Finance Q&A

Motion for Relief from Automatic Stay ? Voluntary Repossession Of A Vehicle?

Q. Motion for Relief from Automatic Stay ? Voluntary Repossession Of A Vehicle? I completed my 341 meeting earlier this month and I received a letter from DaimlerChrysler in reference to a "Motion for Relief from Automatic Stay." What does this mean to me? Is this just the proceeding they have when they want to be able to resell the vehicle or are they suing me? Thanks everybody for your assistance. What the letter says... Motion For Relief From Automatic Stay 1. On May 24, 99, the debtor, Me, leased a new Dodge 1999 Dodge Caravan from DC. A copy of the said lease agreement is attached hereto and incorporated by reference. 2. Pursuant to the lease, the certificate of title to said car was issued by the Commissioner of Motor Vehicles of the State of NC, in the name of DC. 3.Debtor filed this bankruptc case on April 02, and at that time the gross balance due owing DC on the lease was 811.92. The payoff on the vehicle was 14.563.61. 4. The debtor is in arrears on the Lease for the entire gross balance amount. 5. At the time of the filing of this bankruptcy casey, the NADA wholesale value of this vehicle was 13,175.00, and the retail value of this vehicle was 15,525.00. 6. Pursuant to debtor's Statement of Intention, the debtor wishes to surrender the vehicle to DC immediately. Wherefore, the above premises considered, DC prays that: 1. DC be granted immediate relief from the automatic stay provisions 11 U.S.C. 362 in order that it may proceed immediately with the enforcement of its security interest in the vehicle. 2. The provisions of Rule 4001 (a)(3) of the federal rules of bankruptcy procedure be waived. 3. DC be granted such other and further relief to which it may be entitled.

A. The same thing happen to me, except it was American Honda Finance Corporation. I surrendered my Acura luxury automobile as stated in the papers file, prior to my 341 meeting. They file papers to lift the stay, so they can sell the vehicle. You better watch your credit report after the discharge! They listed my car as a involuntary repossession. I wrote to Equifax to correct this. It should state "voluntary repossession" or "voluntary surrender". I sent them copies of documentation stating this. Involuntary repossession implies the assets was seized involuntarily, like by those repossessors as seen on TV. Wonder if the creditor intentionally did this as an act of revenge?

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