Blindsided by a newly-aggressive Toyota
Posted: Mon Nov 01, 2010 5:44 pm
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Hello all -
We can now add Toyota to the list of financers who will repossess based
on refusing to sign a reaffirmation agreement.
My client just had his Prius repossessed before his discharge. I called
Toyota about it; the clerk answered that Toyota just changed its policy, and
is now repossessing cars for failure to reaffirm. It relies on 362(h)(1)(A)
and the 30-day periods in 521(a)(2) to say that the automatic stay has been
lifted by operation of law.
In my particular case, the client had not kept up his payments, nor
filed a statement of intention (I came late to the case, and did not verify
that the statement of intentions had been filed wont make that mistake
again). Toyota never requested reaffirmation, but then again, probably
didnt need to because there was no statement of intention filed.
>>> - John D. Faucher
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Blindsided by a newly-aggressive Toyota
Hello all -
We can now add Toyota to the list of financers who will repossess based on refusing to sign a reaffirmation agreement.
My client just had his Prius repossessed before his discharge. I called Toyota about it; the clerk answered that Toyota just changed its policy, and is now repossessing cars for failure to reaffirm. It relies on 362(h)(1)(A) and the 30-day periods in 521(a)(2) to say that the automatic stay has been lifted by operation of law.
In my particular case, the client had not kept up his payments, nor filed a statement of intention (I came late to the case, and did not verify that the statement of intentions had been filed – won’t make that mistake again). Toyota never requested reaffirmation, but then again, probably didn’t need to because there was no statement of intention filed.
- John D. Faucher
The post was migrated from Yahoo.