I have a "Ride through" scenario..........

[TroubleinCalif]

Lets say,

My intent is to keep my vehicle after Bk and "NOT" sign an affermation agreement. Im upside down on the car, as with most cars. So , i keep making payments after BK and all is fine. Now i decide i want to give the car back and i know i can walk away from it because of no agreement was signed. I call them (In this case "Chase Auto Finance") I tell them to come get it. What are the odds that during the course of the conversation that i could make a deal with them on changing the loan to better fit my situation, They still make money, and dont have to reposses where they will lose money? Has any body ever achieved this kind of thing with thier auto finance company or even tried it?

[CATCHMEIFYOUCAN]

It never hurts to ASK. I haven't, the only thing I did was refinance my loan. Good Luck !

Catchmeifyoucan

[lrprn]

What are the odds that during the course of the conversation that i could make a deal with them on changing the loan to better fit my situation...

Ummmm.....why would you want better terms on a discharged auto loan that you owe zero on for a car that you are surrendering back to the lender?

[TroubleinCalif]

Ummmm.....why would you want better terms on a discharged auto loan that you owe zero on for a car that you are surrendering back to the lender?

I see your point, i worded it wrong.....


That would be after the fact.....Dohhhhh!

if during the 7 before discharge and they want me to sign and i get with them and say, I would like to keep the car if we can come to a mutual agreement with better terms, then i will, if not, then take it away scenario....

[HHM]

If you do not reaffirm, and then contact the lender after discharge...

All you are doing is asking for a refinance. Unless your terms are already pretty lously, it is unlikly you would get better terms because your credit is trashed because of the BK.

[TroubleinCalif]

If you do not reaffirm, and then contact the lender after discharge...

All you are doing is asking for a refinance. Unless your terms are already pretty lously, it is unlikly you would get better terms because your credit is trashed because of the BK.

Or contact them before the discharge?

I always hear the statement "They Dont Want Your Car" It will be a loss to them.

I think they would be more apt to make some kind of arrangment with you instead of losing money on the car and this way, they could keep you in it and still make money. I would think they would do what ever they could to make it a win for them or they will lose when you tell them to pound sand and they have to pay to get it, then lose there arse when it goes thru the auction ect...?


or


Are they willing just to right the whole thing off no matter what, and Lose a bunch of money?

[HHM]

Because of the automatic stay, they cannot discuss the loan with you. The only thing they can do DURING the BK is discuss reaffirmation. If you do not reaffirm, then your "personal" liability on the car loan is discharged...in a sense, the loan (the note) does not exist (only the lien still exists), and again, because the loan was discharged, they are NOT allowed to discuss with you any measure to collect that loan.

That is why, all you can do, after discharge, is apply for refinancing. Which means, you will have to "qualify" for some loan program, which is unlikely.

Don't rely on the whole "they do not want you car/house" thing. Although that is true in the sense that banks are not in the business of selling cars, they still do not go out of their way to save the loss.(keep in mind, the tax write off from the loss is often more of a savings then having you pay off the note). There is a reason foreclosures and repos are at record highs, the banks ARE STILL enforcing their lien rights.

[TroubleinCalif]

Because of the automatic stay, they cannot discuss the loan with you. The only thing they can do DURING the BK is discuss reaffirmation. If you do not reaffirm, then your "personal" liability on the car loan is discharged...in a sense, the loan (the note) does not exist (only the lien still exists), and again, because the loan was discharged, they are NOT allowed to discuss with you any measure to collect that loan.

That is why, all you can do, after discharge, is apply for refinancing. Which means, you will have to "qualify" for some loan program, which is unlikely.

Don't rely on the whole "they do not want you car/house" thing. Although that is true in the sense that banks are not in the business of selling cars, they still do not go out of their way to save the loss.(keep in mind, the tax write off from the loss is often more of a savings then having you pay off the note). There is a reason foreclosures and repos are at record highs, the banks ARE STILL enforcing their lien rights.

Thanks,

That makes more sense to me now.


Much appreciated................