Gone!

[ToughSpot]

Well, I guess I am the first to post in this Repo section. I had a Ford pickup truck that I had used for my LLC. I shut down the company in the summer and stopped payments about 2 1/2 months ago. I kept in touch with Ford Credit because I didn't want them surprising me at 2AM for a repo. I also owed about what it was worth so I had it listed online in a few places and hoped to sell it. Never got a single bite to my ads and FC decided it was time. I got a call from the repo guy last week. We had a very civil chat and made an appt. for this morning. He was about 10 mins late - had only one simple surrender form - hooked up to the tow truck and it's gone. I actually feel pretty good about the situation. One less thing to worry about. I guess the program is that they auction it in 20 days, which will be the last week of 09. Then they send me a letter of demand for the diff between the balance and the auction price minus tons of fees I'm sure. That first letter won't come till early January and I plan to file in Feb so it should all be a non-issue. I hope any of you reading this have an easy repo as well.

[thomas12t]

We have a 99 Dodge ruck that we stopped paying on in November, and will be filing The end of this month, or the first part of January. I hope our repo goes as well as yours.

[WaitNSee]

Easy Repo

I voluntarily surrendered my car. I called CU after I missed first payment. Told them my "problems", was given the "balance due after sale" talk. They called a local repo person close by me. (CU is about 800 miles away). Repo man called me and I took it to them. Was very easy, they were extremely nice to me while I waited on my ride home. This was much easier on me than waiting on a truck to come to my neighborhood. And it did feel good. I said they probably thought I was "on" something to be in such a good mood.
WaitNSee

[jlmaca]

I have not paid on my car for about 10 months now. I keep it the garage to they can't legally repo it. They've been by a few times without luck. They get to charge the bank a fee for success or not. I think the bank got sick of paying them so they don't come by anymore. I filed bk September 09 so now they have a stay. My bk is discharged in about a couple weeks so they will again contact me, I reafirmed the loan in bk. I'm now hoping at least they will work with me a bit to lower the monthly payment, I owe $5000 it's worth $7500 maybe. I guess worse case I will have to start making the $600 monthly payment. Before bk they offered to take whatever I could afford monthly. Wish me luck with them.

[BobMango]

I have not paid on my car for about 10 months now. I keep it the garage to they can't legally repo it. They've been by a few times without luck. They get to charge the bank a fee for success or not. I think the bank got sick of paying them so they don't come by anymore. I filed bk September 09 so now they have a stay. My bk is discharged in about a couple weeks so they will again contact me, I reafirmed the loan in bk. I'm now hoping at least they will work with me a bit to lower the monthly payment, I owe $5000 it's worth $7500 maybe. I guess worse case I will have to start making the $600 monthly payment. Before bk they offered to take whatever I could afford monthly. Wish me luck with them.

I'm a little confused. Did you just indicate you wanted to reaffirm or actually sign a reaffirmation agreement that your lawyer also signed? My CU wouldn't send the reaffirmation agreement until I brought my loan current. But once I did they agreed to skip a payment and included a $235 reduction in the monthly payment.

[jlmaca]

I'm a little confused. Did you just indicate you wanted to reaffirm or actually sign a reaffirmation agreement that your lawyer also signed? My CU wouldn't send the reaffirmation agreement until I brought my loan current. But once I did they agreed to skip a payment and included a $235 reduction in the monthly payment.

The only thing my attorney has done is indicate on my Chap7 paperwork that my intent was to reaffirm the car loan. I have not signed anything from the bank concerning the loan or have I or my attorney even heard from them. I would think the bank is just waiting for the bk to be finalized and then they will contact me with their deal or sue me to get the car back.

[JackBondLove]

We have a 99 Dodge ruck that we stopped paying on in November, and will be filing The end of this month, or the first part of January. I hope our repo goes as well as yours.

I can't see a 10 year old truck having much of a loan balance. But then again, I had a colleague who ran a used car lot, and I sold him an old beater with over 120K miles for $1200 that he fixed and polished up and sold for $4K!

[gimpymacc]

We were discharged (Chap 7) on Jan. 25. Originally reaffirmed the car note with Bank America and then received a notice from the court to re-reaffirm the loan and at the advise of my attny did not reaffirm. Have not made a payment since Dec. 17th, 2009 have been discharged but no contact by anyone about the car. Anoyne else experience this, are my days numbered before the repo guys shows up or does Bank America have so many of these they don't have a clue?

[jlmaca]

We were discharged (Chap 7) on Jan. 25. Originally reaffirmed the car note with Bank America and then received a notice from the court to re-reaffirm the loan and at the advise of my attny did not reaffirm. Have not made a payment since Dec. 17th, 2009 have been discharged but no contact by anyone about the car. Anoyne else experience this, are my days numbered before the repo guys shows up or does Bank America have so many of these they don't have a clue?

I think to a degree it depends on how much you owe the bank. It has to be worth their while to pursue. Sure they will but who knows how aggressively. I owe 5k the debt discharged in chapter 7. I've made no payments in about a year and they never contact me. They tried to repo before chapter 7 but I just kept the car in the garage, I think they got sick of paying the repo people money for coming out here for nothing. But remember they have every right to repo at anytime, anywhere except your garage. Beware. I'd call them and work something out or give it back.