Car Repo Question

My first answer would be yes since the bankrupcy wasn't completed and there is still a balance on the vehicle.

My second answer would be.. hopefully someone with bankrupcy knowledge will come along and answer your question will a better answer!

Hopefully so. It's confusing because I only found out about this balance when I started my credit repair. When I contacted them, I was totally confused. I asked why didn't they contact me for money or the car, and the guy told me that they couldn't take it because it's only interest and the car itself is paid for. So, I'm lost. It seems that the lady who just called was trying to scare me, because she never mentioned anything about repo, she just asked where is the car now? Then she said Thanks, and hung up!!

did they ever release the lein on the car's title? If they did, then they cannot legally take the car no matter what. Once the lein release is processed, and the title shows no lein being on that car, then you own it free and clear.

if they did not release the lein on the title, then yes, they should still be able to repo the car. I would recommend that you check the repossession laws in your state as well as review the contract you have for this loan. Better to know the laws and be prepared in case they do try to do something. But whatever you do, dont relax just because someone told you that the car is paid for, and that this is only an interest balance.....as long as they have not released the title on the car they most likely can repo it.

what state do you live in? i dont know a whole lot about bankruptcy but i would say since the bankruptcy wasnt completed then your account no longer falls under that bk rules. check to see if your loan has matured yet. also find out how many days past due it is. let me know and i will try to help

the guy told me that they couldn't take it because it's only interest and the car itself is paid for

i dont think that guy knew what he was talking about. it doesnt matter if its late fees, intrest, or principle balance, if there is a balance on the loan then there is a balance. in wich case they still have the title and can repo it (depending on what state your in). thats why you should ask if the loan has matured. on every simple interest or pre comp loan you have a date when you are scheduled to make your last payment, if it has passed that date then your loan has expired. when it gets to that point and you still have a balance then generally its all intrest that has accrued.

When a BK is dismissed, so is the stay of collecttion which would otherwise prevent them from repossessing the vehicle. If they still hold the title, they can repossess whether it is principle, interest, etc that makes up your balance.

I just want to make one correction to bastoops statement ... after the date of the last payment, the loan is not "expired", just that is is simply "matured." After maturity, most states allow the lender to continue charging interest on any unpaid balance.

if thats the only correction you can find then i must be doing better than i thought. =)

did we ever find out what state hottina01 is talking about?