Ride Thru worries?

[MSH]

Has anybody had an issue when doing a ride thru on there Auto Loan?

From reading on here it seems like most never have an issue.... Has anyone heard anything different?

[momof3b1g]

Has anybody had an issue when doing a ride thru on there Auto Loan?

From reading on here it seems like most never have an issue.... Has anyone heard anything different?

We have the same worry. But with our 2nd mortgage. Wondering if they will close our accounts. We plan to stay current but we are supposed to sent the papers back by the 30th.

[zpbk13]

Count us in as worriers too. I emailed my attorney about it and she assured me that she has never had a client doing a ride through that has had their vehicle repoed simply because they didn't reaffirm. Makes me nervous. We are actually going to see if we can do a redemption on my new vehicle. I know it depreciated several thousand the day we took it off the lot. I figure even though I have a 1.9% interest rate, I was dumb and have the loan for 6 years. With 722, even if we get the 24% interest rate, we will still save thousands because the loan will be for the current value of the car, minus all that crap they can talk you into adding to the car in the finance department. So I figure it's about low interest, longer term and no guarantee my 72 payments will be reported to credit bureau or high interest, shorter term and reporting to the credit bureau and not being worried that they can take the car just because.

The decision has been keeping me up at night!

[MSH]

Yea.... my lawyer says he has never seen a repo because they want that money, especially now.
He also says if i want to look for another car (which i do) i shouldn't have a problem getting financed after my discharge, because i will be free of all of my debts. I rather go this route, because i didn't like what 722 had to offer.

I am hoping he is right...

[zpbk13]

I don't think I would want to go through 722 if we were looking to purchase an additional vehicle but I am hoping that for a redemption loan, we will come out better than the ride through with a 6 year loan. If worse comes to worse, we'll ride my car through for a year or two and save cash for a car. That actually is my dream. I want to own a decent car without having to worry about making payments.