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    #1

    Car dealer lying?

    So I need help here. my bk was discharged in august 08. I did reaffirm the car I currently have, but I stupidly misunderstood what i was doing. Now i have better credit but i can't refi because my interest rate is so crazy the car isnt worth as much. I'm trying to trade it in, but they are asking for 5k down...impossible. The dealer who claims to be familiar with Bks says since I reaffirmed the debt and its listed on my credit report currently as CH 7 BK Reaffirmed I can supposedly turn my car in and tell ford I can't afford it and he said they can not take action against me.

    Is it me or is this NOT true? I just want to be sure before I do something crazy or stupid. He is saying i can turn it back in no problems and they will not mark repo on my credit report. please some help me understand all this mess.
    Tags: car, reaffirmation, reposession
    #2
    Did the judge actually sign off on the reaffirmation? (many won't).

    However, if the reaffirmation is valid, then you would be liable for any deficiency if you turned in or otherwise allowed the car to be repo'd in the future.
    Last edited by HHM; 05-06-2009, 04:19 AM.

    Comment

      #3
      Yes, the car dealer is lying.
      Filed CH 7 9/30/2008
      Discharged Jan 5, 2009! Closed Jan 18, 2009
      I am not an attorney. None of my advice is legal advice in any way..

      Comment

        #4
        thanks.

        I thought it sounded wrong. With the judge signing off on it... I know I was asked a whole bunch of questions about the payment, etc then he said he would allow it so I'm guessing that means he did.

        Thank you for the comments. I wanted to stop myself from making a big mistake. Now I just gotta get out of this interest rate,lol.

        Comment

          #5
          Be careful about refinancing a car. There is more to consider than simply the interest rate. 9 times out of 10, refinancing a car is more costly in the long run.

          The general rule is, in order for a refinance to make sense two things must occure

          The new loan must
          1. Cut your current interest rate in HALF
          2. Not extend the term of your current loan beyond the remaining months.

          If the proposed refi does not do those two things, then the car ends up actually costing you more, so you are better off staying in your current loan.
          Last edited by HHM; 05-06-2009, 04:32 AM.

          Comment

            #6
            refi

            You are right about the refi. My interest rate literally would be in half and the term wouldn't be extended but my ltv is pathetic so no one will refi me. Im just trying to get out of this car and im having a really hard time

            Comment

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