USAA auto loan

[jeb]

Anyone dealt with USAA on renegotiating an auto loan?

Over 4K upside in my present loan with high payments - would be nice to be able to do something with it besides letting it go back. - jb

[drowningNdebt]

Let me know how you make out with them.

I will be filing in a few months and have a 3 accounts with them.

Sux because they are such a good company.

[jeb]

Yup - they are.

I would like to work something out if I could. I went and drove several cars today and not one of them would I trade my 3 yr. old Amanti for but it seems the only way to cover myself is to purchase a new car. - jb

[StartingOver08]

jeb, did you actually file yet? I have just reaffirmed two auto loans - one with a CU and the other with a small bank (not USAA). Each company has vastly different ways of handling the reaffirmation. For me the CU was very, very good -waived the cross colleralization, dropped a payment for me - extended the months etc. The other bank was a awful.

You won't know until you talk to the BK dept. They have different policies in place - some just don't care and would rather have the collateral, like the one bank that was awful to me. Sorry I didn't really answer your question...but good luck with USAA

[samtheman]

If you are filing a BK7, do not re-affirm the debt to the Auto finance company. Let them
contact you. In most cases they are very accomodating with new terms including better interest rate, reduction in principal and extended term.

[jeb]

tks all -

I have not filed as yet - have an Attorney but trying to get as much information on this stuff as I can.

Someone that has already gone through something has a ton of good info to pass on.

Would be nice to know how USAA has handled things in the past. - jb

[drowningNdebt]

I just spoke with my buddy who did a CH 7 and had an auto loan and credit card with USAA. He said that they renogotiated the loan amount he owed on his car, lowered his rate but made his membership access nul and void. Hope this helps.

[jeb]

Tks, drowning - it does.

I really hate to stick it to USAA - they are such a good company - so even after the BK I would like to pay them and keep the car. Sure would be nice to get the payments cut, however.

I have one Ccard that I think I will continue to pay - 3 years ago, I got a "special" balance tnx from them for the life of the tnx so don't feel good about sticking it to them in BK either. - jb

[jessegirl]

JEB - You cannot pick and choose whatever credit card you want to keep out of the BK. You must include all debt. That credit card will be included in the BK.

[GreenInkOnPaper]

JEB - You cannot pick and choose whatever credit card you want to keep out of the BK. You must include all debt. That credit card will be included in the BK.

You can pay anyone you so desire after BK.

[jeb]

JEB - You cannot pick and choose whatever credit card you want to keep out of the BK. You must include all debt. That credit card will be included in the BK.

Jess, it's not a Ccard - it's my car loan.

Would like to drop the payments on it if I could. - jb

[carbk]

I have heard of some bank/finance companies that will allow you to renegotiate your loan terms but I guess it just depends on each one of them.

[beth_anne]

Yes, it does suck to stick it to USAA. They are a great company. I had to include a 93K HELOC and a credit card. Both were discharged... You WILL lose online access to your checking/savings. We were able to keep our auto insurance. good luck.

[Sinking]

BK7 Renegotiating your auto loan POSSIBLE?

03-26-09
I am behind on all other bills, except mortgage, as of January 2009.
I am hoping to avoid BK7 but I am sinking faster and faster.
If I file BK7 while my car is one, two, or more payments behind,
I am wondering if renegotiating my balance with my car loan lender is
a crazy idea. Owe $18K on my car. It is worth about $13K,
maybe a little less or a little more.
Have a 3 year deal @ 0% with an $800+ payment.
27 days late. First time. 22 payments left.
Even with 0% APR and $800 a month I am upside down.
I can not refinance and I can not finance another car
(tried both and before it was as bad as it is now).

A:
They see I am in BK7, months behind with them,
and if they take the car back, they will be lucky
to auction it at $9K while I owe $18K on it.
Retail value of car is about $13K.

B:
They forgive me on the difference between
the retail value of $13K vs the $18K I owe on it.
They lose (less) than $5K vs $9K (or more!).
I reaffirm the debt.

Your thoughts and EXPERIENCES please.

Copyright @ 2009 Sinking

[Logan]

Tks, drowning - it does.

I really hate to stick it to USAA - they are such a good company - so even after the BK I would like to pay them and keep the car. Sure would be nice to get the payments cut, however.

I have one Ccard that I think I will continue to pay - 3 years ago, I got a "special" balance tnx from them for the life of the tnx so don't feel good about sticking it to them in BK either. - jb

I was with USAA for 23 years but no more since my BK. Yes, they are a great company but I have learned that there are superior products out there in most if not all of USAA's products. The toughest thing to beat is USAA's auto insurance but everything else with them is replaceable.

I have a small ROTH with USAA that has under performed ever since I contributed in 2000. I believe I contributed $400 and it's worth around $260 now. The funny thing is I no longer have access to USAA's website so they print out and mail me statements every quarter. I wonder if they'll be mailing me statements for the next 25 years?

Logan