"Repossession Company" Discussion

Upsolve Community Member
Hi Trice, I'm sorry to hear about your experience with COVID. Here is a helpful article to learn how to get a fresh start: https://upsolve.org/learn/should-i-file-for-chapter-7-bankruptcy/  Although I have no experience with Ford, you should know that most people can keep their car and get debt relief by filing bankruptcy. Here is an Upsolve Article that covers this topic: https://upsolve.org/learn/can-keep-car-file-bankruptcy/

Upsolve Community Member
Additionally the Upsolve Learning Center has a dedicated section on https://upsolve.org/learn/category/cars/ for your review. Do not hesitate to ask any questions along the way. Upsolve is here to help you.

Upsolve Community Member
I spoke to an attorney and my Chapter 13 payment would be around $900 or more for the secured debt and 20 percent of my unsecured debt. The problem is paying that would still be a struggle and on Chapter 13, working a second job might make it go up if I get one. I want to get my life back without worrying about a debt. Chapter 13 doesn't allow me to do that.

Upsolve Community Member
Whether or not you can file for Chapter 7 will depend on your income. The Upsolve article https://upsolve.org/learn/chapter-7-means-test-calculator/ goes through the calculations step-by-step. Lenders have their own unique company and financial priorities when it comes to repossession and reaffirmation agreements. Lenders have been known to rush to repossession when they get news that a borrower is going to file for bankruptcy. Regarding Ford, the Upsolve Help section mentioned Ford in the article https://help.upsolve.org/hc/en-us/articles/360006128354-How-Do-I-Reaffirm-My-Car-Loan-. I just Googled a couple of cases involving Ford, and there was a case where Ford failed to file the reaffirmation agreement with the court, so if you do decide to file a reaffirmation agreement, follow-up to make sure it's filed with the court! Also, check your contract to see if there's a clause that essentially says filing bankruptcy puts the borrower in default.  The Upsovle article https://upsolve.org/learn/reaffirmation-agreements/ explains some reasons why a reaffirmation agreement might not be allowed during bankruptcy.

Upsolve Community Member
Hi Christian, it depends on the contracts and the fees and costs. I think the article https://upsolve.org/learn/owe-after-repossession/ will help answer your question. If after reading the article you think you are owed money, you might want to consider talking to a https://upsolve.org/learn/what-is-a-consumer-protection-attorney/. 

Upsolve Community Member
Generally speaking, if there truly is a surplus, it would be yours- but there are often fees and costs associated with repossession that make this unlikely 

Upsolve Community Member
You'll probably need to review the documents carefully to see what happened in this case- it might be that there were fees for storing the vehicle, costs for the auction, or other fees 

Upsolve Community Member
Hi Donna, are you talking about doing this by the end of January? Here is an article from the Upsolve Learning Center: https://upsolve.org/learn/what-is-a-chapter-13-bankruptcy/ of course you know what it is but I am attaching this because it addresses some options you have. 

Upsolve Community Member
The Upsolve Learning Center also has an article on https://upsolve.org/learn/when-surrender-car/ Again, I realize you are Chapter 13 but between these two articles and doing some additional research, perhaps you can get the details on what you need to do. :-)

Upsolve Community Member
Hi Mark, yes I plan to cancel my Chapter Bankruptcy case because 1. I am unable to keep up with monthly payment due to being unemployed and 2. my car’s engine needs replacing and I cannot afford a replacement engine (extended warranty has expired). I just wanted to know can I surrender my vehicle before my Chapter 13 bankruptcy case is dismissed?  Thank you for responding to my post!

Upsolve Community Member
You can surrender your vehicle any time you like - and chances are once the case is dismissed they'll just send someone to come and repossess it but keep in mind that the primary benefit of surrendering a car in bankruptcy is the bankruptcy discharge. Without it, the bank can still seek to collect the balance remaining on the car loan. 

Upsolve Community Member
Donna, Andrea knows this stuff inside and out. Go with it! :-)

Upsolve Community Member
Thank you Mark and Andrea!  Will surrender vehicle immediately and have bankruptcy case dismissed at the end of the month.  When I become employed I will file for Chapter 7 on my own and utilize Upsolve process for that!  Again, thank you for ALL that you do!

Upsolve Community Member
Nina, thanks so much for asking! Our article on surrendering your vehicle could be a helpful first place to start! https://upsolve.org/learn/surrender-car-bankruptcy/

Upsolve Community Member
I have already read this article and it did not help with my question. I do not have possession of the vehicle to surrender it to the loan company and I am not going to pay the mechanic $1800 for a vehicle I will not be able to drive anyway. Would I just tell the loan company where the mechanic's shop is at? Even if he is hiding my car somewhere else?

Upsolve Community Member
Upsolve can help you with Chapter 7 Bankruptcy.  If your car has already been repossessed it might be to late to keep it. Here is a great read on can you keep your car https://upsolve.org/learn/can-keep-car-file-bankruptcy/

Upsolve Community Member
Jacob, thanks for sharing that article.