Facing possible repo

[ahelton85]

So up until 2 months ago, I was making pretty good money working night shift. Due to a sick mother and my 6 year old son, I had to transfer to a department on dayshift in which I am making less money. My auto loan is through Crescent Bank & Trust (loan was sold to this company after only 3 months) and I have been making payments on this car since March 2010. Last year I filed BK7 and it was discharged 06/2011. I reaffirmed my car in the BK7...I didn't foresee that I would be where I am now.

 

Recently I have fallen behind on payments due to other necessities (rent, utilities, childcare, etc). I have talked to the rep about my current situation and even asked her if there is anyway to modify the autoloan and she did not call me back....UNTIL my payment for last Friday did not go through. I know that I am going to have to pick up the phone and talk with her about what is going on and I am deathly afraid. I no longer know what it is that I should do. I know that if I loose my car, I will loose my job and everything will fall apart more than it has. I have looked into refinancing but I have been turned down by Capital One. Rategenius.com declined my application saying that they could not find me a better interest rate than what I already have (23%!).

 

BTW....the current loan will not be paid until Feb.2014 (the loan term was for 43 months at 23%...according to the original lender).

 

 

 

ANY advice would be helpful....

 

 

 

Also wanted to add:

 

Although I have been paying on the car since March 2010....it is not showing accurately on my credit report...I'm sure that a repo will though!

Edited July 23, 2012 by ahelton85

[MarvBear]

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[MarvBear]

Crescent Bank is a subprime lender, ask them for an extension, and just pay the interest for the month.

[ahelton85]

Crescent Bank is a subprime lender, ask them for an extension, and just pay the interest for the month.

 

Thank you so much for your advice....that is what I was about to add....I have already had 2 extensions (one was in Jan. and the other was June 13th), so I think that I am running out of options. It doesn't seem like they want to modify the loan at all. Also, my mother (who gets disability) tried to talk with the csr about taking the payments off of her card so that I could catch up. I have my mother as an authorized person on my account (so as to talk about my acct if I am not home), but the rep would not even tell her if they were getting ready to repo the car and would not take her card number. And when my mother asked her about the modificaiton to the loan, the rep acted like we had never talked about it (the rep was supposed to get with her supervisor and then let me know the decision).

[MarvBear]

ask again.

[ahelton85]

ask again.

 

 

Will do...I know that it couldn't hurt. Thanks for your help:wave:

[AKAGeorgiaGirl]

Are you certain you reaffirmed? I find it hard to believe your attorney would let you reaffirm a car loan with a 23% rate. To be valid, it must have been signed by both parties and filed before discharge.

[ahelton85]

ask again.

 

 

Will do...I know that it couldn't hurt. Thanks for your help:wave:

 

Talked to the rep a couple of days ago...I was told that I have 2 more extensions, but they will not give them to me!!!!

[ahelton85]

Are you certain you reaffirmed? I find it hard to believe your attorney would let you reaffirm a car loan with a 23% rate. To be valid, it must have been signed by both parties and filed before discharge.

 

 

I am assuming that I did reaffirm because it is listed on all my BK7 paperwork. Also, as soon as BK7 was filed and I reaffirmed, I was having to talk to someone in their "Bankruptcy Department" just to make my payments. I will go back and look at my paperwork today when I get home. Thanks:good:

[AKAGeorgiaGirl]

You type that like it was one event: filed & reaffirmed. Its not possible to reaffirm at the same time you filed, but require additional paperwork later to be filed with the court.

 

Mentioning in your petition that you are going to keep the car and that you intend to reaffirm is not a reaffirmation. Its just a statement of intent. Once you file, its normal for creditors to block online access and have your account handled in a different department. (To prevent violation of the automatic stay by continued collection efforts.) Did you sign a reaffirmation agreement that your attorney obtained from the lender, and have that filed with the court prior to discharge? If not - you did not reaffirm.

 

You may want to check Pacer, and know for sure. If not reaffirmed, it may be in your best interest to let this car go and get something cheaper. They'd get the car back, but would not be able to go after you for a balance owed.

[jak2136]

Just wanted to add that they may have guidelines on how they do extentions. For example at Ally I know you can only get one every 12 months.

[ahelton85]

You type that like it was one event: filed & reaffirmed. Its not possible to reaffirm at the same time you filed, but require additional paperwork later to be filed with the court.

 

Mentioning in your petition that you are going to keep the car and that you intend to reaffirm is not a reaffirmation. Its just a statement of intent. Once you file, its normal for creditors to block online access and have your account handled in a different department. (To prevent violation of the automatic stay by continued collection efforts.) Did you sign a reaffirmation agreement that your attorney obtained from the lender, and have that filed with the court prior to discharge? If not - you did not reaffirm.

 

You may want to check Pacer, and know for sure. If not reaffirmed, it may be in your best interest to let this car go and get something cheaper. They'd get the car back, but would not be able to go after you for a balance owed.

 

 

Hi, sorry that I am just replying. I had to get my PACER info through the mail. Yes, I reaffirmed. I signed the reaffirmation agreement as did a representative with the lender (Crescent Bank and Trust). I see on the document that the fixed percentage rate is 23.0%....and yes, my attorney said/did nothing about this. Thanks for your help.

[ahelton85]

Just wanted to add that they may have guidelines on how they do extentions. For example at Ally I know you can only get one every 12 months.

 

 

Thank you! I wish that the rep would have told me how it works. I will be sure to ask when I call today.

[ahelton85]

GREAT! I have proof that I CAN possibly qualify for a modificaiton due to what is in my BK7 paperwork!! They are trying to say that they didn't acquire my title/loan until Nov 2011, but I have proof that they acquired it in May of 2010...One year prior to my BK7!!!! Now I have to wait and see....

[ahelton85]

Well....they just came and picked up my car at 11:19pm....I haven't heard from Crescent Bank and Trust all week (I was thinking because of the Hurricane in New Orleans) and I guess this is why they were not picking up the phone when I called.

[MarvBear]

We are sorry to hear about this.

[ahelton85]

We are sorry to hear about this.

 

Thank you. Crescent Bank called and offered me "redemption" stating that for $1,955 (including $355 repo fee) I could get the car back with a lower payments. But I figure for this much, I could get a late-model car from a private owner and not have the headache of car payments. I just count this as a lesson learned.

[hoapres]

You need to determine the consequences of not redeeming the repo assuming you are in a financial position to do so. 1. You might be faced with a deficency lawsuit. 2. Having a repo on the CR after a BK is likely to be pretty damaging with regards to getting another auto loan. It is a long shot but you can try reopening up your BK to file a motion to vacate the reaffrimation agreement which would discharge your responsibility with regards to the repoed auto.

[ahelton85]

You need to determine the consequences of not redeeming the repo assuming you are in a financial position to do so. 1. You might be faced with a deficency lawsuit. 2. Having a repo on the CR after a BK is likely to be pretty damaging with regards to getting another auto loan. It is a long shot but you can try reopening up your BK to file a motion to vacate the reaffrimation agreement which would discharge your responsibility with regards to the repoed auto.

 

 

 

 

Wow...this is great advice. Can I do this myself or would I need to contact the attorney that handled my case?

 

 

 

Thanks is advance:grin:

[hoapres]

The advice is great when it works. Talk to your BK attorney because filing a motion in BK court by yourself without an attorney is going to require a lot of research.