We bought a expensive refrigerator a couple of years ago along with a new stove from Lowes on their credit card.We have been paying them since on time.Since I'm fairly sure our attorney will tell us to stop paying all our credit cards, can Lowe's actually come and take the appliances back once we stop paying them? I hope I put this in the right area of the board.If I didn't,I apologize.
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That's a good question. Maybe they can, though check your terms to be sure. Whether or not they'd really want to bother, given the resale value of such, is another matter, though they may threaten to to see if any cash shakes loose from you easily. -
They may threaten to come get it, but that is somewhat rare. What they really want is some sort of settlement, if they threaten to take it.
Most store cards are backed by another entity, like GEMB or HSBC, a larger credit card issuer. When you buy a refrigerator at Lowes, Lowes is paid immediately and you actually pay back the issuing company. If that is the case, the issuer will not want your refrigerator, at least not one that is two years old.
You probably have nothing to worry about here, but even if they make some noise, you can probably ignore them.
A 2 year old fridge is worth what, maybe a couple hundred bucks if it was a top of the line unit at time of purchase? It would cost far more than that to pursue in court.
Now, if it was a 9k top of the line Viking model that you bought 2 weeks before filing, they would probably cry foul, and probably win.11-20-09-- Filed Chapter 7
12-23-09-- 341 Meeting-Early Christmas Gift?
3-9-10--DischargedComment
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