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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38888
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I had a bankrupcy charge off in feb 2009. prior to this I

Customer Question

I had a bankrupcy charge off in feb 2009.
prior to this I had refinanced a honda ridgeling in 2007 with usaa, and in the course of this the DMV gave me clear title ( pink slip) to the truck and registration has been in my name only for over two years. in the bancrupcy the debt to usaa was charged off, and they never claimed the vehicle prior to feb 2009, I had even sent them an email and a phone call in november 2008 asking them to pick up the truck. never heard from them, they always had my current address and phone. so I asked my attorney about this and he said that leagally they should have reposesed my truck or contacted me prior to the charge off. and if not, the truck is mine. is this correct?
now 6 months later I have recieved a call and a notice on door requestion that I contact this 3rd party regaring my truck ( I am assuming they want it)
what are my rights, options? what can they do?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 7 years ago.

You have no right to the collateral/vehicle. The bankruptcy does not defeat the right of the lender to the right to repossess the vehicle, even though the lender cannot sue you for a deficiency on the debt/loan. And there is no statute of limitations on the exercise of the repossession right.


If you don't give up th vehicle voluntarily, the lender will find it on the street somewhere and eventually just take it from you.


Hope this helps.


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Customer: replied 7 years ago.
what if I sold it?
Expert:  socrateaser replied 7 years ago.

That would be a misdemeanor in California, under Penal Code secs. 570-574. The buyer has no right to the property, but he/she can sue you for fraud, if the car is repossessed. And, the DA can prosecute you for the crime.


Maybe you should try to get the truck back and give the buyer his/her money back, before things get out of hand.