Ford Credit

[Away1234]

Hi everyone,

I’m filing a Chapter 7 and have a question about Ford Motor Credit. I know that they are the most aggressive when it comes to reaffirming loans but in my case, I have a joint loan on a car with someone. They’re not filing bankruptcy but I will be. Will Ford still require me to reaffirm the loan or will it become pay and retain? Has anyone had any experiences with this? Ford’s bankruptcy department told me that because there is another person on the loan that’s not in bankruptcy, I did not have to reaffirm but I wanted to get everyone’s individual experiences with this and see if anyone had any issues going this route.

Thanks

[justbroke]

They will look to the other person to pay the loan. I didn't have this issue with a car, but I did with a joint VISA card. I was the "secondary" cardholder and the account was never closed. I figured that this would be the case since a joint cardholder is equally responsible for the debt. The account that I held was not marked as "included in bankruptcy" or had any other indications that it was affected by the bankruptcy. Ford's bankruptcy department would be the definitive source for the answer. It may be interesting if they take a different position if you're listed first on the loan.

You didn't ask about this, but do you have any equity in the vehicle and is the equity otherwise protected by an exemption?

[Gixermeup]

Im wondering about ford also. My loan is up to date, and I've read many times people say don't reaffirm car loans. However everyone says ford will repossese if you don't.....

[justbroke]

Im wondering about ford also. My loan is up to date, and I've read many times people say don't reaffirm car loans. However everyone says ford will repossese if you don't.....

If your vehicle is leased or financed through Ford Motor Credit, they nearly always demand a reaffirmation (or redemption) of the loan if you want to keep the vehicle. I think that Honda Finance is another one that demands reaffirmation/redemption or surrender.

While people say don't, what they mean is "don't reaffirm unless it is mandatory." For example, most credit unions (CUs) demand reaffirmation, redemption or surrender. That is that most CUs will not let you do the so-called ride-through option where you discharge the debt, but keep paying. There are also some very small banks that behave similarly to the CUs.

[Gixermeup]

Do to need to be approved to affirm? Or will ford just say, here sign this I'd to want to keep the car???