When will the banks come for the cars??

[Pharoe33]

Hi, Now that I’m officially discharged through Chapt 7 I’m waiting for NFCU and Santander to come and get my two cars as I didn’t reaffirm them. I haven’t heard a word or gotten any letters from either bank and curious, how long will it take before they come to get the cars?

I did call NFCU today and was told I owe 5K on the auto loan because I didn’t pay for months prior to filing chapter 7. NFCU told me that even if I don’t keep the car, I’ll still owe 5K! Is that possible being I’m discharged and didn’t sign reaffirmation?

[pizza1]

No you're not liable for the car, and honestly they can't talk to you about that. They are trying to collect on debt that was discharged in a federal BK court...a big no no. I would tell your attorney, and they will take care of it.

I would not worry about the cars at all. Get everything out them, and make sure nothing personal is there, and then leave them outside, until they come get them.

fyi...NFCU was fined awhile back for unethical debt collections and debt collections post BK. You're not liable for the debt now or ever. I would tell the attorney, and the trustee would probably love to hear that they are. demanding payment

[Anonymous]

They may never come get the cars. If the cost of repossession exceeds what they'd get at auction, it's not worth it. If you're concerned, you can always call their bankruptcy or reposession departments and try to schedule something.

If you aren't driving the cars and aren't insuring them, also consider what steps are required in your state to remove your liability. You wouldn't want some kids to steal the cars, hit a few pedestrians and find you on the hook as the owner of the vehicle(s).

[Pharoe33]

My attorney said the same thing in regard to them not coming for the cars. I have a feeling the car financed through NFCU will be sitting in my driveway for months to come.

[Anonymous]

When I worked at NFCU I had about 5 people come in and voluntarily turn in their cars. If you wanted to, you could visit a branch and do this, in addition to whatever your state's process is for releasing liability. Know that the branch may not take it from you, as it's very rare that people do this and most won't know what to do.

[cartwrna]

I am also curious about this. Officially filing our bankruptcy petition Sunday. Have a 2013 Avenger financed through DCU with the amount owed still being about $10,500 when the car is only worth around 6k. I haven’t paid on the vehicle for just short of a year now and nothing has happened. I’ve received a couple calls, and a few letters none of which I responded to saying they were adding insurance to it as I let mine lapse (that added $1300 to the loan!?). I’m located in Iowa, and then being all the way in Massachusetts might be why they haven’t sent the repo man lol. I’m sure they will get it after bankruptcy but who knows.

[0REDSOX7]

I’m of the opinion that I would at least leave insurance on it until it is picked up.

Also, if they chose not to recover, see what laws your state may have regarding an “abandoned car” and how to obtain the title of said car...

[Anonymous]

You are not liable for the debt once they have been IIB. We surrendered both of our vehicles some time after our BK 7. One was with Wells Fargo and they came to pick up right around 90 days. One day I just came outside and it was gone! Lol. I had already purchased another.... The other loan was with Huntington Bank. Completely different story. They let that vehicle sit in my driveway FOR MONTHS! I finally had to write them a letter threatening to obtain the title in court because it was now considered abandoned because they left it there for 7 plus months and denied any offers we made to settle the balance. I think they were punishing us.... Anyway, once we sent the letter threatening court, they came to get it within a week!

[onstar]

Mine was through GM Financial. About 6 weeks post D/C, I got a phone call from a recovery company saying that they were going to come pick up the car. I told them that I was busy for 1 week (actually I just wanted to call GM to make sure that I was surrendering the car to the correct company). A week later, they came and picked up the car. 

[Anonymous]

In my state yes they will. They come at any hour including and will take the vehicle. The bank will do what it can to recoup some costs.