topic Chapter 7 Surrender Car to Carmax in Bankruptcy

Chapter 7 Surrender Car to Carmax

rodbite2104 — Sun, 09 Jul 2023 22:54:50 GMT

Does anyone have experience surrendering a car to Caramax Finance? I just filed a week ago and just trying to gauge how much time I have before needing another vehicle. Also, do they snatch the car when unexpected or do they set up a date?

Re: Chapter 7 Surrender Car to Carmax

FireMedic1 — Sun, 09 Jul 2023 23:33:36 GMT

So you dont want it at all? Did you not reaffirm the auto loan? You can pay and drive and turn it in anytime you want. maybe after finding another vehicle. but that will probably have higher pre BK interest.

Re: Chapter 7 Surrender Car to Carmax

rodbite2104 — Sun, 09 Jul 2023 23:37:24 GMT

Yes, I reaffirmed but the lawyer said today he would do an amendment. I plan to save 5-7k and buy a cash-beater car.

@FireMedic1 wrote:
So you dont want it at all? Did you not reaffirm the auto loan? You can pay and drive and turn it in anytime you want. maybe after finding another vehicle. but that will probably have higher pre BK interest.

Re: Chapter 7 Surrender Car to Carmax

FireMedic1 — Mon, 10 Jul 2023 09:47:09 GMT

Ok. No telling when they'd retrieve it. Some still have their cars after not making payments. Once it changes to non-affirm it will just be a IIB on your file and not a repo.