I want my car repossessed. Why won’t they?
I want my car repossessed. Why won’t they?
Why The Lender Won’t Repossess A Vehicle After Bankruptcy
Quite often when a person files for Chapter 7 Bankruptcy and lists a vehicle to be surrendered to the lender it is not claimed. Many people are surrendering their vehicles, which lowers the resale value. When the value of a vehicle is too low, a lender may decide the vehicle isn’t worth the expense. The lender still owns the vehicle until the loan is paid, therefore they will not release the title.
People pay for the registration and insurance while waiting for the lender to take possession of the vehicle. A person may continue to use the vehicle, park it and mail a set of keys via certified mail to the lender, or repeatedly call the lender until contact is made to retrieve the vehicle in question. No matter which route is taken to surrender the vehicle, it is advised to keep current insurance until written confirmation is processed.
Read more on Bankrate.com via Yahoo! Finance
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