Has anyone ever had a vehicle repossessed?

He re-affirmed the debt on the van because he wanted to try to make the payments on it and continue to drive it. He could have included it in the bankruptcy if he'd wanted and given it up and the lessor would have been just as SoL as far as making any more money off that van than he is now.

Harley might should have put it into the bankruptcy and given it up for his own financial well-being, but it's not like he got free and clear of all his debt through bankruptcy and then went out and bought a car he couldn't afford. He bought the car he can no longer afford before the bankruptcy and tried to make a go of it rather than bankrupting it. So it's not like the inability to now pay for the car is a separate, independent act that contributes to forming a "pattern of behavior".

Bankruptcy sucks. This sucks. It's not accurate nor fair to infer that someone is a bad worse person because he tried to stick it out and pay for the van as originally agreed, rather than bankrupt it, only to find out later that wasn't going to be possible.

 

As the saying goes, hindsight is 20/20.

They could afford the van when they bought it. Life circumstances changed, and now they can't. It can happen to almost anyone. There are people who were making $100K a year who are now bankrupt because of a run of bad luck beyond their control such as losing their job and having health issues take a huge bite of their savings. It happens.

It's easy to second-guess. But as Dick Howser once said, no one has every proven that the second-guess will work.

 

Go as long as you can, but let them take it when they come to take it.
It will settle the debt, perhaps, and you can move on.
You can't afford it, so let it go.

 

If it's insured with gap coverage, drive it into the nearest body of water and report it stolen.

/iwasneverhere

 

Understand a few things --

1.) If you get it repossessed - you will have to pay tax on the $6000 as income (it is called forgiven debt and it is extortion but hey, ain't our government grand!!!!)

2.) If your name is on the lease/loan, then it doesn't matter if the bitch ex was fucking male prostitutes on your kitchen table - you are on the hook for it in the eyes of the IRS and your credit union.

3.) You could make a deal with the credit union to turn it in and then be on the hook for whatever they aren't able to recoup for it (for instance, you turn it in, they put it on a lot and sell it for $4500 and you are on the hook for $1500) but you will still have to pay taxes on the forgiven debt (in this case it would be on the $4500) and then you'd have to make a deal to make payments on the $1500.

4.) However, since you recently declared bankruptcy and are going through a divorce, your credit score is irrelevant -- your cash flow is important. Therefore if you can find a way to have the car repossessed you should just do it and worry about the tax ramifications next year.

 

When I filed bankruptcy there was a 'last chance' clause that allowed us to put in any debts that had arisen since the first filing, I think the time period was like six months after the declaration. There were a couple of debts that I wanted to try and pay off. After the bankruptcy one of the debts tripled the interest rate, I called them and tried to work it out but they refused, so I was able to go back and have it included in the original filing. There may be an option like that...

 

Well here's what you can do. DONT PARK THE CAR NEAR YOUR HOUSE OR YOUR WORK!

Park it around the block, in a different parking lot, or somewhere they cant find it!!!!!

If they can't find it they can't take it. Make it tough on them.

 

The entire financial system is based on the idea that we're all rational actors doing whatever is legal and within our own best interests. No reason he should handicap himself.

 

Drive to the worst part of town, park it there, leave the doors open with the keys in the ignition.

Hell, leave it running.

Pray it gets stolen.

 

Some guy tried to do that in Times Square a few months ago and now he is in a heap of trouble. He is being accused of being a terrorist.

 

Just let them take it. That's probably for the best.

That said, why try to make me look stupid because I used towards instead of toward? I'm a copy editor as well, but I wasn't copy editing in here. I was just trying to respond to a question, so I'm sorry if I touched of a pet peeve of yours, but a pet peeve of mine is trying to put yourself up by tearing someone down. Anyway, I found that rude and unnecessary.