Why Reaffirm ?

[HHM]

So if we pay off a loan we did not reaffirm they dont have to give us the title?

I am not sure about that little issue. I think a creditor would have a hard time finding a legal standing to not issue title if there is no argument whatsoever that the creditor is owed any money.

[CPO]

I am not sure about that little issue. I think a creditor would have a hard time finding a legal standing to not issue title if there is no argument whatsoever that the creditor is owed any money.

I guess my point would be that there is no contractual obligation to release the title. Certainly your not protected by the BK court.

So, if they refuse to release the title, you would need to sue them in court...

...compared to receiving the title in the mail once you payed off your loan.

Not trying to argue either point. Just trying to state what I believe the result could be between the two choices...reaffirm or ride through.

CPO

[HHM]

I see what your saying...but since the lien and the rights associated with the lien survive BK; conversely, if the debtor satisfies the conditions to release the lien, the car finance company, I don't think, could refuse to release the lien.

But your right, there is a risk that you might have to take the company to court to release the lien, but IMHO, I think that particular risk is fairly small.

[CPO]

I see what your saying...but since the lien and the rights associated with the lien survive BK; conversely, if the debtor satisfies the conditions to release the lien, the car finance company, I don't think, could refuse to release the lien.

But your right, there is a risk that you might have to take the company to court to release the lien, but IMHO, I think that particular risk is fairly small.

Agreed.

CPO

[whatamess]

Well, those of us on ride through will have to all post on what happenes. Kind of like an update on your ridethrough thread. Im sure each state will be different. each compnay as well. Im personally interested in Toyota, but it seems many here are with Ford too.
My payoff is due October '09. I was thinking of taking my tax return next year and plunking it down on the car, so I will payoff in less than one year. Depends on how long my case is dragged on. I figure 341 in August..closing & discharge hopefully well before the trustee starts eyeing up 07 tax returns. Cuz I need mine!!
WAM