Question about buying back surrendered vehicle

I filed bankruptcy earlier this year. I had a car loan with a bank, and several other loans as well. I offered to reaffirm the car loan but the bank got greedy and said unless I reaffirm all my loans I can’t keep the car. So I said fuck em, take the car.

The bank was not aware that I had made alot of modfications which kill the resell value. So now they are SOL, the car is listed on their website as being in “poor condition” and says to make an offer.

I would like to maybe buy the car back. I am not legally obligated to pay anything since the debt is discharged. Now I was thinking maybe of contacting the bank directly and making an offer. But I don’t know if the bank will sell it back to me. Logically speaking they should be willing to cut their losses, but who knows, maybe the loan officer will have too much pride to sell it back.

Another option is just to just give a friend the money and buy it back for me and the bank is not any the wiser.

What should I do?

Hey dude. IMHO called they want their OP back :wink:

But seriously, I’d just pretend that I wasn’t the defaulter guy and make an offer like normal. Is the bank selling it in house? Don’t they usually use brokers for this sort of thing?

Call up, make the offer, and buy it. As long as your original loan officer or collections goon doesn’t answer the phone when you call, just do it. (record the calls just in case… it might be really funny)

Regardless, there’s nothing (IANAL) wrong with “hiring” a “broker” aka your friend for $1 to do the transaction. I assume you plan to pay cash?

IMHO? Was I supposed to post there? I kinda wanted a factual answer. But maybe thats not possible.

Yeah cash of course. I don’t think the bank will give me credit, do you? :smiley:

I found this here:

"Question: We owned a business in Madisonville and “sold” the business to a man from Tennessee. The man neve paid and when we started to forclose he put the business into bankruptcy. We put a bid into the trustee and the gentleman that put the company into bankruptcy was allowed to bid against us and he out bid us and got the company free and clear. He has done this to 19 businesses, we were number 20. What are our rights and how can he be allowed to keep doing this over and over. He has done this in Oregon, Tenn and KY. Of course we were not aware of history when we sold the business to him.

Answer from Douglas W. Patterson: Hindsight is 20/20, but you clearly did not take any sort of security interest or personal guarantee on the debt. As such, you were treated as an unsecured creditor. You may be able to file a claim with the bankruptcy estate, and recover some, but not all of your money. Good luck."

Also found this here:


If the creditor sells your car at public auction, they must give you the date of the auction. You may then bid on the vehicle, if you wish. If they sell it privately, they must give you the date after which it will be sold."

So, it doesn’t seem like there is anything wrong with trying to repurchase property after it is put up for sale. (In fact, the first transaction seems kind of shady to me!)

IANAL and rules may vary from state to state. Regardless, the worst they can do is tell you “no” and you’ll be no worse off than what you are. They’re not going to call out a posse because you offered to repurchase the car with cash.

Interesting stuff. They did send me a letter. It looks like it is being sold privately.

any other opinions on this?