17 months after discharge, repo auto now?

[Paniolo808]

I got a chapter 7 discharge in dec. of 07. Everything went through fine, i got to keep my truck because i was still making payments and everything was current. They were notified of my bankruptcy and i thought everything was ok. Have never had a late payment, always pay extra, its my 3rd vehicle through my credit union. Pulled my fico scores today and was browsing through it and noticed my account had been closed, no info was available and it said that the account was "in collections". I went to the credit union to ask them what was going on. The loan manager told me that I had "slipped through the cracks" and never signed a reaffirm aggrement with them and that even though i have been current that they had to start repo and collection proceedings. I never placed them in my list for a chapter 7 discharge and my lawyer said everything would be fine as long as i stayed current.

Called them right after i got out and they said that sometimes depending on the bank or credit union they may choose to rep even though its been almost a year and a half later. What do i do now? If i knew that i wouldnt have been paying all this time, only now to have it repo'd since i have gotten my balance down to a reasonable level.... Please help me on what i should do...am i screwed?


Dustin

[lrprn]

Called them right after i got out and they said that sometimes depending on the bank or credit union they may choose to rep even though its been almost a year and a half later. What do i do now? el.... Please help me on what i should do...am i screwed?

Some questions for you first....what's the make and model of your car, how old is it, what's its condition, how much equity do you have in it currently, and what's the fair market value for your car right now?

[Naomi]

This is one of my fears and maybe because I seem to be reading conflicting info on here or am not really understanding it.
We're thinking of filing Ch 7, but have a financed truck that we want to keep(owe $10,000) and our largest cc debt ($17,000) is with that same bank.
I'm afraid to just keep making the payments if they could still come back and take the truck like what happened to you.
Seems like a lot of people say you shouldn't reaffirm debts, but keep paying and it will be fine, but that worries me.
Then, I think the bank might not reaffirm our truck anyway if we don't pay our cc debt.

I hope there is something that can be done for you.

[Paniolo808]

Its a '06 Dodge ram 2500 diesel 4x4. Its a work/ranch truck that i have had for awhile. It has 44k miles on it and is kinda beat up. I financed 33k from them and my payoff as of yesterday was 22k. According to Kelly Blue book trade in value is 18k and private party value is is 23k. I just cant understand why they would want to take it back now when i have been current. I thiough banks hate having to deal with this kind of stuff?

[biotechsolution]

check you state laws if you are current and have been making payments
on time they might not be able to repo.

[dogbone33]

How screwed up is that!!! I don't understand how they can do that if you are current on the payments. I would get a lawyer to see if anything can be done. Like if they do take it do you get all of the money back that you didn't need to pay? Good luck, I feel your pain!

[Paniolo808]

My bankrupcty lawyer thinks it is the most ridiculous thing he has ever heard of. My credit score is right now 635 on the low and 670 on the high side. Do you guys know any companys who would get me a loan to redeem it outright? Or am i better off just letting them take it?

[Bassgirl]

Just to let you know.

I was going to do the same thing. I called Regions two days ago to question them about the term limits they had listed and mentioned that I wanted to do a ride thru in stead of the reaffirmation. They told me to call them and let them know where to pick the truck up at. Cause they no longer do that.

I even offered to make smaller payments ( this would still put 3000.00 in thier pocket over the cost of the truck loan) they said no, they would rather auction it than get less money than the contract originally said. Makes no sense to me either.

My Lawyer's office also said they had another bank do the same thing to another BK filer. So I think it is getting more common. I am in AR the bank is in AL.

BG