secured loans

[timelimit]

What is the name of your state? Ohio

We had our hearing yesterday and we filed on our van which we were leasing through a national chain bank. we did include the van and we knew we would have to return it by filing, however the bank filed no objection with the court and they did not show up at the hearing saying that they would need the van back. i know there was a deadline to file objections but what is up, i don't understand and our attorneys office is so huge that it takes forever to get a call back from them and sometimes it seems like my daughter, who was a legal secretary and has filed before knew more than they did

 

[Who's Liable?]

If you did not re-affirm the debt with the bank, you are under NO legal obligation to keep paying for it, and can let the Bank reposses the vehicle...

At the same time, if the Bank calculates that the value of the vehicle is less than what they can get for it, they may NEVER come and get the car... PLus, they can NEVER mention to you or try to collect from you the remaining balance of the vehicle that you owed...

The Bank will never sign over the loan to you, and they may never come and get from you either...

Talk to your lawyer! Calling is not doing anything, so go down there and beat the drum until someone hears!

 

[timelimit]

The lawyer (who was not the lawyer we hired or worked with, rather just someone else from his firm) who we talked to today told us to contact the bank; however, I don't feel this is our responsibility, it should be the bank's. If they want the van back they should come & get it. Also, since it was a lease, it was a NEW 2004 town & country so i'm sure they could get what is owed out of it. I am not trying to get a "free" vehicle, but to be honest why shouldn't I keep driving it as long as I am still paying insurance on it. It's not like we couldn't use a dependable vehicle while we try to get back on our feet. there was another thread on this site that I read where the lady's case with her bank fell through the cracks and 8 years later she still has the vehicle but obviously no title.

 

[timelimit]

BTW I forgot, if a creditor chooses not to repossess the vehicle I understand (sort of) the idea that if they can't get what is owed they won't take it back, but isn't something better than nothing, and if they won't take it back how can they not give the title up???

 

[Who's Liable?]

They don't give you the title because you have not fulfilled the terms of the loan... You did NOT pay the full amount as outlined in the loan, so they do not give you the title...

 

[fangirlbob]

common problem?

state-michigan

I am also having this problem. After once threatening to repo the car over $30, I now can't get them to come get the thing. My car is also a 2004. It seems like they would try to get at least a part of their investment back. I have seen something called a motion to compel abandonment mentioned which would force the company to take the car. Does anyone know any details on this? How long after a chapter 7 discharge is a reasonable waiting period before taking this measure?

 

[Ladynred]

You can always just leave the car in the bank's parking lot with the keys and let them deal with it if its been too long and they haven't picked it up.

 

[fangirlbob]

state-mi

The finance company is one that makes loans for "bad credit risks", it is in another state. I would love to park it on their lawn, or in their loby, or on the face of the person who called me names, even just drive down to show the ignorant little girl who said I was making up excuses the scars from my surgury. I really just want the car, and the company, out of my life-now.