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  1. #1
    Join Date
    May 2009

    Default Bank Not Repossessing Car

    My question involves bankruptcy in the state of: Indiana

    My husband (at the time) and I leased a car through Toyota Financial Services in 2007. In 2008 we got a divorce so I refinanced the vehicle and bought it in my name only. I then could not afford to pay for the vehicle so I file bankruptcy in September 2008. The car dealership sent me a notice saying that I needed to transfer the title over but I never did because it would cost me money and I knew that I was filing for bankruptcy.

    My question is:

    I have not made a payment on this car since August 2008. The car is still sitting in my driveway. I have had no calls, letters, etc...Why are they not picking up the car? Did it slip through the cracks because of the title not being changed or something else? I want to put insurance and registration on it so that I can drive it but I am afraid to. Any advice would be appreciated.


  2. #2
    Join Date
    Sep 2005
    Behind a Desk

    Default Re: Bank Not Repossessing Car

    The bank's employees are only people that can tell you why they haven't repossessed the car, or when they might show up. Sometimes they drag their heels, and you'll find cases where they don't pick up a car at all.

  3. #3
    Join Date
    Mar 2009
    LA LA Land

    Default Re: Bank Not Repossessing Car

    What bank did you finance the vehicle through?

    I only ask this because of the fact that when you financed the car, Toyota Financial Services would have had to release the title certificate to the financing bank; otherwise, the bank would have never paid Toyota for the car thereby becoming lien holder on the vehicle.

    Maybe the financing bank was one of those banks that went through a name change as part of the recent financial debacle that financial institutions have recently been through. That can certainly delay matters such as this due to the reassignment of responsibilities between the old and the new...

    Also, consider this... By you having a vehicle that is "'in the driveway" and yet one that is uninsured, you are subjecting yourself to a big liability that might not be considered part of your recent BK. If something happens to that vehicle (say it gets stolen), and assuming that the bank will eventually wake up and pursue a repo... They would have no collateral to recover and therefore they can hold you legally responsible for the entire balance owed on the loan from August of 2008 forward.

    Lastly, don't you have an attorney who is handling your BK? If so and since you aqcuired the loan on this vehicle prior to August of 2008 and subsequently filed your BK in September of 2008, one can safely assume that you had included the vehicle loan as part of your BK which means your attorney might have had some contact with the bank regarding the loan on your vehicle thereby forbidding them from contacting you directly in an attempt to collect or repo.

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