Post Ch 7 -- getting rid of non-reaffirmed car?

[dancersmom22]

We're 9 months post ch 7, and did not reaffirm a car loan with Santandar-since the interest rate was 20%, loan up side down, and the car 9 years old -- there was NO way we would have reaffirmed the loan. After cleaning up our credit report, this weekend we replaced this car with a low milage late model Ford Focus w/ 8% interest rate. Do we just call Santandar and tell them to come get the car? The next payment is due Sept. 22, should I just assume they'll show up to get it or what? Any one have any experience with this? Do I need to keep the insurance on it, or can I drop it now?

[DesdemonaB]

Hi

I would call Santandar and inform them your intent to return/surrender the vehicle they might give you the standard speech just let them know the vehicle was discharge in your BK and there is no reaffirmation agreement on file. Keep details notes of who you spoke to, what day you called and try to get them to give a specify date of pick up. Don't make that Sept 22 payment empty the vehicle of all personal items but KEEP that insurance on the vehicle till it leaves your property.

Keep details notes, everyone knows departments in the same bank/finance company never talk to each other, you might receive calls after that missed 9.22 payment because the repo department didn't update the payments department that they have the vehicle. This way you can just let the CSR let them the vehicle has been picked up, ask them to update their notes.

Congrats on the new (new to you) car.