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On 2000 the bank did not try to recover the car, I still have the car, what to do?


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Can you be a little more specific? You bought a car in 2000? When did you stop paying for the car? What was the loan amount? Date of default?

I guess I don't understand how you can have possession of a car that has been repossessed by the bank. Are you looking to start paying the OC again? I am a little confused by the question :confused:

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I filed a Chapter 13 bankruptcy on 1996. I paid half of the plan and then I could not pay anymore. The Chapter 13 was dismissed on 2000. I guess that sometime around 2000 was the last time the Bank recieved payment for that car. The Bank did not try to recover the car or collect the debt and I did not do anything either. I still have the car and I do not know what to do with it. I guess I want to know what to expect if at this point I call the Bank and return the car. My credit is good now and I want to make sure what could happen with my credit if I decide to return the car. Some people suggested to abandoned the car. The car is in my parents house and they are pushing very hard to get this solved.

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I filed a Chapter 13 bankruptcy on 1996. I paid half of the plan and then I could not pay anymore. The Chapter 13 was dismissed on 2000. I guess that sometime around 2000 was the last time the Bank recieved payment for that car. The Bank did not try to recover the car or collect the debt and I did not do anything either. I still have the car and I do not know what to do with it. I guess I want to know what to expect if at this point I call the Bank and return the car. My credit is good now and I want to make sure what could happen with my credit if I decide to return the car. Some people suggested to abandoned the car. The car is in my parents house and they are pushing very hard to get this solved.

The BK complicates this a little. But your instincts are right on.. DO NOT ABANDON THE CAR. I am assuming that the car is still registered in your name and has been sitting at your parents house for quite a while - right?

Does the car still work? What is the current value of the car? Have you had any contact from the bank regarding the loan since the BK was dismissed?

I am going to do a little research assuming that you still have a lien on the car from the bank. But maybe one of the BK attorney's can chime in here with what happens to a vehicle in a dismissed BK.

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Some people suggested to abandoned the car.

In Florida, that's the last thing you want to do with it. Florida law allows tow liens. If the car is abandoned and subsequently towed, the tow company is allowed to place a lien on the last person who registered the car. It will prevent you from getting new license plates for any car under your name, renewing your drivers' license, and a couple of other things. I think the lien is good for five years. Point is, don't do it.

You could apply for a clean title. If you have a lienholder on the title and for whatever reason you can't locate them or there are no records left to support the existence of a lien, you can apply to have it removed. The DMV will send a letter to last known address of the lienholder and if they do not reply with proof that the lien is still valid (within 30 days, I think), DMV will issue you a new title, free of all liens.

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I talked with a friend of a friend like a year ago that works on the Bank and she said that the account it is still "open". The last time that the account was reflected on my credit report it was listed as "charged off". I do not know if the Bank means it is open for SOL purposes ??? No idea. She said that the debt was around 6K and again I think that is without the penalties and interets. At the Department of Transportation the car was reported "disappeared" by the Bank. There is no market value for that car, its just a piece of junk. This happened in Puerto Rico (US territory) but the Banking laws I think are regulated by the US Federal Laws so far everything that I have heard is the same except for the SOL of a written contract which is 15 years there. The Bank did not contact me to repo or collection of the debt at any point after the BK dismissal even though the BK Court had all my information updated. I do not think that to abandon the car should be an option but I need to know exactly what I am facing once I decide to wake the monster. I mean I did not have credit for many many years, I have waited patiently until all those accounts were removed from my credit report so I need to know before making any decision. Any help is greatly appreciated. Thanks!!

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Since it is now junk, will a junk yard take it? I have taken a car to the junk yard and they required me to sign over the title to them. I am not sure what will happen if you tried this since yours still has a lien on it. Maybe someone who knows will chime in.

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Good idea Swirlgirl, but it looks like Puerto Rico (where this transaction happened) does not subscribe to the UCC...this is what I found so far

http://www.lawdog.com/states/pr/st1i.htm

OP may have to get an attorney involved to give back the collateral without recourse

However, I also found this link that says the UCC does apply to US territories!

http://www.law.cornell.edu/ucc/9/9-103.html

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"open" means the bank has not charged the account to profit and loss on their accounting books.

That is odd considering they reported it as charged off to the bureaus. They can't do it both ways, either they charged it off and correctly reported it or they falsely reported a chargeoff to the bureaus when they had not done so.

For the record, if it is a bank, there are Federal rules that require them to charge off the debt to profit and loss after 180-days of non-payment. They can get into a *lot* of trouble for keeping an account on the profit side of their books when they were supposed to write it down to loss.

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I do not have a current title. I might have the last notice to renew the tag but thats when I found out it was reported "dissapeared" by the Bank. I could not get the new tag/decal and I could not use the car anymore. I guess my concern is that if the junk place would report to the police or the bank that I am trying to sell a stolen car?

Please a UCC explanation for dummies like me, thanks!

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I do not have a current title. I might have the last notice to renew the tag but thats when I found out it was reported "dissapeared" by the Bank. I could not get the new tag/decal and I could not use the car anymore. I guess my concern is that if the junk place would report to the police or the bank that I am trying to sell a "stolen" car? How do I know if there is a lien?

Please a UCC explanation for dummies like me, thanks!

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JDB= Junk Debt Buyer. Lurking=To lie in wait, as in ambush.

To move furtively; sneak.

To exist unobserved or unsuspected: danger lurking around every bend.

(from dictionary.com:D)

Soft Pulls=looking (inquiry) at your credit report without your knowlege. These will show in the inquiry section of your report. Creditors can pull your report to monitor your creditworthiness. JDB's and CA's do it to see if you have the capacity to pay

So, to put it together the JDB was looking at your file to see if they can get any $$$ from you

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