a relative instead? Would that work?

            Comment

              #7
              Originally posted by debtmonster View Post
              Instead of going through a 722 redemption loan from USBank or whomever, what if you got the funds from a relative instead? Would that work?
              There's an old saying....If you want to lose a friend, lend them money. I'm sure the same holds true for family.

              If something were to happen like a job loss, I would rather default on someone I didn't know rather than my family or a friend.

              Just my opinion.
              6/30/2009 Filed Ch. 7
              10/06/2009 Discharged
              01/24/2011 Closed

              Comment

                #8
                I just got back from meeting my new attorney. Man, is he WAAAAAAAAAAAY better than the original one I hired. I can't wait to get the money back from the old lawyer so I can pay this new one. He told me to stop paying on the cars and that he could probably keep me driving them a good 6+ months without payments. He said don't worry about them and that after the bankruptcy, I will be flooded with car offers and said my credit score should be in the high 600's or low 700's by early next year.

                I am at ease now. This lawyer is almost 1/2 the price of my old one and has his $hit together.

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