Car repoed will I?

[drowningNdebt]

I was discharged and included my auto loan in with my BK. Well the bank finally picked the car up and I'm curious if I will recieve a letter for what the car sold for at auction? OR is this against the BK laws? I'm curious. The lender was USAA.

[tdawg]

I was discharged and included my auto loan in with my BK. Well the bank finally picked the car up and I'm curious if I will recieve a letter for what the car sold for at auction? OR is this against the BK laws? I'm curious. The lender was USAA.

I received a letter that detailed how much the car was sold for at auction. It said the deficiency and said that they couldn't collect on it because of bankruptcy.

[TEW]

I did
BOA sent me a letter telling me how much it sold for. what the difference was and oh by the way you don't have to pay that since you filed BK

[TEW]

I did
BOA sent me a letter telling me how much it sold for. what the difference was and oh by the way you don't have to pay that since you filed BK

[SMinGA]

Out of curiosity - was the car in decent condition, and how long did it take for USAA to come for it? What state are you in?

I'm in GA, have a 2002 Taurus w/ a relatively small balance owed but a blown engine. Can't do anything with it and would love for them to pick it up. Have not even heard from USAA on it - they have 'charged off' the loan. I have heard of people in similar situations w/ USAA, vehicle in poor shape and several states away from them (TX) not able to get rid of the car.

[BCA2009]

If there is not a local branch (does USAA have branches?) I would send them a certified letter telling them they have 60 days to pick up the vehicle or ir will be towed to a junkyard. You can probably get the jusnkyard to pick it up for free. Some junk yards might want a title, but I have known of some that didn't care, especially if they are getting the car for free. They will let it sit in there lot for a few months accumulating storage fee's then post a legal notice in the paper advertising it as an abandoned vehicle. Then sell the parts off of it.

You could do this also after you have given notice to USAA, but I would rather just be rid of it if were me.

[drowningNdebt]

It took forever for USAA to pick up the car. The car was located several states away and they had to out source it. I had to keep calling and harrassing them about it. As far as the condition was concerned, it needed a muffler (one on it was broken off), needed new leather seats (ones in it were all torn and worn), needed work in front end (made loud grinding noise), SRS airbag light was on, front bumper was missing a piece, hardtop was stolen (so soft top only) and headlights needed new moldings. I owed almost $17,000 on this car and can't imagine it going for that at aucion. 99' Mercedes SL500, was in an accident, 48,000 miles. I just didn;t want to have to pay defeciency if it sold for $4500 at auction.

[SMinGA]

Thanks for the detail about your USAA process drowning. (Maybe its time for a moniker change? Now that your debt is drowned.)

And for the junkyard suggestion BCA. No USAA locations within a few states, and there is no way it can be driven that far. It runs enough to move it from the drive way to the side of our house. (Neighbors are loving us right now.)

The junkyard may ultimately be our best bet. Only owe about $1500 on it. Originally planned to keep it, then the engine issues. Not worth investing any more $ in the car. Have read about USAA not being willing to pick up cars, and I don't want to press them on it too much just yet since we intend to keep (and pay off thru our plan) another vehicle that they financed.

[BCA2009]

Thanks for the detail about your USAA process drowning. (Maybe its time for a moniker change? Now that your debt is drowned.)

And for the junkyard suggestion BCA. No USAA locations within a few states, and there is no way it can be driven that far. It runs enough to move it from the drive way to the side of our house. (Neighbors are loving us right now.)

The junkyard may ultimately be our best bet. Only owe about $1500 on it. Originally planned to keep it, then the engine issues. Not worth investing any more $ in the car. Have read about USAA not being willing to pick up cars, and I don't want to press them on it too much just yet since we intend to keep (and pay off thru our plan) another vehicle that they financed.

SMinGA, According to your signature, you haven't filed yet. That might complicate just having it hauled off. If you haven't been discharged in BK yet, you still owe USAA. I don't really know what happens if you try to surrender a vehicle and they won't get it, and you haven't filed BK.

I don't think you can force them to take it back. If you did they would just add the repo costs to you outstanding balance and still come after you for it. So maybe you still are better off having it hauled away. If you are ultimately going to file anyway it propbably doesn't matter. I would make sure that I sent them certified notice that I was disposing of the vehicle after XX number of days. That way they can't deny having the opportunity to get the car back.

[SMinGA]

That's why I said the junkyard option may ultimately be an option. For now it sits on the side of our house as I don't want to rock the boat regarding the other USAA financed vehicle. Once we are ready to file, I'll contact them about coming to get it.

The junkyard idea is a good backup, better than a car abandoned in our yard forever because we can't get the title to donate it or sell it for scrap if USAA won't come for it.

[drowningNdebt]

USAA policy is as long as you pay you can keep. This inclides ride throughs. I also was intending to keep until stuff kept breaking and with a Mercedes parts arent cheap. I was lucky enough to buy a new honda cash so no car loans or payments.