Defeated - Any Help, Ideas or Suggestions?

[Brian_Earl_Spilner]

You need to follow up on that discover card. In my jurisdiction, in California, you get 30 days to answer before a default judgement is entered. While they may not be able to take your disability, you'll have a judgement that can be renewed over and over until it's paid.

[Shooting-For-800]

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@Total80sKid wrote:

^ I can't sell the car as I don't own it, yet. I can't give up my car. I earned my 1.49% rate, have paid on time and plan on doing so, and if it means paying off PenFed for 20yrs, then so be it.

I can't lose my car and I am not thinking of selling it. Never had a car newer than a '91 and found this '08 used.

If that clause is in there is it 100% certain they will take it and sell it? I know this is why I need a lawyer, but if I am just gonna end up losing the car if I file, I will not be filing.

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You don’t have to own a car to sell it.

You have to take emotions out of it.

[Total80sKid]

^ It's not really emotions, I just have no way to get anywhere and it's a must that I keep this car.

Whatever that entails is what I will do.

I greatly appreciate your suggestions. It's all so overwhelming.

I have my auto loan contract, I guess I can try to skim to see if that clause exists.

[Total80sKid]

I just read my auto loan agreement and in the DEFAULT section, it says this. Hope this is legible:

Is this that Cross-Collateralization clause? I'm still unsure if this means 100% it will be taken away if I default on other loans made to me by them and declare bankruptcy. This is why I am not sure what to do.

Logically, I need to file for bankruptcy, but I also need to keep the car. It isn't a luxury car and when I first looked into buying a used car I didn't want to spend more than $2k, I found nothing decent. Then $3k, $4k, etc. It took $7k to find something where everything works.

It's an 2008 Chevy Malibu, just shy of 100,000 miles.

I'd assume all of this should play a factor in it being taken, etc, but I just have no idea.

[Anonymous]

It would cost them more to repo and auction off than the balance you owe. After all it's a 10 years old car with high mileage. You can always call them and ask what they would do. Tell them you want to file for bankruptcy but would like to continue making payments on the car until it's paid for. See what they say. They can't harm you as long as your current with everything. I did that with Wells Fargo and they allowed me to continue making payments. (I'm about 8 months post discharge.)

[Total80sKid]

^ Thank you for that.

I'm just trying to cling to a little bit of hope regarding this whole unfortunate situation.

I could call and ask, but it would definitely set off alarms with them, so I'd have to call from a friends phone as they know who you are by your phone #, at least I believe that's part of the verifying info, and just see what they say.

[MyDataMyChoice]

Penfed will not REPO your car if you are paying your loan.... even during a CH7... and after... pay your loan and you should be fine. You'll just never get the title to the vehile.... but the money you will be saving... you can rebuild your credit and save for a new car.

[Total80sKid]

Buying another car with credit or any extra $$ is not in my future.

I have other bills I must pay: rent, phone, internet, food, etc. I’m barely scraping by, so once I can stop paying these credit cards, I’ll actually have enough to eat decently.

No $$ is left to be saved.

So it just seems like it’s hurdle after hurdle. If they don’t take the car, I’ll never get the title? Then what’s the point? I need to KEEP the car.

Does the title in my name only allow me to sell it? Nothing more? I can just drive it for years and years if I pay it and eventually pay it off, I just couldn’t sell it?

[Anonymous]

Stop paying your credit cards immediatly.  Please get a BK lawyer, you will most likely keep your car too please dont worry yourself sick over it.

The money you use not paying your cards, put away for the lawyer.  I was in your position, we all were and that is why we're on this forum. I didn't owe as much as you, but I couldn't afford my cc's anymore.. I said if I have no cc debt, I can "live"  paying my rent, phone, car, gas, etc.   I can tell you it's the best thing I have done. 

I re-affirmed my car, and now they have it as closed on my credit report,but I am still making payments.  Like you, I need my car. 

[MyDataMyChoice]

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@Total80sKid wrote:
Buying another car with credit or any extra $$ is not in my future.

I have other bills I must pay: rent, phone, internet, food, etc. I’m barely scraping by, so once I can stop paying these credit cards, I’ll actually have enough to eat decently.

No $$ is left to be saved.

So it just seems like it’s hurdle after hurdle. If they don’t take the car, I’ll never get the title? Then what’s the point? I need to KEEP the car.

Does the title in my name only allow me to sell it? Nothing more? I can just drive it for years and years if I pay it and eventually pay it off, I just couldn’t sell it?

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You can keep the car and pay on it... IF they cross collatorize they wont give you the title... (that doesnt prevent you from keeping the car or registering/insuring it)  just cant sell the car or trade it in down the road.     I doubt they will repo for such a small balance... not worth their time.