Cautions to take if car repossessed? Just basic questions. Thanks!

[basketsbears]

Hi,

As many of you know we are going to turn in our truck to Ally. Our Jeep is also financed with Ally, and even though my husband wants to sign reaffirmation, I do not. I want to take the chance that if we are current they will not come get it (unless Ally is just po'd about the truck going back maybe they will).

Here are my questions:

1. Ally has not contacted us on when to bring truck back. I had asked our attorney if we are still protected by BK for them coming to get either vehicle (both are still current), and she said she thought they could get them anytime. I thought we were protected by end of discharge??? Filed end of june - 341 was 8/14. We were hoping just to take the truck to the dealer, but are waiting. We are not driving the truck as we bought a "beater" to get around in just in case they came and got both vehicles so we wouldn't be stranded.

2. As far as the Jeep, I drive it everyday. It is kept in our garage when we are home. Should we just figure any time Ally will come get it? We plan on staying current/ahead of payments. Our payment is due the 25th of month, and have 10 days grace. If the reaffirmation is not signed, does that "grace" period go away? Or does it not matter at all since they can get it even if we were paid ahead.

3. Should we keep Jeep empty in case it is in driveway. If they would come to our home, do they come to the door, or do they just load up the car and take it away? I would want to take stuff out of it and plates off of it before it was taken.

4. We are upside down by $3,000-4,000 on the Jeep (and those are Ally's figures on reaffirmation agreement) - are they less likely to repo if we are upside down? Just trying to prepare myself, but it does not seem to be in our best interest to sign something we are upside down on.

5. If they don't take Jeep and down the road we want to get rid of it, do we just call Ally and say come get it?

Thanks again! Sorry for all questions.

[pamkev]

I thought you were protected as long as you were in BK although I could be wrong. I was under the impression that as long as you are current on your payments that could not take your vehicles, I might be thinking of your home not your cars. I know not much help but someone will be along soon and give you the right answers.

[basketsbears]

I thought you were protected as long as you were in BK although I could be wrong. I was under the impression that as long as you are current on your payments that could not take your vehicles, I might be thinking of your home not your cars. I know not much help but someone will be along soon and give you the right answers.

Thanks Pam. I think with the new laws, unless you sign reaffirmation agreements they can take home & cars. Homes are not likely to be taken if current - so no problem there. Just want to be prepared if Ally does take Jeep. Most posts I have read have indicated Ally lets people keep vehicles if current, but since we are turning in one vehicle to them we want to be prepared in case we are the exception. Our attorney suggests signing the reaffirmation to give ourselves protection as she feels since we can make the payment and we are not upside down "that much", but I just don't feel it is in our best interest to do so.

[pamkev]

You would think since your making payments and are current with the Jeep they will let you keep it although you have different situation your turning one in so who knows what will happen. I would make sure there is nothing in the Jeep that you want to keep as I'm sure they will just show up and take it without warning although how they would handle a jeep in a locked garage could be interesting.

Pam

[helpmeout]

In answer to your 5th question, if you reaffirm the jeep and something happens and they repossess the vehicle, they are very likely to come after you for any shortfall in what they actually sell it for.

And they will be able to do that without violating the permanent injuuction if you reaffirm. If you don't reaffirm, then you don't have to worry about it.

And if your BK isn't closed (or it could just be discharged, I'm not sure which), then Ally will have to file for a relief from the stay. If it is closed, then they can repossess at any time as long as they follow the proper legal procedures in your state.

[AngelinaCat]

I think you are okay as long as your payments are on time. Ally hasn't contacted because they haven't seen any need to. If you have filed, and I think you have, they would be violating the Automatic Stay. If they want to contact you and/or repossess the vehicle thy would need to file a 'Motion to Lift Stay' in order to repossess one or the other. Since you are voluntarily surrendering the truck, I am not sure that they need to go to the court in order to receive it.

When you do surrender the truck, make sure it is reasonably clean, and take pictures of it inside and out with a date stamp, such as the day's newspaper with the date or picture visible. Note any dings and nicks that it may have, and make sure that the person receiving it, reviews those dings and nick with you and get a signed receipt that the vehicle was turned in on thus and such date, and was in good condition.

Good luck to you!

[basketsbears]

I think you are okay as long as your payments are on time. Ally hasn't contacted because they haven't seen any need to. If you have filed, and I think you have, they would be violating the Automatic Stay. If they want to contact you and/or repossess the vehicle thy would need to file a 'Motion to Lift Stay' in order to repossess one or the other. Since you are voluntarily surrendering the truck, I am not sure that they need to go to the court in order to receive it.

When you do surrender the truck, make sure it is reasonably clean, and take pictures of it inside and out with a date stamp, such as the day's newspaper with the date or picture visible. Note any dings and nicks that it may have, and make sure that the person receiving it, reviews those dings and nick with you and get a signed receipt that the vehicle was turned in on thus and such date, and was in good condition.

Good luck to you!

Thanks for the info on taking pics of truck. Had not thought of that. It only has about 3,000 miles and is exactly like it was when we bought it new in December.

I did have a message on my VM to call someone, but they did not identify what company they were with so don't know who that is. Ally had contacted our attorney to see when we were signing the reaffirmation agreement around the same time we had a VM from someone, but as I said before, I am inclined not to sign. Also, we have pretty much continued to receive statements from Ally even after we filed in June.

Thanks for the information.

Lynn