ch7 discharged, should I keep or return my new car?

[luckynucky]

What is the name of your state?tx
I bought a car just few months back and then filed ch7 and got discharged. I am paying about $500 a month including insurance towards car payments. I am thinking of two options:
1: Nicely leave my car at the dealer's lot and inform them about it in a registered mail that I have abandoned/volunteerily repo'd my car. Then buy a used car under couple thousand dollars.
2: Keep this new car till I pay it off. The only down turn to this option is the car value will depriciate too much after five years and this monthly payment is also killing me.
Please advise me what should I do?

 

[ihatearizona]

Did you reaffirm the vehicle in your BK?

 

[luckynucky]

No, I did not reaffirm.

 

[ihatearizona]

You will need to contact the LENDER not the dealership (unless they are one in the same - doubtful) and let them know that you wish to voluntarily turn in the vehicle.

You will not be responsible for the amount due as it was included in your BK. Just be careful not to incur any new fees (ie: towing) when you turn in the vehicle.

 

[luckynucky]

Is it possible for the Lender to negotiate the current value of the vehicle and allow me to keep the vehicle and keep paying payments at the current Blackbook value? I was thinking to call the Lender and start negotiating this with them. I am hoping they would allow me to keep the car rather than getting it back and selling it in aution. Any thoughts?

 

[Ladynred]

You can attempt to REDEEM the car for Current Market Value, but I doubt they'll take payments, they'll want it all up front.