Anonymous
Anonymous asked in Business & FinancePersonal Finance · 4 weeks ago

Bankruptcy and surrendering car?

Last year I filed for bankruptcy and it was discharged Oct 2018.  I did not reaffirm my car loan but I did continue to make payments.  Now that my credit has improved, I decided to get a newer and more affordable car.  I called the previous bank to tell them that I am surrendering the old car.  It has been over a month and they have yet to pick it up.  My apartment complex said they will tow it soon.  I called the bank again and never received a call back.  My question is, can the bank try to hold me responsible for tow charges or storage fees?

Update:

I only want to know am I responsible for fees and if so, how can I get them to pick up the car quicker.  I am not interested in keeping this vehicle.  I have four more years left on this loan @ $450 per month.  I made a lot of bad mistakes before bankruptcy.  I am now approved for a loan with a 6% interest rate from my credit union.  The new car I'm purchasing will be $186 a month for 60 months.  I have a better job now and my wife is now working again after her medical injuries.

Update 2:

I only want to know am I responsible for fees and if so, how can I get them to pick up the car quicker.  I am not interested in keeping this vehicle.  I have four more years left on this loan @ $450 per month.  I made a lot of bad mistakes before bankruptcy.  I am now approved for a loan with a 6% interest rate from my credit union.  The new car I'm purchasing will be $186 a month for 60 months.  I have a better job now and my wife is now working again after her medical injuries.

5 Answers

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  • 4 weeks ago
    Best answer

    They can if they must pay them to take possession of the car. If they have already written off the loan and there isn't much book value on the car, they may choose to ignore it. The vehicle is registered to you. The complex knows where you live; they can go after you for the towing.  The storage facility can go after you for the storage fees.

  • Anonymous
    4 weeks ago

    You are not real bright. Learned nothing from your mistakes and can't wait to continue making more.

  • Eva
    Lv 7
    4 weeks ago

    Sure they can. Surrendering the car is not an option. You trade it in on the new car and the dealership pays off the balance of the loan. That's assuming you would even qualify for a car loan now. You probably won't. You need to be out of bankruptcy for 2 or 3 years before anyone will consider lending to you. Surrendering a car is the same as having it repossessed and goes on your credit. The bank can hold you responsible for any fees. It's not their responsibility to pick it up.

  • audrey
    Lv 7
    4 weeks ago

    You might want to check your options again. It seems you could be doing something you will regret for a long time.

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  • Anonymous
    4 weeks ago

    You will be responsible for all towing and storage fees. But I can't help wonder why you are doing this to just buy another car? You have killed your credit so a loan may not be possible. 

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