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Auto loan settlement

Date: Thu, 08/27/2009 - 08:54

Submitted by anonymous
on Thu, 08/27/2009 - 08:54

Posts: 202330 Credits: [Donate]

Total Replies: 2


I had filed bk13 back in 2005 but ended up settling all my unsecured debt my self and paying it off outside of the bankruptcy. I let my bk get dismissed and the only debt I have now is my auto loan. For some reason the creditor, Capital One to this day is showing it as still under bankruptcy and listing it at 15k for the debt for a 2001 vehicle. The fair market price for the car is 7k. I want to settle the debt for that amount. I'm scared they will repo the car which will ruin my credit score. If it goes to auction they will only get 5-6k for the vehicle which I'll owe 10k according to their 15k balance. I cant afford that and it will put me under. I have medical bills and have had cancer treatments that are very expensive over the last few years. What would you suggest I do?


Hey, I think the best person to answer this question is your lawyer. Has he not of any help to you?

Unfortunately, with debts like-auto and home you are required to pay what you owe. Since you have dismissed the BK there is no question of reaffirming the auto loan as well. Even if you let them repossess the car they would come after you for the balance of the loan.

Have you checked with the lender if you can work out a repayment plan with them?


lrhall41

Submitted by on Mon, 08/31/2009 - 04:41

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I would contact Capital One and find out why they are reporting it that way. BK doesn't include secured debt so it is odd that they would list it as a BK. You can also dispute the listing with the credit bureau(s) on whose report(s) it shows. It should be easy to provide proof to the CB that it is wrong - because Secured debt is not dischargeable and you still own the vehicle.


lrhall41

Submitted by Chrys Henderson on Mon, 08/31/2009 - 05:17

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