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Car Repossession

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Regular Contributor

Car Repossession

Hi Friends,
I'm not sure if I'm posting this in the right forum.... my husband and my BK 7 was d/c'd in 12/15. At that time, we both had two vehicles that were financed and IIB. About a year after the bk, I financed another vehicle with my CU, and let my car be repoed by WFDS, with no issues. This past Mar, my hubby did the same. He basically was paying a high interest rate on a vehicle that wasn't even worth the amount owed. Our problem is this..... His finance company HAS yet to come pick up he car! We haven't made a payment since late feb, early Mar. We called them to tell them that we would no longer be making payments and that they could come get the vehicle. They told us that the repo company would be in touch..... we never heard from them. I figured they would wait about 3 months then come get it. I would also like to add, that in November, they came to repossess because my husband "forgot" to make his payments and he was only 2 months behind and they showed up at my house. The repo never happened because we just caught up. But now, they act like hey don't want it! It's been 4 months and this car is still sitting in our driveway! We let the registration expire and dropped the insurance when we got the other vehicle.... so we can't even drive it. I've done some research to see what others have done in similar situations. I've seen where ppl have offered a lower amount to the bank in return for the title. Idk how successful this is. But we arent really willing to pay what we owe for them to realease the title for a vehicle that was IIB. Any advice on this matter would be greatly appreciated. P. S. I did reach out to our BK atty, but we haven't heard anything back from her.
Message 1 of 12
11 REPLIES 11
Regular Contributor

Re: Car Repossession

Anyone??
Message 2 of 12
Frequent Contributor

Re: Car Repossession

It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.

 

If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?

 

Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Has your name been taken off the title?

Message 3 of 12
Regular Contributor

Re: Car Repossession

I figured that it isn't worth it to come get it for them anyways...I don't think it's worthless. Honestly, we don't need it because we have already purchased other vehicles. But if we owned it free and clear we could just sell it. We dropped the insurance on it in march. It's currently sitting in our driveway....
If they don't feel that it's worth it to repo, then shouldn't they be willing to release it to us for very little? Would we need a lawyer to expedite this process?
Message 4 of 12
Regular Contributor

Re: Car Repossession

The car is worth about 5-6k. 2005 4Runner. We owed over 8k
Message 5 of 12
Valued Contributor

Re: Car Repossession


@leonel9 wrote:

It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.

 

If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?

 

Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Agree, this is very very dangerous that the car is sitting there with no insurance.  Has your name been taken off the title?


 




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 6 of 12
Frequent Contributor

Re: Car Repossession


@New_beginning0715 wrote:
If they don't feel that it's worth it to repo, then shouldn't they be willing to release it to us for very little? Would we need a lawyer to expedite this process?

You shouldn't need an attorney for this. I would call the bank's repo department and ask them what the status is. Ask who you can talk to to offer an amount to take it off their hands. Be prepared to emphasize the damage/repairs the vehicle has to bring it to a sellable condition. Maybe call them and offer $750 and see where that goes.

Message 7 of 12
Established Contributor

Re: Car Repossession


@c00mtg wrote:

@leonel9 wrote:

It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.

 

If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?

 

Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Agree, this is very very dangerous that the car is sitting there with no insurance.  Has your name been taken off the title?


 


Isn't it illegal to own a car with no insurance, at least in my state you have to pay the uninsured motorist fee to the DMV.




FICOBeginning (6/2017)Current
Equifax636707
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Message 8 of 12
Valued Contributor

Re: Car Repossession


@VoltaicShock wrote:

@c00mtg wrote:

@leonel9 wrote:

It may be that the cost associated witha reposession are not worth it based on the value of the car. For example, if the car is worth $2,000 ... and it costs $500 for the reposession, then they get $1500 at auction, the bank may not think it's worth the time to recover $1,000.

 

If you're considering an offer to purchase the vehicle, consider the (wholesale/auction) value and the repo costs. Do you know what the car is worth?

 

Also, I'd look into the liability you may have with this uninsured vehicle. If you are still the registered owner, and something were to happen to the car (e.g. it gets stolen and part of an accident), you may have liability. Agree, this is very very dangerous that the car is sitting there with no insurance.  Has your name been taken off the title?


 


Isn't it illegal to own a car with no insurance, at least in my state you have to pay the uninsured motorist fee to the DMV.


In California, yes.  Not sure what state OP is at.  The car still under OPs responsibility.  I don't think removing the insurance, stop making payments AND telling repo/bank to come get the cars, is enough to remove yourself from the responsability...idk.




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 9 of 12
Super Contributor

Re: Car Repossession

In most states you can fill out a "de-insured" certificate to state you are not driving the vehicle and that is why there is no liability insurance

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
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Message 10 of 12
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