Voluntary Surrender Affidavit

[sharksfan]

I have already forwarded this on to my attorney and am simply looking for feedback.

We are surrendering a vehicle in BK7. Our attorney gave the applicable creditor permission to contact me to discuss repo options. I offered to drive the vehicle up the street to the parking lot of their local branch, and lock the keys and title in the center console. The woman said that there was something I had to sign indicating my intent to give up the car. Fine... I didn't think twice about it.

Yesterday I received a "Voluntary Surrender Affidavit" in the mail. In a nutshell it says:

"I now find myself in default for payments due for March, April, May, and June which totals $xxxx.xx and for which I cannot make payment. I now, therefore, voluntarily surrender the security... to be sold... and that the proceeds of that sale be applied to the unpaid balance of my loan which as of this date is $xx,xxx.xx..."

There is no mention of me being in BK, or surrendering the property in BK. Needless to say I do not feel comfortable signing this document the way it is worded. They can't force me to sign anything, right?

[danaf]

No, the cannot force you to sign. If you don't feel comfortable, just let it play out in the bk. Let the creditor repo the car after the bk.

[FreshLikeADaisy]

You're right, Sharksfan, you don't have to sign a thing. You're giving up the vehicle; that's all that is required by law. The only time you might have to sign something is if you're *keeping* the car, and they won't let you do a ride through. But NEVER when you're giving one up!

It almost sounds as though they are trying to get you to sign something that will cause you to be liable for the deficiency balance post-Ch7. Even if it's not, it sounds fishy as hell to me. I wouldn't sign either.

Good luck to you!!!

[FreshLikeADaisy]

Heh, great minds think alike.

[Cali]

I wouldn't sign it.

I am surrendering a vehicle too in C7. My attorney said Ford would probably get it a few months after 341.

[sharksfan]

It almost sounds as though they are trying to get you to sign something that will cause you to be liable for the deficiency balance post-Ch7.

That is exactly how I felt. I'm concerned becasuse I reaffirmed an RV loan with them. I'm going to have to pick my attorney's brain on this one.

[BK2008]

DON'T SIGN IT.

The loan company is trying to get you to confirm liability on the balance of the loan after the vehicle is sold at auction (assumes you're upside down).

Just make sure that after they sell the vehicle, the CRA's are reporting the balance correctly. Honda initially reported I owed 30K, when after all was said and done, I ended up owing 10K (which I put thru the BK). I disputed with all three cra's, and it got corrected.

Unfortunately, I can't seem to get Honda to report that leftover balance as 'included in BK', but they did zero out the balance, and reported it voluntary repo.

[CindyLou]

I'm just curious why you had the title?

[sharksfan]

Since you have not filed BK

I filed BK7 on 3/6. My 60 day window closes tomorrow.

[sharksfan]

I'm just curious why you had the title?

In New York the owner of the vehicle retains possession of the title. If a lien holder exists they are listed on the title. Once the lien if satisfied, you get a "lien release" from the lien holder.

[sharksfan]

My CU called asking the status/location of the vehicle as they want to pick it up. I told the rep where we moved it, etc. She said that they need us to sign and retun the Affidavit ASAP. I have yet to hear back from my attorney.

I'm thinking that they want this Affidavit to cover their ass... they are repo-ing the vehicle pre-discharge and without a relief of stay.

[AngelinaCatHub]

Sharksfan:

I agree with all above. You need not to sign anything. Call and be “nice” and tell them where they can pick it up. TAKE PICTURES inside and out of the vehicle, and have the truck operator sign a receipt that HE picked up that car at that time. Lock it until he comes and be “nice”. Make him sign anything that is wrong with this car. ‘Hub

[FreshLikeADaisy]

...She said that they need us to sign and return the Affidavit ASAP.

People in hell need ice water too, Sharksfan.

[sharksfan]

Meh... my attorney says I can sign it. A still feel uneasy about it... good thing CAN =/= MUST.

[FreshLikeADaisy]

Meh... my attorney says I can sign it. A still feel uneasy about it... good thing CAN =/= MUST.

Exactly.

I've learned the very hard way that a gut level unease is best not left unaddressed. And since it is by NO means required by bk law to sign anything on a car you are surrendering, if you're not comfortable with it (and for good reason) well, too bad for them. Hence my previous post.

Good luck to you!!!