Pay Autoloan?

[chad9162]

Right now, I am current on my vehicle loan. I want to keep the vehicle but my credit union (from what I've read) could be difficult with reaffirming. I wondering if I should make this month's payment. I will be filing Bk by the end of the month or even next week.

I don't want to continue making payments if they're just going to screw me and not reaffirm. I have a few other loans with them (over $50,000) that I do not want to reaffirm. The vehicle is an SUV and right now even in value with amount owed according to KBB. I called them and asked them about this and they said its a case by case decision but will not talk to me until I file?Thoughts??

[drowningNdebt]

I'm in the same boat as you. However, I'm having second thoughts on keeping my car. Bent wheel, popping noise in front end and rough idle. This is what has occured recently. I too owe a bank roughly around 27,000 plus my auto loan. I highly doubt they would reaffirm anyways. My payment is due the 1st and I'm current but I might bail on it.

[hurtininaz]

I have skipped two of my truck payments. I read that my CU is not cram- down friendly and I owe about 15,000 more than its worth. One month after the first missed payment they cleared my bank account for me. Luckily I only had $100 in the account and had the majority of the $$ in another account. I plan to file in early August, they may get the truck by then but hopefully not a judgement. I also have my husband's truck through them (current) but not for long (I owe 12,000 more than its worth), my credit card (current) and a small HELOC loan (current). They are going to hate us, I feel bad about hurting a local bank but don't really have a choice.

[tkharvey]

Just my experience (and boy, was it a bad one) that if you're dealing with a credit union, BE VERY CAREFUL!! I had an auto loan with CU as well as Visa that we defaulted on (including it in our bk). I wasn't late on the car at all. This morning imagine my surprise to find my daughters car REPO'D!!!!!!!!!!! I can't tell you how horrible it was. STill crying about it. Called my attorney and said that CU's can "cross collateralize" if you have two separate loans with them. If you want to keep the cars, make sure you keep them in the garage. These people are heartless....

[chad9162]

tkharvey. thanks that's my point. Obviously you were too upside down. Was this a local CU. I've noticed that local CU's take quicker action since they're in the area. MY CU is based in Virginia and have some branches in S. CA. I'm up north so wondering. Another persons here hasn't paid on his car in 6 months and no action taken yet.

[Floridagail]

I would make the payment if you want to keep the car. I do not see any smart Cu not confirming. As long as you are current you can keep the car even if you do not confirm.
We kept our car.

[tkharvey]

chad1962, Not sure what you meant when you said we were "too upside down"? We only owed 5K on a car worth 5K and were current on payments. The only thing we are upside down on is our credit card debt which is the reason why we have to file bk in the first thing. Yes, it was a local credit union here in Florida. One that we've been doing business with for YEARS. Always been a good customer and credit risk, until recently with the default on two very large Visas. My lawyer said he always knew that credit unions have the right to exercise their "cross collateralization" but never knew one that actuall went so far as to repo on a car that was current.

[chad9162]

chad1962, Not sure what you meant when you said we were "too upside down"?

I meant "weren't"

[chad9162]

I would make the payment if you want to keep the car. I do not see any smart Cu not confirming. As long as you are current you can keep the car even if you do not confirm.
We kept our car.

The problem is whether or not my CU is smart?

[lostand]

This is from my exp.DONT PAY CU will take the van if you have any other loan threw them.I wish my lawyer had told me to trade it in,now Im stuck with a crappy car I had to pay cash for that breaks down all the time