BMW has no interest in recovering vehicle

[forgotten]

I just find this very interesting and wondered if anyone else has run in to this.

I have a BMW lease that I surrendered in bankruptcy. I have not made the payment in 12 months now and they made no effort to get a relief from the automatic stay to repossess.

I am now confirmed, so the automatic stay against them is terminated.

I call to see if they want me to drop off the vehicle as to not just have someone show up at random trying to pick it up.

They told me just return it at the end of the lease 11/15/2010, he could get me instructions to return it early if I wanted but they were in no hurry to get it back.

Do they just have so many repos they don't know what to do with them all or what? I just thought it was crazy they are really letting me keep it for a total of 22 months without paying!

[floridian]

i have a bmw motorcycle that i have faxed the voluntary repo order to bmw financial... they seem to have no interest in coming for it..

[HHM]

What you could do, although it is a long shot and probably not worth the time and effort...is file a complaint for abandonment (you will need to check your state law on what constitutes abandonment). Basically, you would be asking for a court order saying that BMW has relinquished all interest in the property due to their failure to exercise their rights in a reasonable and timely manner. Whether you would do this in BK court or state court, I do not know. Then you could take that order to your DMV and have new title issued in your name free and clear of any liens.

[catleg]

Maybe BMW's accounting is kind of shady and they aren't prepared to take the loss. (What loss? I don't know. My imagination only goes so far.)

[BKInLA]

Very interesting...

[fireworks]

If they don't want it, I'll come get it...

[andy158]

Similar situtuation here. Had a motorcycle and pleasure boat surrender when I filed in July 2009. The stay for the motorcycle was lifted in October and they just came in January for the vehicle. The boat on the other hand I have not heard a word. The insurance has lapsed and it has been sitting by the house since I can no longer afford storage for it. The boat was financed by a local bank and the motorcycle by HSBC. I don't know if there is a statute of limitations for the boat or if they are just waiting for warm weather to recover and sell it. I still owe $7,000 on it.

[BCA2009]

Maybe BMW's accounting is kind of shady and they aren't prepared to take the loss. (What loss? I don't know. My imagination only goes so far.)

This probably not a good place to ask this question, but since it's broufgt up here maybe one of you could explain it to me.

I've read several times on this board about "shadow inventory". From the posts I've read it seams like if banks donk take possession of property that they some how don't have to recognize a loss.

I admit I am not up on all of the accounting rules for banking, but I thought that once a loan became non-performing (no payments made for several months), that the bank had to accrue it as a liablility. So why would it matter whether they had the title to it or not? Maybe they only write off a portion of it when it becomes non-performing and they have to write off the remaining balance when when they take title? But I still would think they would have to recognize the full loss when it was foreclosed rather when the title changed.

Do any of you guys know how the concept of shadow inventory works?

[catleg]

It's all about price discovery for housing and discovering what level "clears" the market.
Unfortunately for the banksters it's possible that the price level which "clears" the market results in their destruction. (loss of all their capital)
So they extend and pretend and hope things get back to the way they were.
As long as the government supports them, they can get away with it.
The body that sets the rules for accounting is complicit otherwise it would not be possible.
Likewise congress, the regulators (FDIC, Fed, etc), the ratings agencies, are all caught up in the scam. Some due to corruption, some due to lack of any better idea.
When people talk about the "lost decade" in Japan that's what's shaping up here, in my opinion.
If not for the US dollar being the world's reserve currency we'd be in big trouble.
We're actually better off than a lot of other countries, like Iceland, where the people have rebelled against paying off the banksters' debts.

[NHC]

Hmmm....ya'll got me wondering now. I got to looking at the value of my 03 Explorer Sport in comparison to what I owe...and I'm pretty upside down in the vehicle....so I figured "screw it....I'll hold onto it until they come for it -(it's all clean and insured) and at that point I'll just get some beater off Craigslist"...the BK should be discharged by 02/18...and the car is included in the Ch. 7. I haven't heard a single peep out of them so far....(It's Wachovia Dealer Services)....

[Bell30656]

[NHC]

Well, I just keep sitting around waiting then....I don't really drive it much...work and home...and I don't leave anything in it...heck, the car is 'dealership' clean....LOL...if they repo it even at work, that's fine...it's only a 30 minute light rail ride.....

[forgotten]

I just wanted to post an update, I personally find amusing.

I have just had a hard time believing that its okay for me to keep this vehicle... 13 months of missed payment, I surrendered the lease, and have been confirmed... I called my attorney and asked if I should just drop it off to them because I didn't want any issues to come up as a result of me keeping it.

I was told that technically i'm not allowed to! I have a court order restraining me from abandoning or releasing any property to creditors. If they don't take it by force (as they can because the automatic stay was terminated when the plan was confirmed) then I just need to keep it.

Oh well... guess its mine till the end of the year... just weird to me.

Edit: Another interesting fact. They have continued to send a bill every month. After I filed it stopped adding a late fee, but i'm up to a $9000 past due balance now. No phone calls, no collection letters, just one simple statement each month.

[kvangild]

I just wanted to post an update, I personally find amusing.

I have just had a hard time believing that its okay for me to keep this vehicle... 13 months of missed payment, I surrendered the lease, and have been confirmed... I called my attorney and asked if I should just drop it off to them because I didn't want any issues to come up as a result of me keeping it.

I was told that technically i'm not allowed to! I have a court order restraining me from abandoning or releasing any property to creditors. If they don't take it by force (as they can because the automatic stay was terminated when the plan was confirmed) then I just need to keep it.

Oh well... guess its mine till the end of the year... just weird to me.

Edit: Another interesting fact. They have continued to send a bill every month. After I filed it stopped adding a late fee, but i'm up to a $9000 past due balance now. No phone calls, no collection letters, just one simple statement each month.

Free ride in a beemer, can't beat it! Congrats.......

[tigergem]

If they don't want it, I'll come get it...

lol I was thinking the same thing.