Car Reaffirmaton

[nomoneytree]

OK, so I am reaffirming my car because I need it. Well's Fargo made me a wonderful deal, they initiated it, I never even called. I am current, always have been, pay early on this, the house, and hubby's truck. So, do I reaffirm before or after my 341?

If I reaffiem before 341, will it make a difference since the payment went down significantly and I could possibly have an asset now, I am in northrn district Florida and have no exemptions left.

I can afford the payment, no problem.


Reaffirm Details:

2008 Ford Expedition

Original Contract Terms: $41,073.06 (balance) $852.58 (mo. payment) 13.49% (int. rate)


Reaffirmation Offer: $20.021.25 (balance) $367.17 (mo. payment) 8.00% (int. rate)


Realistically, I can go nowhere and get a decent payment and inerest rate like that and have a dependable, almost new car!

[StartingOver08]

You have time to sign the reaffirmation. In my opinion I would wait until after the 341 to sign it and have your attorney file with the court.

From the terms you have provided, it seems like a reasonable deal. You might want to consider adding into the reaffirmation that the title will be promptly delivered with x days after payment in full and that the creditor will report the payments to the CRA's (if you want that).

Read every line of that reaffirmation to make sure it is an accurate representation of the deal you want with the creditor. (I mention this because in one of my reaffirmations the creditor had denoted the debt as an "open end credit plan" rather than a closed end installment loan. As you may know, this creates a huge difference in the type of debt - not to my benefit. It was one of the items that derailed the negotiations)

[DisneyGirl]

Check with them on if they will report or not. We did a reaffirmation with Wells Fargo several years ago and even though we never missed a payment ever, they still reported it as included in BK and it never helped our credit score.