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Of course you would give notice to the buyer that there is a default of the car loan in effect. To not give notice to the buyer would constitute fraud. You must be able to pass clear title to the buyer. If there is a car loan in effect the lender must have possession of the title. The buyer should contact the lender for a payoff figure and to arrange to have the loan paid off in order to receive CLEAR TITLE on the vehicle. You may not receive any of the proceeds of the sale if you owe the bank as much as the price the buyer is willing to pay.
It would be simpler for all parties if you contact them and voluntarily surrendered the car at the lender's discretion. Although you do not legally have to reliquish any property until the BK is discharged. How much time do you want to buy? The court will tell you what to do if you don't contact the lender. The court will contact the lender after you file and ask what the lender wants...actually, where and when he will pick up his assets. Usually a month.
There is no set time. You are gambling that things will fall into place before its too late. How long have you driven the vehicle now without paying? 4 months, 6 months, more???? Usually if a lender has to file a replevin, there is NO "catching up". The lender has lost faith in your ability and/or desire to perform the terms of the contract.
The lender waits and waits and waits. Who can resist Amerika?AnswerThe lender can still file a lawsuit against the party involved. It doesn't matter if the person can be served with the summons, only that a reasonable attempt was made. In a case where it is evident the debtor is attempting to defraud the creditor the debtor will loose by default. The lender will then receive a writ of judgment to execute against any property the borrower may have left. This includes bank accounts and all other property, as the debtor obviously will not be able to exert their rights to personal property exemption protection. AnswerAnd they are going to spend all this money to collect how much????It is much more likely they will sell the debt and move on.So party on my friend!!!!!!!!!!!!!!!!!
Your odds are not good, but, not impossible either. How much work are you willing to do to sell the car? Lets say you owe 10K, cars worth 7K,you find a buyer for 8K. You will have to come up with 2K to pay it off and sell it. The lender will help you with the details. If the lender sells it at auction, they mite get 4-5K for it, so it is your best interest to find a buyer with more money to spend. maybe you can borrow enough on the other car to make the payoff on the upside down car????
The Lender may or may not want to repo a wreck. Bankruptcy, same deal. Call the lender, tell them what the car looks like, and let them decide. ___ File bankruptcy if you are buried in unsecured debt, not to save the car. Especially a wrecked car. ___ "Repossession" looks slightly better (not MUCH better) on a credit report than a Chapter 7. Let it get repossessed.
Yes, If you are trying to get the vehicle back you can file a Chapter 13. but you have a very short window typically 10 Days to get filed to have much success of getting the vehicle back. Or you may need to file if your window has passed to protect yourself from future liability. The lender will sell the vehicle and if there is a deficient balance will pursuse you for collection of the remaining balance.
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