@2b2rich wrote:I cant understand why they would refuse to repo it since auctioning it for something and probably suing you for the rest is better than allowing payments to keep getting behind.... unless they're waiting for you to get it fixed and then repo it before you get the payments caught up.
anyway, if you include it Bankruptcy then you're released from the obligation to pay for the car and whatever your bank has up their sleeve is likely going to backfire on them, but they would probably pick up the car.
Depending on the nature of the repairs, they don't need to wait for repairs. They can file a claim with someone's insurance after repoing the vehicle.
As for waiting to pick it up, it's all algorithms. Sometimes it's not cost effective to pick up the vehicle, repair, and sell. In that type of situation, one can continue to use the vehicle without worrying about the payments. If at some point the lender wants it, they can pick it up.
The bad news for the registered owner is, even if they're released from the debt, they may still be obligated to insure and register the vehicle until the vehicle is picked up. Failure to do so could make them liable for the damages regardless of being financially responsible for the vehicle. This is mainly because the registered owner would be unable to sell or junk it out, or even give it away. Doing so could lead to charges of theft. One would need to get the lienholder to release the title by either settling on a flat rate or having an attorney motion for a release. Until the lienholder releases or picks up the vehicle, it's on the registered owner to keep it legal for street use if they don't plan to store it.
@2b2rich wrote:
@Brian_Earl_Spilner wrote:
@2b2rich wrote:I cant understand why they would refuse to repo it since auctioning it for something and probably suing you for the rest is better than allowing payments to keep getting behind.... unless they're waiting for you to get it fixed and then repo it before you get the payments caught up.
anyway, if you include it Bankruptcy then you're released from the obligation to pay for the car and whatever your bank has up their sleeve is likely going to backfire on them, but they would probably pick up the car.
Depending on the nature of the repairs, they don't need to wait for repairs. They can file a claim with someone's insurance after repoing the vehicle.
I would think the OP would have already filed a claim to have it fixed if their insurance covers it?
As for waiting to pick it up, it's all algorithms. Sometimes it's not cost effective to pick up the vehicle, repair, and sell. In that type of situation, one can continue to use the vehicle without worrying about the payments. If at some point the lender wants it, they can pick it up.
The bad news for the registered owner is, even if they're released from the debt, they may still be obligated to insure and register the vehicle until the vehicle is picked up. Failure to do so could make them liable for the damages regardless of being financially responsible for the vehicle. This is mainly because the registered owner would be unable to sell or junk it out, or even give it away. Doing so could lead to charges of theft. One would need to get the lienholder to release the title by either settling on a flat rate or having an attorney motion for a release. Until the lienholder releases or picks up the vehicle, it's on the registered owner to keep it legal for street use if they don't plan to store it.
So they could just store it and not have to keep it insured? I can see keeping it registered, but if it is kept garaged I wouldn't think dropping the insurance would be an issue(in this case anyway). Lot of interesting points here you've mentioned that I had no idea about. Also, I guess I assumed it wasn't currently drivable if it needed that much of a repair.
The lender will do whatever they need to, to keep their costs down. Even if it may not be covered by insurance they'll still try to file. All they have to do is prove the damages occured while covered and the damages are probably from an accident that would be covered. Thing is, once repoed, people ignore any calls about the vehicle so there's no dispute.
As for storing it, it can be registered for non-op and insurance dropped. But, if something happens to it, it's on the registered owner.
@2b2rich wrote:I cant understand why they would refuse to repo it since auctioning it for something and probably suing you for the rest is better than allowing payments to keep getting behind.... unless they're waiting for you to get it fixed and then repo it before you get the payments caught up.
anyway, if you include it Bankruptcy then you're released from the obligation to pay for the car and whatever your bank has up their sleeve is likely going to backfire on them, but they would probably pick up the car.
Not necessarily. PMC Bank never came for my wife's 2013 BMW 335i. It's been 6 years now since she included her car loan in the BK7. She owed 14k on it when she filed. It's still insured and it only has 64k miles. It's driven daily too.
