Voluntary Surrender of Non Reaffirmed vehicle

[Anonymous]

So I have a vehicle which I did not reaffirm that is just outside of the factory warranty. It just messed up and it's a substantial investment to get this issue fixed. The loan is through my primary bank but I filed Chapter 7 and this auto loan was not reaffirmed. I'm about 3k upside down but I didn't want to surrender the vehicle since my interest rate is 0%. Now I'm thinking about voluntarily surrendering the vehicle and getting another. Can I do this and would it hurt my credit anymore than its already hurt?

Thanks for any comments!

[Anonymous]

Yes if you did reaffirm the loan its consider included in your bk so if you surrender the car it won't hurt your credit at all. In fact that loan should already show 0 balance and closed and included in bk. Or despaired from your credit reports. GOOD LUCK

[Anonymous]

If you did not reaffirm...... Sorry lol

[Anonymous]

Yea, I know what you meant lol. It is showing as 0 balance, closed, and IIB on all 3 credit reports.

My only concern here is that is also my primary bank. Since I'm no longer protected by the Bankruptcy stay since I've already received my discharge could they come after my tax refund which is just sitting in my savings account?

[Anonymous]

No they can't cause the loan was discharge thru bk I wouldn't worry about it even thought your are not protected by the stay if you continue to pay the payments on the car you can keep it until you pay it of but if you decide to return it no effect on your credit at all an they can't collect an a loan discharge in your bk .

[0REDSOX7]

I did what you did. Immediately after discharge, I secured two new cars. Once I bought those, called up the bank and said I would like to surrender them. They asked where they were and when they could get them.

All I had to do was sign when they showed up that I was surrendering voluntarily.

[jummbles]

I know I'm late, but how difficult was it to obtain financing after discharge? I'm thinking about surrendering my vehicle as well, but concerned that I went be able to get another car!

[Anonymous]

---

@jummbles wrote:
I know I'm late, but how difficult was it to obtain financing after discharge? I'm thinking about surrendering my vehicle as well, but concerned that I went be able to get another car!

---

I was discharged on 12/15. I reaffirmed my original car loan because of a co-signer. I just trade that car in and purchased a new 2016. Interest rate is AWFUL but I wont have that rate for very long so Im not too concerned about it.

Its very possible....just expect your interest rate to be high.

[0REDSOX7]

We got rates between 12-17% - refinanced after six months to 2.69% with the local CU.

[padme]

Couple years post BK7 now, im saving my car credit pulls for that new TESLA MODEL3 in a few years. Patience is a bitch huh? Hopefully i can get a better Interest rate then.