Car Reaffirmation

[Summerbreeze]

Do Credit Unions normally change the interest rate on your car in a reaffirmation? Right now it's 5%, I have a SUV still owe over $17k, since the market is down for SUVs wonder would they lower the balance. Anyone reaffirmed one since the market has changed so much?

Plan to file ch. 7 in a couple of months, attorney said I should be able to keep my car. I only have credit card debt and a car.

[Stilltheone]

We reaffirmed our Escalade. We purchased it in November and our lender is a credit union.

Our balance is $20K and they kept it at our owed balance. Everything was the same, interest rate, payment, balance....it was basically just a statement to them that will we continue to pay on it.

[Summerbreeze]

Ok I that sounds good, but I have a $5k credit card with them, that I don't plan on keeping, hopefully it will all work out. I called and asked them if my loan was cross
collateralization and they said no.

[AngelinaCatHub]

I reaffirmed my car loan with my Credit Union as well as a $2500 overdraft protection loan.

Just as soon as they found out I was Chapter 7, they froze everything including dishonoring outstanding checks. I called them and they were super. Told me how to reaffirm and sent papers to my lawyer and immediately reversed NSF charges. I do my part by keeping the payment current and in that it was always current anyway and I was a member for 42 years, it was only a matter of their procedure. After reaffirmation, not a problem. ‘Hub

[Summerbreeze]

Hub did they show paid as agreed to all CRA?

[AngelinaCatHub]

Sorry, I'm not sure what CRA is. If it was the Credit B, I can't answer that as I pulled one of those free credit report things and never saw them.

We had no issue with them other than most cooperative. They shut me out for a small time as a course of action, not that they didn't understand.

I'm sorry I can't help you more. 'Hub

[2confused]

I did not reaffirm our SUV from our credit union because our balance was more than it was worth...we owed 26,5000. They would not budge of price nor the charge for the attorney that they were trying to charge me. Anyway, we love our car. Right before discharge, i made it clear to the bank that we wanted the car but were not going to Reaffirm. They knocked down the price to "wholesale" 22,250 and gave me 4 months to pay (that's how long I said I needed. They also aid that upon completion of payment, the will change cr to Paid in full. Not sure if this will really help fico or not. Best of luck!!!

[Summerbreeze]

I have to wait and see what happens when they find out I'm not reaffirming their credit card, I don't think the trustee would let me anyway. If they want it back to sell it they will take a big loss. I don't know how I could get another car if I don't reaffirm because of the BK and I would not have any money for a down payment. I will check with 722 redemption just to see what they can offer me, I don't want to pay high interest rate.

[Cali]

Is this your only vehicle?

I am keeping one vehicle and surrendering the SUV. I am hoping to get a car later this year.

I have to wait and see what happens when they find out I'm not reaffirming their credit card, I don't think the trustee would let me anyway. If they want it back to sell it they will take a big loss. I don't know how I could get another car if I don't reaffirm because of the BK and I would not have any money for a down payment. I will check with 722 redemption just to see what they can offer me, I don't want to pay high interest rate.

[Summerbreeze]

Is this your only vehicle?

I am keeping one vehicle and surrendering the SUV. I am hoping to get a car later this year.

Yes it is. I won't really know the answer from the credit union until I give the attorney all of the money and we start the paperwork. I email 722 redemption but no answer yet, I just want to see what they say.