Bankruptcy went through, didn't reaffirm car

[Anonymous]

Hi all,

My banruptcy was finalized on 12/4 and I didn't reaffirm my car.   I have not gotten any letter from them(Condor Captial) and they have not taken my car.   Has anyone else experienced this?  I figured I'm just going to keep as long as I can and then get a new car.   The one thing that is odd is that the finance company (Condor Capital) went out of business - actually the government demanded that they cease operations because they were overcharging customers so I'm thinking maybe they will never get the car?  I'm not going to call them because I still want to keep the car for as long as possible.    Anyone else experience this and can tell me what to expect?

Thank you.

[ezdriver]

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@Anonymous wrote:

Hi all,

My banruptcy was finalized on 12/4 and I didn't reaffirm my car.   I have not gotten any letter from them(Condor Captial) and they have not taken my car.   Has anyone else experienced this?  I figured I'm just going to keep as long as I can and then get a new car.   The one thing that is odd is that the finance company (Condor Capital) went out of business - actually the government demanded that they cease operations because they were overcharging customers so I'm thinking maybe they will never get the car?  I'm not going to call them because I still want to keep the car for as long as possible.    Anyone else experience this and can tell me what to expect?

Thank you.

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What does your bankruptcy attorney say? Are you making payments ... to whom if yes? Legally you should not be using the car since you defaulted on the loan by not reaffirning it. The correct thing to do is to contact the lender, or have your attorney do it, and determine their plans for repossessing the car.

[Dalmus]

 Often times, if there isn't sufficient value to the car, they creditor WON'T repossess it, no matter what you do.

  I didn't reaffirm my truck, either.  I call them every 6 months and ask if they want to settle for $500, they say no.  In fact, the last time I called and asked, they said they could get $3,200 for it at auction.  I don't see how, but hey, more power to them... I tell them they should come reposess it, they say they will be in contact.  Nothing ever happens.

  The only thing that sucks is that I can't even junk the car as long as the lien is still on it.  I figure eventually it will degrade enough that I'll take it to a push pull or drag sale and get $4,000 for a car worth a few hundred bucks.  Should make up for the dealer markup the night before the sale starts. 

[Anonymous]

Just be prepared to one day walk out and there is no car. Good luck.

[Shooting-For-800]

If you are not upside down in the car, you should be able to keep it as long as payments are current.

You need to contract them either way.