Finally filed chpt 7. Yippeee. How do I re-negotiate auto loan?

[StartingOver08]

I always start off using the black book value to negotiate with the lender. Not retail. The lender uses black book to figure loan amounts. Some people I know use black book less 30%....you are the one that has to protect yourself when you go to negotiate the new reaffirmation loan. Don't accept values by 'retail ads'

http://www.carquotes.com/tools/black_book_valuation

[Doghouse]

I see my lawyer is charging $150 to negotiate with the auto lender on my behalf. Better to do it myself or is it worth it if they can get me new terms? Anyone has experience using their attorney to re-negotiate auto terms?

[StartingOver08]

That's a personal choice...personally I would rather negotiate my own deals, but if you are not comfortable with the process, have the attorney do it. I negotiated my own and did not pay extra for it, the attorney simply signed what was already negotiated and filed with the court.


Make sure to ask for all the terms you can, you won't get them all, so make sure you get the one's you really need. You can negotiate usually interest rate, length of loan (number of mths), delivery of title (within x days of payoff), balance of loan (sometimes), skipping a payment, and anything else you can think of to improve your situation.

[fyi2]

optional reaffirm?

so i think i hear you can reafirm unofficially?

I can say I plan to stay in this house and make payments and continue payments on car but not actually sign papers?

or not actually sign until after bk anyway?

what if i am behind on mortgage 1st and 2nd? or car?

that is my intention BUT i feel uncomfortable reaffirming officially because i am so upside down and i dont know how long the unemployment situation is going to last..so it would be good for us to continue paying BUT if necessary give it back later

Does that make any sense?

[StartingOver08]

If you are unsure and upside down, do NOT reaffirm. That way you can walk anytime

[fyi2]

what about...

if you are not reaffirming then you cant use it on the means test, without those payments i wont qualify

Will the trustee accept that i am not reaffirming but plan on paying as long as i can?

[Moms4Boys]

The uncooperative lender was Independent Bank in Memphis TN.

I didn't have much money either for the SUV - its old (2003), and I have a small payment for 18 mths total (less now). It is not worth it to me to get in debt again.

If you dont mind me asking, I am in the same boat. How much did you have to put down? How much was the SUV? What was your credit score?


I am not reaffirming my loan and I am so nervous I am going to be stuck. I think all situations are different I was just wondering anyways.

[StartingOver08]

if you are not reaffirming then you cant use it on the means test, without those payments i wont qualify

What I did was put on my petition that I was going to reaffirm the car and I was current on my payments so I could use the payment in the means test. When I tried to negotiate the reaffirmation agreement the lender did not cooperate at all. So I decided to surrender the car. The means test is for the filing, you can surrender after you file. All I had to do was have the attorney change the Statement of Intentions from Reaffirm to Surrender. I signed it and he filed it with the court on day 59 of my 60 days! This is perfectly legal.

Will the trustee accept that i am not reaffirming but plan on paying as long as i can?

You are talking about a ride through here and many districts allow it.