What happens if the financial association never repossesses the car which has been liberated in bankruptcy? No payments have been done in fourteen months…Bankruptcy liberated in Jun of this year. Finance association has the stream residence as well as phone number.
WHAT HAPPENS IF A FINANCE COMPANY NEVER REPOSSESSES A VEHICLE THAT HAS BEEN DISCHARGED IN BANKRUPTCY?
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There are different type of bankruptcies. Some bankruptcies give your the option to surrender the articles disclosed in the bankruptcy. Other options are for you to include all articles in the bankruptcy but you keep possession of the merchandise, or You may still have possession of the articles but before the date given on the bankruptcy clause, the companies in which you still have the articles will come and declare them at that given time.
This information should me explained in the forms you signed off on. Read back over everything and you will be able to get a better understanding of what’s expected of you and what you can expect in this bankruptcy.
Hope this helps.
Auto finance is what I do for a living and this is very strange.
I would have to say since they have made no effort to take the car they must think that it’s not worth the time and money to take it back.
This leaves you hanging though, without a lien release you can never have a free and clear title so while you can tag and drive the vehicle you can not sell it.
I would call them if I were you and see if you can work something out.
Good luck.