How long before the "repo man" comes????

[whipster1]

MSBK has it right, most wait till discharge thus saving the court and atty fees. Just not worth it for them to get it sooner these days.

[debtmonster]

What I am not understanding here is how easy or difficult it is to get a relief of the automatic stay. Can't the creditors just write a letter to the judge stating, "We want our cars back NOW! They are losing value, yadda yadda yadda" and then the judge awards it?

Let's supposed the judge awards the relief, then what? How exactly does this work? Does the court notify you that you must give the car back? Does the court tell the attorney to tell you to give it back? Or do they just mail a letter to the original credit stating, "Okay, feel free to go repo the cars. You have relief."???

These are all details that I want to know about.

Every month that goes by without me paying is another $1,050/mo. in payments not having to be made. The longer I can keep 1 or more vehicles, the longer I can save up. I have no intentions on calling any banks and saying, "Hey, want your car back?" Let THEM come and tell me when to give it back. If they want to take their own sweet time to getting around and asking for it, I certainly don't want to push any buttons to make it happen any faster. That's $1,000 per month more I can put towards a replacement car. If I can keep these cars until the Christmas bonus, that will be ULTRA-SWEET, if you know what I'm sayin'.

Some of these car dealers are going to give me a super hard time when it comes to financing a car. I can only assume that it will be very difficult to buy another new car without a significant down payment. But the one guy I spoke with the other day told me that if I could not get financing through the bank, that his dealership would personally finance me at 17 to 19% interest if I were to put $7,000 down on a $12,000 dollar car.

According to: http://www.bankrate.com/calculators/...alculator.aspx

If I were to finance $6,000 for 2 years at 19%, that would be $302/mo. for 24 months and then I would own the car free and clear. My only concern is that I don't know if this guy would be updating the credit report to help rebuild my credit. I am sure he would be more than happy to repossess the car so he could simply sell it again. He's not really a "buy here pay here" kind of person, but he said he would make an exception with that large of a down payment. I am hoping to have that kind of money post discharge and with any bonuses I may receive if all works out.

This dealer I am talking about is some small dealer that has about 30 or so cars in a warehouse who advertises on AutoTrader. This is not a large Toyota, Honda, GM or VW dealership or anything like that. Most of the cars I saw on his lot were like 2003 or 2004 cars. Lots of BMW's, Audi's and other nice cars. I was looking to buy a 2008 smart car from him for cheap with very low miles. This car will be long gone by the time I am ready to buy. I don't think any other dealers other than an official "buy here pay here" will let me buy a car like this.

[justbroke]

What I am not understanding here is how easy or difficult it is to get a relief of the automatic stay. Can't the creditors just write a letter to the judge stating, "We want our cars back NOW! They are losing value, yadda yadda yadda" and then the judge awards it?

Yep, it's that simple. A Motion for Relief From the Automatic Stay (MFRS) almost always includes a statement that there is no adequate protection payments being made and that the property is losing value. That in itself is enough for a Judge to grant the Motion.

Let's supposed the judge awards the relief, then what? How exactly does this work? Does the court notify you that you must give the car back? Does the court tell the attorney to tell you to give it back? Or do they just mail a letter to the original credit stating, "Okay, feel free to go repo the cars. You have relief."???

No, you are not "told" to give it back. The creditor must work with you to get it back. If you fail to do so, the creditor can then petition the court on a Motion to Compel Turnover of Property. If you fail to follow that particular court order, you can have sanctions imposed including dismissal.

[debtmonster]

No, you are not "told" to give it back. The creditor must work with you to get it back. If you fail to do so, the creditor can then petition the court on a Motion to Compel Turnover of Property. If you fail to follow that particular court order, you can have sanctions imposed including dismissal.

So is it possible to make a settlement with the car and pay cash for the title if the bank accepts it? Let's suppose I offer $3,000 for my car? It would be easier for the bank to accept this than to pay for it to be repossessed and then pay auction fees and hope to get $4,000 tops for it with the almost 80,000 miles I now have on the car. CarMax said the car was worth $4500, and that was before the windshield was cracked. And does not take into account that the factory stereo won't be working when I put it all back in the car since I had an aftermarket one in there before. The car is about due for new shocks as well. They also don't know if any body work has been done. I saw some of the cars being sold at auction and they go SUPER CHEAP!!

I am wondering if I can make a last minute deal with them. Has anyone here succeeding in doing that? Let's say I had some cash saved up from my day job or a family member loaned me the cash. Would this work or would the banks flat out say no and want the car regardless?

Recent AUCTION sales in my area

Make model YEAR MILEAGE VEHICLE ID LOCATION SOLD FOR
Saturn SL2 2002 72,456 FL-6415394 3779 $ 3,970
Saturn ION 2003 63,636 FL-7605062 6619 $ 6,620
Saturn ION 2004 52,314 FL-7800064 6688 $ 3,360
Saturn SL2 2002 69,582 FL-7181559 3304 $ 3,180
Saturn ION 2006 30,943 FL-7279422 3999 $ 6,600
Saturn Vue 2008 5,185 FL-7056007 4930 $ 5,000
Saturn SL2 2002 66,430 FL-6496250 4865 $ 4,040
Saturn ION 2003 55,607 FL-6583560 6878 $ 3,060
Saturn ION 2005 38,945 FL-6586338 4692 $ 3,840
Saturn ION 2007 14,459 FL-7867818 5893 $ 5,370

[OhioFiler]

I am wondering if I can make a last minute deal with them. Has anyone here succeeding in doing that? Let's say I had some cash saved up from my day job or a family member loaned me the cash. Would this work or would the banks flat out say no and want the car regardless?

I thought you paid your attorney those big bucks because he was going to make it so you could keep your car payment free for a few years.

[justbroke]

So is it possible to make a settlement with the car and pay cash for the title if the bank accepts it? Let's suppose I offer $3,000 for my car?

The whole Bankruptcy is about creditor rights (in my book). Should the creditor choose to settle with you, on the side, or by stipulation, then they can do that. They can also reject your offer of $3K and seek to repossess just on principle (Ford Motor Credit is notorious for this).

You would basically be redeeming the car. This is allowed in the BK Code, but the value is what you'll probably have trouble with (what's the true value). So, in the end, I don't see this any different than a redemption.

[debtmonster]

I thought you paid your attorney those big bucks because he was going to make it so you could keep your car payment free for a few years.

I didn't say he was going to help me keep my car for years, I said he had one client who that happened to. It's not a normal thing.

I have to assume the worst and that the cars will be gone soon.

My original questions are still left unanswered. Your reply is not helping.

Also, my attorney was not "big bucks". He was $1500 cheaper than the previous one I had.

[debtmonster]

The whole Bankruptcy is about creditor rights (in my book). Should the creditor choose to settle with you, on the side, or by stipulation, then they can do that. They can also reject your offer of $3K and seek to repossess just on principal (Ford Motor Credit is notorious for this).

You would basically be redeeming the car. This is allowed in the BK Code, but the value is what you'll probably have trouble with (what's the true value). So, in the end, I don't see this any different than a redemption.

The redemption is another $600+ in attorney fees, plus I have no options. I have to pay exactly what is stipulated in the paperwork and not a penny less. I would rather work this outside of the court. If not, they can have the car back and I will buy another one. It's not the end of the world. It would just be easier being that I have owned the car since it had 2 miles on the odometer. I am familiar with all of it's problems. Luckily in almost 80,000 miles the car does not have any alignment, engine or transmission problems. No oil leaks or anything. I don't want to gamble that on another used car because I don't know how the previous owner took care of the car.

[justbroke]

I know what you mean monster. Uh... not "mean monster"... I mean, mean, monster. LOL

Hey if you can work out a deal... cool. Some lawyers get upset if you try to work deals "behind their back", so to speak. I wish you luck in trying to redeem the car outside the process.

[debtmonster]

I think my attorney is too busy to worry about it.

I will wait until the bank contacts me and make a verbal offer over the phone. If they don't take it, so be it. I'm not going to lose sleep over it. But if I say, "Will guy guys take $4,000 cash and give me the title" and the operator says, "Hold on, let me check with my supervisor and ask... <pause> <pause> <pause> Yeah, we can do that. Let me send you a letter in the mail with our intentions." You can bet that I won't pass up on that.