Repossession before CP

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animal56

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Repossession before CP
« on: September 02, 2017, 02:45:29 PM »
Hi all,

First time here, lots of good info. Thank you.

I have a small problem that I can't find an exact answer on, and hoping someone here could help, since all of the LITs are off to enjoy the long weekend.

We've recently had our car repo'ed, and are negotiating a new one, while simultaneously reaching out for a CP. While we need the car sooner than later, we were wondering what happens to the remaining debt after a repo? Obviously, the lender will come after, but is it still secured debt, or is it no longer a secured debt since they already have the vehicle in their possession.

Basically what I'm asking, is if we opt for a CP, will the remaining debt be rolled in, or will that still be expected to be paid off over and above the CP. Will I be paying for the CP, a car not in our possession, AND potentially a new car?

Thanks for any help on this matter.

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CP_2_be_BetteR

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Re: Repossession before CP
« Reply #1 on: September 05, 2017, 10:39:45 AM »
Hi all,

First time here, lots of good info. Thank you.

I have a small problem that I can't find an exact answer on, and hoping someone here could help, since all of the LITs are off to enjoy the long weekend.

We've recently had our car repo'ed, and are negotiating a new one, while simultaneously reaching out for a CP. While we need the car sooner than later, we were wondering what happens to the remaining debt after a repo? Obviously, the lender will come after, but is it still secured debt, or is it no longer a secured debt since they already have the vehicle in their possession.

Basically what I'm asking, is if we opt for a CP, will the remaining debt be rolled in, or will that still be expected to be paid off over and above the CP. Will I be paying for the CP, a car not in our possession, AND potentially a new car?

Thanks for any help on this matter.


When I signed my CP I rolled my truck into it, my trustee had me fill out a form. He then sent it to the bank (the creditor for my truck). A few days later a tow truck came, picked up my truck and it was gone. I owed 52K on the truck and the blue book was 31K). I was not responsible for the balance and it was written off. It now shows "written off/bad debt" on equifax/TU for that loan.

Hope this helps.

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ereflez

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Линолеум Tarkett и С
« Reply #2 on: September 08, 2017, 10:28:55 AM »
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animal56

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Re: Repossession before CP
« Reply #3 on: September 14, 2017, 12:24:28 PM »
Hi all,

First time here, lots of good info. Thank you.

I have a small problem that I can't find an exact answer on, and hoping someone here could help, since all of the LITs are off to enjoy the long weekend.

We've recently had our car repo'ed, and are negotiating a new one, while simultaneously reaching out for a CP. While we need the car sooner than later, we were wondering what happens to the remaining debt after a repo? Obviously, the lender will come after, but is it still secured debt, or is it no longer a secured debt since they already have the vehicle in their possession.

Basically what I'm asking, is if we opt for a CP, will the remaining debt be rolled in, or will that still be expected to be paid off over and above the CP. Will I be paying for the CP, a car not in our possession, AND potentially a new car?

Thanks for any help on this matter.


When I signed my CP I rolled my truck into it, my trustee had me fill out a form. He then sent it to the bank (the creditor for my truck). A few days later a tow truck came, picked up my truck and it was gone. I owed 52K on the truck and the blue book was 31K). I was not responsible for the balance and it was written off. It now shows "written off/bad debt" on equifax/TU for that loan.

Hope this helps.

Thank you for responding.

I have met with my trustee, and yes, the remaining debt is no longer a secured debt and will be rolled in.

 

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