to keep car insurance or not?

[bkmaggster]

Lucy, it's not a repo....my lawyer said after the 341 to call lender with in 45 days to surrender the car. Whatever that means?I take it back to someone, they come and get it I don't know? There is no way someone could hit it....it's kind of in the back of the driveway and another car is usually parked in front of it.So you say to call them and just keep the collision? That would cover if we had a wreck on the way dropping it off to where ever??

denisejohn - A surrender IS a repo, just a voluntary one. Most insurance companies will not allow you to just only have collision insurance on a car you do not hold title to, but you can try.

[AngelinaCatHub]

denisejohn - A surrender IS a repo, just a voluntary one. Most insurance companies will not allow you to just only have collision insurance on a car you do not hold title to, but you can try.

I've said this many times as this is a common question (should be a 'sticky'): If you surrender or it is in repo, and it is in your possession, IT IS YOUR CAR. That is a fact. Until you get a RECEIPT from the roll back guy, you are responsible for whatever happens to the machine. I could not say it better if I shouted out our door. We all are in enough strain, not to take a chance on an after filing problem. Remember, when you file, anything after that is your baby. Do you REALLY wish to worry about a car? Well you should if it gets damaged or worse yet, stolen and hits someone. The "owner" is responsible and you ARE the owner until the machine goes back.

Now, after I take a deeep breath, is my point clear? 'Hub

[bkmaggster]

I've said this many times as this is a common question (should be a 'sticky'): If you surrender or it is in repo, and it is in your possession, IT IS YOUR CAR. That is a fact. Until you get a RECEIPT from the roll back guy, you are responsible for whatever happens to the machine. I could not say it better if I shouted out our door. We all are in enough strain, not to take a chance on an after filing problem. Remember, when you file, anything after that is your baby. Do you REALLY wish to worry about a car? Well you should if it gets damaged or worse yet, stolen and hits someone. The "owner" is responsible and you ARE the owner until the machine goes back.

Now, after I take a deeep breath, is my point clear? 'Hub

I agree with you completely - and did before you started. Or are you directing this at the OP?

[Chowder]

What a minute. What difference does condition of the secured property make?

[AngelinaCat]

You want to make sure that you photograph the secured property and make notes of any dents or dings.

Call me paranoid, but I want this list inspected and signed off on, so that after I surrender the object, in this case a car, *something* does not happen during the 'transport' from when the car left my property and when it arrives wherever it goes.

[denisejohn65]

I'm sorry......I will keep the insurance on it. So, the roll back guy is the repo guy??? They will give you a receipt if they come for it?? Please help...I'm sorry....I don't understand all this???I f you have to take it somewhere will you get a receipt. Please be patient with me I'm so worried about all this stuff.....

[AngelinaCatHub]

I agree with you completely - and did before you started. Or are you directing this at the OP?

Yes, the OP. You were correct. "Hub

[doingpoorly]

What a minute. What difference does condition of the secured property make?

I just surrendered a vehicle to ford and in my conversation with them, the gal at ford told me a little story about someone who had given her ford car to a dodge dealership ( it was the agreed upon location)

Anyway, the dodge dealership took in the vehicle, issued a receipt that noted the condition and milage. Months later when the original owner got the deficiency notice, she questioned the reason why it was for so much. After some investigating it was found out the the dodge dealership employees were not sure what to do with the car and so it sat for a while, then, in time, other employees, knowing they had the keys and that it wasn't a customers car, began using it as a loaner for their repair department. 50,000 miles and dents, dings and broken items later it was sent to auction where it didn't fetch the amount the original owner had expected, thus leading her to question ford about the discrepancy. The original owner had proof of the condition and milage and her account was eventually adjusted accordingly.

After hearing this, it made sense to me that the condition of the surrendered vehicle should be properly noted at the time of surrender.

[AngelinaCatHub]

I'm sorry......I will keep the insurance on it. So, the roll back guy is the repo guy??? They will give you a receipt if they come for it?? Please help...I'm sorry....I don't understand all this???I f you have to take it somewhere will you get a receipt. Please be patient with me I'm so worried about all this stuff.....

You are really not obligated to deliver this item. As a courtesy you could ask. Most likely they will say they will pick it up. If you do deliver it to anyone, insist on a receipt, take pictures and you are done. Not a big deal. 'Hub

[Chowder]

I just surrendered a vehicle to ford and in my conversation with them, the gal at ford told me a little story about someone who had given her ford car to a dodge dealership ( it was the agreed upon location)

Anyway, the dodge dealership took in the vehicle, issued a receipt that noted the condition and milage. Months later when the original owner got the deficiency notice, she questioned the reason why it was for so much. After some investigating it was found out the the dodge dealership employees were not sure what to do with the car and so it sat for a while, then, in time, other employees, knowing they had the keys and that it wasn't a customers car, began using it as a loaner for their repair department. 50,000 miles and dents, dings and broken items later it was sent to auction where it didn't fetch the amount the original owner had expected, thus leading her to question ford about the discrepancy. The original owner had proof of the condition and milage and her account was eventually adjusted accordingly.

After hearing this, it made sense to me that the condition of the surrendered vehicle should be properly noted at the time of surrender.

So am I understanding this correctly, the chapter 7 filer, who surrenders a vehicle, is liable for any monetary deficiency after the lender liquidates the property?

[Scooter10]

I've said this many times as this is a common question (should be a 'sticky'): If you surrender or it is in repo, and it is in your possession, IT IS YOUR CAR. That is a fact. Until you get a RECEIPT from the roll back guy, you are responsible for whatever happens to the machine. I could not say it better if I shouted out our door. We all are in enough strain, not to take a chance on an after filing problem. Remember, when you file, anything after that is your baby. Do you REALLY wish to worry about a car? Well you should if it gets damaged or worse yet, stolen and hits someone. The "owner" is responsible and you ARE the owner until the machine goes back.

Now, after I take a deeep breath, is my point clear? 'Hub

Preach in Cat! Also if the DMV finds out you dont have insuRance on your car, they will suspend your license. Even if you are not going to drive (because you dont have another car) this can prevent you from getting a bank account, utilitesm, apartments. Many organizations are running public DL checks to verify information and suspensions. Its just not worth it to save a few hundred dollars. The pigs get slaughtered.

[doingpoorly]

So am I understanding this correctly, the chapter 7 filer, who surrenders a vehicle, is liable for any monetary deficiency after the lender liquidates the property?

You are responsible until it is included in your Ch 7 filing and then the debt would be wiped away when you are discharged.
I would still not want the property to be damaged or destroyed in the event that there is some circumstance that makes filing impossible or no longer the best option, even thought that is my plan at the moment.
If I am stuck with the debt I would want it to be a little as possible. Nothing is a sure thing, discharged BK isn't a sure thing and I like to make the best possible plan for all possible circumstances, BUT I certainly wouldn't fret over everything if something doesn't go exactly according to plan. I don't want you to think I am some doom and gloom person.