Reaffirm Car

[danaf]

I second that!

I just heard a radio commercial the other day about some Mazda dealership in Orlando selling a loaded, brand new Mazda 3 for $10,900. I've NEVER heard of brand new Mazda 3's going that cheap. Most of the time I see them around $17k and up.

Always GIVE THOSE THINGS BACK! There's always better and cheaper now. You might as well take advantage of the bankruptcy perks to the max.

My wife keeps saying she wants to keep the cars as well. If I keep my car, I will be paying $14k back on it. It's worth maybe $6-7k today. It's a 2 year old car with 63,000 miles on it.

I didn't say give the cars back. I said don't reaffirm in case something happens where one cannot pay. If you don't reaffirm, and you cannot pay, then you can give the cars back without owing any money. The chances of someone filing bk and getting a decent car loan is small. So I definately do not recommend giving up any cars. Just don't reaffirm but keep paying.

[b_girl]

Here's an excellent article I found on this subject..

http://www.doanlaw.com/blog/?p=11

[debtmonster]

Bill Heard Chevrolet was big in (Sanford) Orlando, FL. I read that this guy did like $2.5 billion in annual sales with 13 dealerships all over the U.S. He bagged tons of employees on payroll of like $40 million that never got paid. This guy went out with a BANG!

I almost bought a car from those people. I remember a guy picketing in front of that dealership from getting a raw deal from that dealership.

I read on MSN or some place that either 1 in 4 or 1 in 5 car dealerships around the country are supposed to be going out of business.

If GM does go bankrupt instead of merging with Chrysler, who's going to honor all of those 100,000 mile warranties and what not? How will a person be able to get parts for their Chevrolet, Pontiac, Cadillac, Oldsmobile, etc if they decide to go out? Imagine buying the GM Volt when it comes out and then the company goes defunct shortly after. Good luck getting battery parts or anything for it.

I also read that CarMax sales were down like 78%. I don't even know how that company stays in business at all. Their prices are ridiculously high. They sell cars like $5,000 above blackbook trade-in. What a rip off... while they pay some poor guy $10-12/hr. to detail the car and then put it on the lot. Car dealers don't put any money into cars. If they are losers, they auction them off.

I talked to a friend of mine who buys cars at auction. He saw a beautiful 2006 BMW convertible there going for $14,000. These cars normally sell for $50,000 to $60,000 brand new!!

It's stuff like this why I would never want to re-affirm any cars. You can buy much better cars now with the market in the tank.