What to Do With a Surrendered Vehicle After Bankruptcy
My question involves bankruptcy in the state of: California
Hello....My husband and I filed bankruptcy back in November 2009 and was officially discharged in October 2010-almost 3 years out! We are doing well and live within our means now and pay for things in cash!
Here's our problem...one that we've had since the beginning of our discharge. I tried contacting our bankruptcy attorney, but she went on maternity leave and said there may not be much we can do anyway.
We put a vehicle in the bankruptcy. A 2003 Kia Sorento. Lienholder is USAA. They accepted the bankruptcy and discharged the debt. I sent a letter and followed up with many phone calls trying to find out when they would come pick up this car. They said it's not worth it to them to hire someone to reposess it.
So what do we do?? It's been sitting in our garage since 2009. We've moved once-still runs. Needs some things fixed, but that's normal for a car that's been sitting for 4 years. We can't sell it because we don't have the title.
HELP! We are thinking of fixing it up soon and seeing if we can re-register it and insure it so that my husband can start using it for his work vehicle because his is about to go out. But would that be o.k.? Is that possible?
Thank you for any advice/guidance,
Angel :)
Re: What to Do with This Vehicle
If they are not going to repossess it, will they send you the title? Have you asked them? Would it be possible to drive the car to their local office and leave it there?
Re: What to Do With a Surrendered Vehicle After Bankruptcy
When the lender chooses not to repo, many people continue to register and use the vehicle subject to the knowledge that the lender retains the right to repossess.
Re: What to Do With a Surrendered Vehicle After Bankruptcy
I've asked for the title since they've been clear on more than one phone call that they don't want the car...they said they won't send us the title unless we pay them what they charged off.
USAA is not a local bank..it's online. Their headquarters is in Texas and there are no local offices in our area (that I know of). I understand they can possess at any time.
But looking further into the future...say we run this car into the ground driving it until it can't be driven any longer....then what do we do with it??? set it on fire in a field? lol....i'm just kidding of course but really....we are not those people that have random cars in our driveway that sit for years.
Angel :)
Re: What to Do With a Surrendered Vehicle After Bankruptcy
This is the ounce of flesh they get for someone screwing them over on the loan. You are stuck with it, unless you illegally dispose of it.
Re: What to Do With a Surrendered Vehicle After Bankruptcy
Like Mr. Knowitall said.....keep driving the car. It's yours to drive until they take it back. If you run it into the ground, I wonder if you can sell the parts?