How likely is American General to ask for my furniture?

[Dizzy]

We have our 341 tomorrow morning and I'm really nervous. We financed some furniture through American General Finance a couple of years ago and included them in our BK. Other than our home, it's the only secured debt we have. The furniture is now well used and probably not worth a lot if sold. How likely is it that they will want it back?

[blessed]

Probably just about as likely as they were to ask for my central air unit and furnace back. They didn't. Don't worry.

[Dizzy]

Thanks!

[music12]

not likely. chill out

[momofthree]

Having worked for a small in-town finance company similar to American General, I know that our company used to send a rep to every single 341 meeting and either having the people sign a reaff for the furniture or have them surrender it. In a chapter 7, these small companies are often so greedy that they'd rather get $50 from selling your used furniture than get absolutely nothing.

Now, this was just my experience, and I'm sure it varies greatly from company to company and even manager to manager....but I would be prepared to bargain over a reaff just in case....

[Dizzy]

American General isn't a small company, it's a HUGE company. If they want the furniture, I guess they can have it!

[momofthree]

American General isn't a small company, it's a HUGE company. If they want the furniture, I guess they can have it!

Yes, but the branches themselves are small. My "small finance company" that I worked for was Washington Mutual Finance--also a HUGE company, but with such small local branches, they tend to really play hardball with the small "secured" loans. Ridiculous, I know. One manager I had was so spiteful that when a customer got an attitude & told him that there was no way for him to repossess his carpeting, my manager showed up at his house and CUT a piece of the carpet out just to "show him." Greedy spiteful bastard...sadly, there were high-fives and chuckles around the office that day, like it was something to be proud of.

[ssmdem]

Yes, but the branches themselves are small. My "small finance company" that I worked for was Washington Mutual Finance--also a HUGE company, but with such small local branches, they tend to really play hardball with the small "secured" loans. Ridiculous, I know. One manager I had was so spiteful that when a customer got an attitude & told him that there was no way for him to repossess his carpeting, my manager showed up at his house and CUT a piece of the carpet out just to "show him." Greedy spiteful bastard...sadly, there were high-fives and chuckles around the office that day, like it was something to be proud of.

Funny you should use that as an example. I was just thinking the only thing could be repossessed of stuff that we had bought was the $900 we paid to Lowe's for carpeting. Course, the house it went into is being surrendered, so go for it!

In your story, they would have had a hard time getting in my house. If I don't know you, I'm not answering the door! There are too many whacked people in this world!!

[HHM]

The chances of American General doing anything are slim to none.

[Dizzy]

I was thinking the same thing. I'd be darned if I'd let somebody come into my house and if I had and they did that, they'd have been out a few teeth.

[Dizzy]

I'll bet there'd have been some chuckles around the office then!

[ready2file]

I have the same question but mine pertains to jewelry we purchased from Kay Jewelers about a year or so ago. You think they'd repossess my engagement ring?? I'm kinda pissed b/c we paid damn near 4G's for it and I took it to a few jewlers and none would give me more than $300 for it...amazing mark-up!

[Dizzy]

I'd advertise it in the paper before taking it to a jeweler or pawn shop. You'll never get what it's wroth. They'll mark it up to sell it and if someone would pay the mark up to buy it from them, they'd buy it from you! I'll never forgive myself for losing a full carat solitaire to a pawn shop several years ago for $500.00. Still makes me sick to think about it.

[justbroke]

My findings with American General is that their security interest was never properly perfected and they really have no leg to stand on. They may send a demand letter, but it's best to just call their bluff.

[BCA2009]

Lowes is not a secured credit card. They farm out the credit card service.