Still debating what to do about the Car

[Klesko]

So my 341 was on Oct 2nd and so far everything is going well. Just waiting for the discharge. I said I was going to keep my car, but havent signed anything yet.

I am leasing a car which has about 18 months left on it. I am about 10k miles away from my miles limit, which I will go over by 10k or so miles if I keep the car. I rolled some negative amount into the lease from my other car. I am paying about 480 a month which is about 180 more then I should be paying if I had not rolled that negative amount.

We currently have one car, the leased car, and my plan was to buy my wife a car once we get discharged with cash. Not anything high end, something about 8k or so. We let her car repo about march of this year so we have been going since then with one car which is pretty hard.

My wife wants me to keep the car because I drive 80 miles a day and we dont have the cash to buy two new cars come december.

If I keep the car but dont reaffirm it then can I not just turn it in some time after the discharge? This might allow me time to buy my wife a car and then get enough cash for me one as well and then turn in the lease.

Pros
- Keep a trade line on the credit report (this is if it doesnt report as IIB.
- Stay in the good graces of VW credit
- Dont need to come up with cash for new car

Cons
- High payment
- Stuck with negative balance when I turn the car in
- I doubt VW would ever lease to me again.

[OhioFiler]

You won't owe VW anything when you turn the car in. Neither will you stay in their good graces if you complete the terms. The lease should report as IIB.

[Klesko]

So as long as I dont sign a reaffirm agreement then I can keep the car as long as I keep up the payments and then say in april next year let it go and get me something else.

And it wont matter on my credit report since it will be listed as IIB anyway..

[OhioFiler]

So as long as I dont sign a reaffirm agreement then I can keep the car as long as I keep up the payments and then say in april next year let it go and get me something else.

And it wont matter on my credit report since it will be listed as IIB anyway..

Pretty much. I'd stay away from a repo though.

[biotechsolution]

You most likely will be stuck with the over mileage charges if this is a lease.

Because any incurred debt after filing will not be discharged. In theory mileage you put on after your filing date you will be responsible to pay for if the mileage is over the lease agreements.

Be careful you don't get stuck.

[Klesko]

I was thinking about that. I would turn it in before the mileage went over the agreed amount which wont be until next april or a little past that. Once I get my wife a car I wont be putting as many miles on it so it may even be later. But I would certainly do it before the miles thing kicked in.

A question I have though is how do I turn it in when the time comes? Call them up and tell them to come get it? Or just stop making payments? or what..

[2manybills]

I was thinking about that. I would turn it in before the mileage went over the agreed amount which wont be until next april or a little past that. Once I get my wife a car I wont be putting as many miles on it so it may even be later. But I would certainly do it before the miles thing kicked in.

A question I have though is how do I turn it in when the time comes? Call them up and tell them to come get it? Or just stop making payments? or what..

I just called TMCC and say that we were "voluntarily" surrendering the car and where could we bring. Are they requiring that you sign a reaffirmation agreement?

[Klesko]

We dont know yet. We are about 7 days into our 60 days so we will wait and see if they want us to sign one.

[2manybills]

We dont know yet. We are about 7 days into our 60 days so we will wait and see if they want us to sign one.

My car guys (for the car we kept) had a reaffirmation at the 341.

[OhioFiler]

You most likely will be stuck with the over mileage charges if this is a lease.

Because any incurred debt after filing will not be discharged. In theory mileage you put on after your filing date you will be responsible to pay for if the mileage is over the lease agreements.

Be careful you don't get stuck.

I respectfully disagree. The lease is terminated in the BK. He may keep the car but the lender has no obligation to allow him to continue driving it or making payments.

[Amy26]

I just called TMCC and say that we were "voluntarily" surrendering the car and where could we bring. Are they requiring that you sign a reaffirmation agreement?

What did toyota say when you called them? I need to surrender my car to them as well and I was kinda nervous to make the phone call. Will they let you drop it off somewhere?