Question about not re-affirming my car and options after discharge.

[liftin2447]

I just recently got my discharge a week ago and I decided at the time I filed I was going to keep my car and keep making payments on it because I had no other options for a car and didn't think I would be able to get a loan after the BK. The company I had the loan through wouldn't re-affirm my car so I chose the "ride thru" option keeping the car and making payments without re-affirming. I asked my lawyer if I changed my mind could I turn it in without being liable for the amount I still owe and she said yes. I'm am upside down about $9k on my current car, so I figured I would look around at some dealerships about getting a loan. The 1st one I went to I was offered a good rate on a car loan right out of the BK which would be less cheaper if I decided to go that route, my question is if I decide to turn my car in will it show up as a repo on my credit and hurt it further, and if I decided to keep my current car would they still report to the credit bureau on good payments?

[StartingOver08]

You did not reaffirm your car so the tradeline on your credit report should read included in bankruptcy and zero balance. Any payments made post filing will not show on your credit (should not show).

If you surrender the car now, the tradeline reads the same as above because you did not reaffirm.... that was a good move.

[liftin2447]

Ok good I was getting a little nervous thinking I screwed up by not including it in the BK in the 1st place. Thanks for your fast reply.

[Moms4Boys]

Liftin2447:

I am not reaffirming my loan and I am scared to death I will not be able to get a loan. Do you mind if I ask what your credit scores were before and after bankruptcy? Did you have to put anything down? How long did you wait after your got your discharge? I know we are all different but I still like to hear..lol.

[liftin2447]

Liftin2447:

I am not reaffirming my loan and I am scared to death I will not be able to get a loan. Do you mind if I ask what your credit scores were before and after bankruptcy? Did you have to put anything down? How long did you wait after your got your discharge? I know we are all different but I still like to hear..lol.

My credit score before I filed was around 500. By filing BK it actually helped my credit, my score after was 640. I kept getting offers in the mail from dealerships while I was waiting for my discharge claiming they offer special financing to people with BK, I called a few to see what they could do for me and after the 1st place I let run my credit report never called back so I figured I would wait until I got my discharge and try again, I went to a smaller car lot some of the bigger named lots might not touch you unless you have a co-signer. I found a nice 2006 mazda 6 with 40k for $10,000 and my interest rate I got on it is 12% with $3,000 down. Some bigger named lots wanted half down or offered me 24% interest. I guess it all depends on where you go. My current car is an 04 with 110,000 miles and I still owe $11,000 and its only worth $4,000 my interest on that was 19%. So thats why I'm turning mine in it makes no sense to keep it at all. Best of luck to you just be patient you will find something. And this was about 2 weeks after I got my discharge.