Question about credit report and reaffirmation...

[Debbie2]

I'm undecided on reaffirming my car loan w/ HSBC...I have a 6 year loan at 15.89% =$387.42 per month.

I have had the car 3 years, w/no missed payments or lates.

If I reaffirm, will this still show up on my credit report as a positive(help my credit score) or will it be like I'm starting all over?

I'm sooooo confused! I want to do what ever i can to help my score.

Plz respond. Any suggestions/comments will be GREATLY appreciated.

Btw, MERRY CHRISTMAS!

[Confused33]

Will filing put you in a position to buy something with cash in the next 90 days or so? Do you have anyone that would refinance the car for you in their name to lower your rate?

I don't know your situation, but it might be worth it to dump that car and try to find something you can pay off at a lower interest rate in a shorter amount of time.

The other side of that is that you have ALOT of money invested in that vehicle at that rate for that many years. Might be worth it to tough it out as you've paid most of the interest in the first 3 years.

You're right, thats a tough call! What kind of car is it and what do you owe?

[Debbie2]

Will filing put you in a position to buy something with cash in the next 90 days or so? Do you have anyone that would refinance the car for you in their name to lower your rate?

I don't know your situation, but it might be worth it to dump that car and try to find something you can pay off at a lower interest rate in a shorter amount of time.

The other side of that is that you have ALOT of money invested in that vehicle at that rate for that many years. Might be worth it to tough it out as you've paid most of the interest in the first 3 years.

You're right, thats a tough call! What kind of car is it and what do you owe?

'03 Monte Carlo SS, I owe $9800

[Debbie2]

bump....

[bkchap7filer]

Well, you are really upside down in that car it seems and you don't have a very good interest rate, so I am not sure if I would reaffirm or not.

[relief13035]

I wouldn't reaffirm an '03 vehicle

[Debbie2]

If i don't reaffirm and not make anymore payments, how before they come after the car? I'll be discharged in January(i think).

[StartingOver08]

If you are truly looking to get a new start, do not reaffirm this vehicle with a 15.89% note and 3 yrs remaining! You are buying the same trouble that got you here (and us here ) to this forum.

Now is the time to do things right by getting a vehicle you buy for cash. Make those car payments to your savings account. Then buy a better car for cash if you want to then

BTW On one of my posts I asked a similar question and have been researching for the past day or so cars less than $3500 and I have been amazed at the quality car you can get for that price in this market. Try it, you will also be surprised.

[danaf]

Debbie2 - there are so so many posts on this forum about this topic. Care less about your credit score and more about the situation you'd be in if you lost your job and could not pay. It is highly recommended to NOT reaffirm. If you continue to make your payments on time, they will not repo. And try looking at other posts on this topic - there are so many.