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    #1

    So now what????


    I just posted about my situation in the Rebuilding Credit forum if you want background...

    I was instantly approved for a refinance through Capital One for a little over 5% interest. I was very excited! They called me today and said they could not go through with the refinance because my car was discharged in bankruptcy. If I didn't have a reaffirmation agreement then they couldn't help me...
    That was my whole point in trying to refinance it anyway! I wanted it to be a legit, reporting loan again...

    Should I just continue to pay on the non-reporting loan for the next few years? Or should I apply for the Capital One blank check and buy something else? I'm hoping that if they pull my credit twice in 2 days that it won't report another hard inquiry on my report... I'm kind of depressed about the whole thing now...
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    #2
    Originally posted by crazytown View Post
    That was my whole point in trying to refinance it anyway! I wanted it to be a legit, reporting loan again...Should I just continue to pay on the non-reporting loan for the next few years?
    If you wanted it legit and to keep paying and keep the car, then maybe you should have reaffirmed? It's up to you to keep paying on it. How many years in payments are left? Amount of payments?

    I have no idea what kind of car you are talking about. Is it worth keeping this car? Do you "need" this specific car? Is it an economical car, commuter? Big family car? Luxury? You might be better off letting them repossess it and getting a better deal/car. Again, you need to provide more details.

    Also, someone correct me but if you are applying for the "same type" of loan within a short period of time (I think it's 14 days? 30 days?), then it's counted as a "single" hit on your credit (well, score-wise)... especially with "auto" credit inquiries. Don't worry about that small hit.
    Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months

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      #3
      Originally posted by CCsAreEvil View Post
      Also, someone correct me but if you are applying for the "same type" of loan within a short period of time (I think it's 14 days? 30 days?), then it's counted as a "single" hit on your credit (well, score-wise)... especially with "auto" credit inquiries. Don't worry about that small hit.
      I believe it's within a 14 day time frame.
      Filed: 5/22/07; 341 Hearing: 6/27/07;
      Confirmed: 8/13/07; DISCHARGED 4/17/2012

      Comment

        #4
        Have you asked Capital One if they'll except a letter from the existing lender that you have paid on time! To most, included in bankruptcy means that you stopped paying! Silly Capital One.

        The problem is really that they can't see your payment history and have no idea if you've been paying on time. I'd call back and ask if a letter from the creditor with your payment history for each month since last reported, will work.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment

          #5
          Originally posted by justbroke View Post
          Have you asked Capital One if they'll except a letter from the existing lender that you have paid on time! To most, included in bankruptcy means that you stopped paying! Silly Capital One.

          The problem is really that they can't see your payment history and have no idea if you've been paying on time. I'd call back and ask if a letter from the creditor with your payment history for each month since last reported, will work.
          I copy that. Otherwise, it really makes no sense why they would insist on a reaffirmation. I'm not an attorney but I don't see a legal difference for them between refinancing a reaffirmed and non-reaffirmed auto-loan.
          Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
          FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
          FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

          Comment

            #6
            Well I called Capital One and they still refuse to do the loan without a reaffirmation agreement. I faxed them a complete payment history so hopefully they will review it and change their minds...

            To CCsAreEvil- I wrote about that in my other post (but it was the second page I think lol). I signed the reaffirmation agreement and thought it was reaffirmed but my lawyer never filed it and never mentioned it. I didn't know enough about the process at the 341 to ask about it... Also, there is quite a bit of equity in the vehicle so I wouldn't think about turning it in. My only reason for refinancing was to have something reporting as an auto loan on my credit. But others have told me that may not be as important as I was thinking. So, if Capital One doesn't reconsider my loan I guess I will just keep paying on the car until it is paid off and then maybe try to buy a new one...

            Comment

              #7
              Oh and BTW there are 3 years left on the loan.

              Comment

                #8
                Send them a copy of the signed reaffirmation and tell them that you actually signed one! Which you did.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog

                Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                Comment

                  #9
                  I sent everything in. Then I got the "welcome packet". It said they were forwarding funds to my previous lender. So, I got happy. Then two days later I got a denial letter. What is with this place???? I called and spoke to someone and they told me that they received my paperwork but because the reaffirmation wasn't showing in PACER that they weren't accepting my paperwork. I asked them why they cared about a reaffirmation anyway when I also sent them proof of complete payment history (always current to date). He started babbling about how Capital One would not want to be responsible for me deciding to turn the car in at any time? I said what are you tallking about? If you give me a NEW loan the discharge on that would no longer apply... I finally hung up in frustration. Capital One Auto blows...

                  Comment

                    #10
                    That is so laughable. They don't even understand what a new loan means! Incredible!
                    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                    Status: (Auto) Discharged and Closed! 5/10
                    Visit My BKForum Blog: justbroke's Blog

                    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

                    Comment

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