what are the logistics of a vehicle reposession?

[nature1]

Hello,

I have been unemployed for nearly two years. I burned through my retirement savings and most of my personal savings. Now, by giving up my own rented place, and staying with friends, I am scraping by on unemployment compensation. I'm about through the second extension and will apply for the "stimulus" extension ... which I understand will require me to start applying for minimum wage jobs even though I earned well in excess of $100K/yr before.

Anyway I am still making payments & paying insurance on a 2006 vehicle with about 50K miles on it. I've got another $8 or 9K left on the loan. The trouble is, these payments total nearly $500/mo, and they're causing me to drain what little remains in my savings. So although almost every job I apply for requires me to commute 30-50 miles each way, I have no choice but to give up the vehicle.

My vehicle loan is thru a credit union. They automatically deduct that payment from one of my checking accounts - where there's no balance until I deposit enough each month for the vehcle payment.

This month I did not make the deposit but the bank "overdrafted" my account and paid it anyway.

I am in the process of completing the forms for a Chapter 7 bankruptcy and hope to file within the next month.

Assuming I have decided I have no choice but to let the vehicle go, what will the logistics be, and when should I expect to lose the vehicle?

Sorry this is so long, but I figured you all need these details to provide any kind of response. Thanks in advance.

With embarrassment,
another bankruptcy petitioner...

[hamburgervol]

What's the value of the vehicle? If it's less then you owe you might could redeem it at that value.

[nature1]

I owe $8 or 9K on it and the KBB Private Sale value is something like $11K now.

[LSUTiger32]

Since it is a credit union and you don't owe that much you may be able to neogiate a lower payment through them to keep it. They would probably rather do that than to spend the money doing a repo. It's worth a shot, especially with a credit union. They are usually more eager to help.

[Chowder]

Assuming I have decided I have no choice but to let the vehicle go, what will the logistics be, and when should I expect to lose the vehicle?

Read up on repo laws in your state. It's generally not too hard to thwart the repo goons if you need the car for a couple extra months.

My credit union did not call until I was half way through my second month of not paying. I filed one month later.

[shabam]

With embarrassment,
another bankruptcy petitioner...

No need to be embarrassed.

Do you think the executives or board is embarrassed when their company loses $30,000,000,000 or files for ch 11?

So why should we?..

[tkharvey]

We had our vehicle repo'd through our local credit union and we were not even behind on our payments!!!! (We had a credit card that we had stopped paying that we were including in our BK) Apparently, the credit union exercised it's right to "cross collateralize". Imagine our surprise to wake up and find my teenage daughter's car gone. Credit unions are the worst in my opinion. Make sure you park your car in a garage at night just to be on the safe side.

[lookingforward]

We were five months behind when the sheriff came to repo our vehicle.
There's no hiding it if your state uses the sheriff. He was not leaving without the vehicle.