Didnt know whether to put this one in CH7 Forum, or Repo Forum.
Anyway, Im getting to point of having to decide to do about the car I had hoped to keep originally after my CH7 BK. I am currently on day 15 of the 60 day club. I thought I understood all this part of the game, but I guess not as completely as I thought!
It is a lease, with a sort of high payment, but not too bad as compared to what I would likely pay getting a post BK loan with a dealership etc. Of course, with the post BK loan it would be a purchase vs. lease.....but anyway.
My original intent was to assume (same as reaffirmation) the lease on this car IF the bank (ALLY in this case), was willing to work with me on the late payments as I am now 4 payments behind since I was late when I filed and have not made one since my filing. My attorney brought a "reaff" agreement to sign at my 341, but since I had not to that point negotiated with them at all, I did not sign.
SO, after my 341 I contacted ALLY BK department and they said that while Im in BK the only options are to surrender or reaffirm (assume in my case). They could not negotiate at all while in active BK, even if I had an approval from my attorney etc.
SO, she said that AFTER discharge she couldnt speak to what another dept within ALLY would or wouldnt do since once discharged her dept just transfers the account but that they might in fact do some deferment or payment modification but she couldnt say for sure.
ANYWAY, now that you have background....I understand completely where I stand. My guess is at this point it is unlikely they will file a motion to lift stay or anything since my discharge (hopefully) is in like 45 days...why bother? They might as well just wait until discharge and the stay is lifted automatically. I realize that after that point I am on borrowed time...again, my guess is they will call me to try and make the repo easy, but there are no guarantees.
MY QUESTION (finally!) is that if I call them after discharge, and they SAY they will work with me on deferment of some of the late payments, and/or lower the monthly payment amount, is there any way I can be sure they wont take my money for any "catch up" I agree to and then STILL come take the car anyway? What I dont want to do is give them 3 or 4 payments (I have the money since I ve been banking everything since I filed), and then have them repo the car the next day anyway?
Im not sooo worried if they were to decide to repo the car at some future date since with a lease I am really "renting" the car anyway, but I dont want to give them 1500 bucks or something to "catch up" in the hopes of doing a ride thru when they are going to come get the car anyway AFTER they get what they can from me? If that is what is going to happen I would rather keep that money to use towards the down payment on a post-BK loan from a dealer, ya know?
Sorry for the length, but wanted to make sure I included details. Any thoughts from anyone?
Anyway, Im getting to point of having to decide to do about the car I had hoped to keep originally after my CH7 BK. I am currently on day 15 of the 60 day club. I thought I understood all this part of the game, but I guess not as completely as I thought!
It is a lease, with a sort of high payment, but not too bad as compared to what I would likely pay getting a post BK loan with a dealership etc. Of course, with the post BK loan it would be a purchase vs. lease.....but anyway.
My original intent was to assume (same as reaffirmation) the lease on this car IF the bank (ALLY in this case), was willing to work with me on the late payments as I am now 4 payments behind since I was late when I filed and have not made one since my filing. My attorney brought a "reaff" agreement to sign at my 341, but since I had not to that point negotiated with them at all, I did not sign.
SO, after my 341 I contacted ALLY BK department and they said that while Im in BK the only options are to surrender or reaffirm (assume in my case). They could not negotiate at all while in active BK, even if I had an approval from my attorney etc.
SO, she said that AFTER discharge she couldnt speak to what another dept within ALLY would or wouldnt do since once discharged her dept just transfers the account but that they might in fact do some deferment or payment modification but she couldnt say for sure.
ANYWAY, now that you have background....I understand completely where I stand. My guess is at this point it is unlikely they will file a motion to lift stay or anything since my discharge (hopefully) is in like 45 days...why bother? They might as well just wait until discharge and the stay is lifted automatically. I realize that after that point I am on borrowed time...again, my guess is they will call me to try and make the repo easy, but there are no guarantees.
MY QUESTION (finally!) is that if I call them after discharge, and they SAY they will work with me on deferment of some of the late payments, and/or lower the monthly payment amount, is there any way I can be sure they wont take my money for any "catch up" I agree to and then STILL come take the car anyway? What I dont want to do is give them 3 or 4 payments (I have the money since I ve been banking everything since I filed), and then have them repo the car the next day anyway?
Im not sooo worried if they were to decide to repo the car at some future date since with a lease I am really "renting" the car anyway, but I dont want to give them 1500 bucks or something to "catch up" in the hopes of doing a ride thru when they are going to come get the car anyway AFTER they get what they can from me? If that is what is going to happen I would rather keep that money to use towards the down payment on a post-BK loan from a dealer, ya know?
Sorry for the length, but wanted to make sure I included details. Any thoughts from anyone?
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