Did any banks offer a deal to payoff your car after discharge?

[debtmonster]

Did anyone here file a Chapter 7 and include 1 or more cars to give back and have the bank come back later after you were discharged giving you a last minute offer to sell the car to you at fair market value?

I want to avoid paying $600+ for attorney fees to keep my car. Has anyone been successful in keeping their car for a dirt cheap price after the judge released you from your debt?

KBB says my car is worth $4500 in good condition. And the attorney wants $600 on top of that. If the bank takes my car and auction it off, they will be lucky to get $3,000 for it. I can't see spending $5,000 if they are gonna sell the car for $3,000. I would rather pay them $3,000 to $4,000 for it to keep the car. I am trying to save up money now between the time I filed and the time of discharge. That gives me 90 days to come up with the money. If I could gross $12,000 in 3 months, we may have a chance at buying the car back. But that's if and only if GMAC will make an offer.

Are banks just dumb and want the car back right away? That would seem bad to me. I would at least give one offer to the person who has the car to see if they can borrow money from family or what not to pay for the car.

[Calthius]

I have a 01 van that is worth about $3,000 and I owe about $6,500 on it. We decided to let it go through the bankruptcy. It also has about 150K miles on it. We got financed for a 08 still under factory warranty and stated that we were surrendering the 01 with the high miles.

I called our lender about 10 days after we filed to make arrangements for them to pick up the van. He told me to call back in a week because they were going to to a valuation to see what the van was worth.

When I called them back to make arrangements the second time. I was informed that the bank had no intentions of ever coming to get the van. He said sometimes it isn't worth them coming out to get the vehicle.

P.S. I had even offered to drop it off at a dealership. The only thing is there will still be a lien attached to it. But for now I am driving it till the wheels fall off. I will deal with the lien at a later date.

[debtmonster]

Man oh man! And it's not like if you don't want the thing anymore that you can just throw it in the garbage. Even the junk yard won't take it without a title! So how do you get rid of it?

My car has 76,000 miles on it and it's a 2007. I wonder what they will do. I owe $11,000 and I know they will be lucky to get barely over $3,000 at auction for the car once people see the condition the car is in. The interior will be all full of holes from the speaker cutouts. Plus the replace the windshield is several hundred dollars to replace. I already replaced it 6 months ago so the insurance company won't replace it again until another year goes by. Then add towing fees and auctioneer costs and you have a lot of money to invest into the car just to sell it.

I would rather give them a check for $3,000 and get the title. I am just wondering if anyone else had had such luck. The engine and transmission run like brand new since I've been using Amsoil the entire time in both, but they don't need to know that. As far as they are concerned, the tranny could be ready to fail since I used the vehicle for towing and it's not meant for that. The car has a towing capacity of about 1,000 lbs and I was pulling a 3,000 lb U-Haul trailer behind it for moving across the state. It kept downshifting like mad the whole trip on I-95.

[Calthius]

I was told that after our discharge I can make them a offer to release the lien. I also spoke with a relative who had a similar situation. They said after a couple of years the companies have no issue releasing the lien on the cars.

The way I see it. I will offer them maybe $500 to release the lien on the van. That would be money that they would be getting but had never gotten any other way.

[debtmonster]

I just got off the phone with a friend of mine and told him the story. He said, "Yeah, but you won't be able to get a vehicle registration for the car." Is that true?

If they do the same thing to me, I would be happy. I would put 400,000+ miles on the car and then dump it in a salvage yard.

[Calthius]

Why wouldn't you be able to get a registration. You are listed on the title? I had taken insurance and everything off of mine changed the plates to the new one. I just went to the DMV with a copy of the insurance paperwork and walked out with a registration and new license plate. I had to start coverage on the van again but no need for full coverage since they don't want it just PL&PD.

[debtmonster]

I dunno. That's what he said. He insisted that they would change the status of the title so that way I could not legally drive it. I've never heard of that. Even if they did, it would be cheaper to pay the fines for having an expired tag than it would be to make $300/mo. car payments forever.

[Calthius]

I asked the lender if the vehicle was able to be driven and was told yes not a problem.

They offered me 3 options

1. Redeem it in bankruptcy
2. Make a offer on it after discharge.
3. Drive it and don't do anything.

I chose option #3

[debtmonster]

I like option 3. Man, that was a COOL option!! I wish I could have that option.

That same guy who I talked to said that they would rather get the tax-write off than get a few grand for the car. Since I owe so much on the balance, they could write off $11,000 vs. getting $3,000-$4,000 from me. So I am wondering if I can get option #3 like you did.

Did anyone else have this kind of deal? Please post replies!! I want to know more.

[Calthius]

By the way. Option 3 wasn't told to me I had to ask about it.

[debtmonster]

By the way. Option 3 wasn't told to me I had to ask about it.

See, that's good to know! That may very well help a lot of people who are reading the posts on here.