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    #1

    Dumb question for dumb action

    My 341 meeting was on 9-28-07 and I reaffirmed my car.

    On Friday the car went down. After Mon and Tues in the shop, they finally tell me today they can't fix it and it will have to go to Ford. It was going to cost me $200 there and I can probably bet on twice that at Ford. I also have a wheel bearing going out, another $250 at the small shop.

    I have had the car since July 06. I just added up my receipts and I have spent $1646.55, not including normal maintenance. The dealership also spent $256.32 days after I got it.

    Today was my last day to change my mind on the car, so I freaked out and went and did a rescission(sp) of the affirmation. Now I'm kicking myself for it. I have a good interest rate on this car and a low payment.(if you don't figure in the $100 a month in repairs it averages out to)

    Now that I have submitted that paper, I am stuck aren't I? They will be reposessing the car? I think I pretty well know that to be true. Just wanted to check. I am second guessing myself so bad. Naturally the car didn't act up after I picked it up today.

    The thoughts running through my head are: some people say they don't reaffirm, so will cancelling the reaffirmation automatically mean I am surrendering the car? Is there any other way to work this out with the bank.

    I am the queen of bad decisions, so I'm sure whatever I decide (or have the opportunity) to do will probably be wrong. In some ways I'm just not sure I could end up with a car that's has many more repairs.

    Thanks for letting me think it out. Any ideas would be so appreciated.
    Tags: None
    #2
    Give them a call. Ask if you continue to make payments what happens?
    Filed: 10/26/2006
    Discharged: 03/05/2007
    Closed: 5/19/2008 - Asset case due to balance transfer and income tax refund

    Comment

      #3
      It sounds like that car was more of a problem than it was worth. I would've rescinded the reaffirmation too. You could check out 722redemption or fresh start loans if you need to finance a new/used car - the interest is atrocious, but you can refi after BK with Capital One for around 10%. We'll refi with CCCU for about 6.5% 6 months after discharge. Try to find a decent cheap car you can pay cash for, but if that's not an option then try one of the places I listed. Good luck!

      Comment

        #4
        We had a car like that. Fortunately for us, when we bought it, we just happened to take out the 6 year/100K miles, bumper to bumper, extended warranty too.

        Believe you me, we got our money's worth on that extended warranty!!

        Had the 4 wheel drive worked on 3 times, transmission twice. Several electrical issues. I can't remember what all was repaired on that car.

        We got stuck out in it several times. Came out of the grocery once and it would not start. Was "back to school" shopping once, it would not start. Both of those times, it was the transmission.

        One morning, the kids had missed the bus for school. I went to run them to school and the battery blew up on starting. Right there in the garage. Thank goodness the hood was down. Fortuately no one got hurt.

        When that car rolled over 100K miles, we couldn't trade it quick enough.

        Don't regret your decision. Look forward to getting more reliable transportation.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

        Comment

          #5
          Thank you all for your comments. I have a couple calls in to see about financing. I know the interest will be sky high, but I'm just really worried now that I've gone too far to do anything else. I hope in the long run it will be the right decision.

          I wouldn't think every used car could have that many repairs that need to be done. And some of those I was on my second time around same problem. I've had used cars before that weren't like that.

          I really appreciate all your help.

          Comment

            #6
            it doesn't mean they will come get it for sure. Call and tell them you want to keep making payments. They may let you ride through.
            Chapter 7 Pro Se....Discharged Feb. 2006

            Comment

              #7
              Lorile, my hubby used to work as a mechanic and he said if the same problem was fixed several times, then you need to be out of that car. One thing he always adives with a used car purchase is to take it to the dealership and ask them to run the VIN for recalls. That should cost nothing and you can find out of recalls have been issued on it and then if the repairs for the recall were done
              Filed 9/5/07
              341 10/4/2007
              Last Day for Objections 12/3/2007
              DISCHARGED 12/4/2007

              Comment

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