Reaffirming auto, call them or wait?

[mongoose]

I filed last week, my next payment is due in a few weeks. Should I just pay it and should I call the lender to let them know I am planning to re-affirm and keep?....even though in auto-stay. Or just pay and let the paperwork do the talking?

Thanks.

[liz417]

I would just continue to pay the loan. There is a big discussion on this board about reaffirming a vechicle/loan. I am not going to reaffirm my two cars, but continue to make timely payments.
Good Luck!

[Cali]

We have 2 vehicles, financed with same company. We are giving up one and keeping the other. The one we are keeping, we have been current on payment. We haven't signed anything. I filed June 5th and had my 341 on July 9th.

[mongoose]

Ok, thanks. I want to keep the car so might go ahead and reaffirm just to be safe.

[ichb]

In Vermont, at least according to my attorney, they do not allow "ride-throughs" so it's reaffirm or hand in the car. Same with the Mortgage.

[BKParalegal]

The creditor will initiate the reaffirmation process by sending a request for one, etc. And regardless if you want to or not, it has to be approved by the judge.

Good Luck

[deafbroke]

If you reaffirm and the car dies and is useless you will be stuck having to pay it off. If you don't reaffirm and the car dies you can walk away from it and not be liable. Do not reaffirm.


DB

[Priceless ProSe]

If you reaffirm and the car dies and is useless you will be stuck having to pay it off. If you don't reaffirm and the car dies you can walk away from it and not be liable. Do not reaffirm.


DB

If you want to reaffirm I would call them and let them know. Dont sound desparate. I am currently awaiting my 341 and when I called the car finance company and told them I dont think I really want to keep it, but asked what they would offer for my consideration. They offered to lower the interest rate from 14% to 6% making my payment almost 100bucks a month less. The reason being is, they lose money if you surrender an "upside down" vehicle so you defenitely have some barganing power. If its an auto you want to keep for the life of the loan then you should defenitely give it a shot.

Ride throughs are another option, with a small risk involved, and several states do not allow them (texas, vermont...I really dont know all of them)

Im still surrendering the car BTW.

[momof5]

I would wait to hear from the lender. Reaffirmations only benefit them. Let them initiate. You may have to go to a hearing with the BK judge and get it approved but its in your best interest. We were really surprised by all that. Then we read the reaffirmation papers and they are charging ME a huge fee to even do this. Makes no sense. We changed our minds and are going to give it back.

[liz417]

Then we read the reaffirmation papers and they are charging ME a huge fee to even do this. Makes no sense. We changed our minds and are going to give it back.

They were charging you fees to reaffirm something? If you don't mind me asking, how much??