Finally - vehicle repo yesterday

[kansasgirl]

Our CH 7 bankruptcy was discharged in August. We did not reaffirm DH's gas guzzling SUV. For a while he was still making voluntary payments or the "ride through option", but realized we really couldn't afford such a high monthly payment plus the cost to fill it up. So we stoped making the voluntary payments in September. Our insurance company offers insurance rates for "stored" vehicles, so that is what we placed on the SUV - just enough insurance to cover it while it sat in our driveway. Also, our tags were up for renewal in November, so we just let it expire.

Apparently Wachovia finally had the SUV repoed yesterday. No one was home at the time, so when we arrived home from work last night we were glad to see it gone. I did call Wachovia this morning to verify that they repoed. You never know, it could have been stolen & wanted to make sure they had record. They verified that it had been repoed.

One more thing off our minds! Sooo glad we didn't reaffirm, best decision ever - well besides the decision to declair bk.

[akim1972]

Thank you for sharing your story

Thank you for sharing your story. I am in same boat as you are. I have been making a monthly payment on my leased Toyota Sienna after our Ch7 was discharged back in 8/2009. I just missed January payment and hope that Toyota Finance would pick it up shortly. I have execessive mileage and damage on my minivan and lease expires in 4/2010 so I am planning to let it go.

One question for you. Did you consider voluntary surrender to local dealer instead of waiting for your car to be repoed?

I am thinking about making arrangement with the Toyota Finance for voluntary surrendering at the local Toyota dealer. What do you think?

[aces67]

Sometimes that work and other times it doesn't. We tried to do a voluntary surrender to GMAC at a local GMC dealer and we were told that they don't do that. We just had to wait on them to pick it up.

[kansasgirl]

Thank you for sharing your story. I am in same boat as you are. I have been making a monthly payment on my leased Toyota Sienna after our Ch7 was discharged back in 8/2009. I just missed January payment and hope that Toyota Finance would pick it up shortly. I have execessive mileage and damage on my minivan and lease expires in 4/2010 so I am planning to let it go.

One question for you. Did you consider voluntary surrender to local dealer instead of waiting for your car to be repoed?

I am thinking about making arrangement with the Toyota Finance for voluntary surrendering at the local Toyota dealer. What do you think?

In our case, no we did not consider surrender to a dealer. Our loan was with Wachovia Bank, not a dealer. We did ask Wachovia if they had local branches, but they did not. We just kept calling them every month to remind them of our intent to surrender. It took them a while before they finally came to get the truck. Try & make an effort to contact Toyota Finance & let them know you want to surrender. It couldn't hurt to ask them to arrange for the surrender at a local dealer, but a dealer may not want it.

[tlcabk]

We called GMAC and voluntarily surrendered on of our vehiches. We also were able to stop paying insurance and turn in the tags and request refund of SC property Taxes paid on that car since they are paid in advance. We did not wnat to risk having it repo'd with our stuff in it, tags on it etc.