Auto Loan Reaffirmation - Ford Credit

[Lookadat]

I have received notice for a reaffirmation hearing on my 2008 Bullitt Mustang later in July. I wanted to keep it and have worked it into my budget to afford it. The lawyer wouldn't sign the agreement, based on the budget I had that put me into this mess in the first place, as it previously reflected a spending spree and resulting credit card charges and other 'wants' due to my bipolar spouse. But now my budget is under MY control which can make room for the Mustang. Here's the rub-Ford Credit has come to the table with a new proposed order of reaffirmation, and I am not sure what that means. They received the reaffirmation paperwork, but I suppose after considering it, they have an objection. I have made 8 payments so far, all on time. I wanted to keep the car since both of us are working and that would put us down to 1 car. Is it possible for Ford Credit to rewrite the loan to increase the interest rate? The more I think about this, the more I feel like giving it back them and riding my lawn tractor to work.

[justbroke]

Is it possible for Ford Credit to rewrite the loan to increase the interest rate?

Did they actually do that in the reaffirmation agreement? Generally, they don't do such things in a reaffirmation agreement. They usually just have you, literally, re-attest/reaffirm the original terms of the contract. However, a reaffirmation agreement can offer new terms.

If your lawyer won't sign it, you can ALWAYS ask to bring it before the judge. Some lawyers just won't sign them anyhow. Is your lawyer one that just won't sign them?

Also, I don't really understand what's going on. You say your lawyer wouldn't sign it, yet it was sent back in to FMC? And then FMC sent a "new" Order and an Objection? I don't understand.

[StartingOver08]

My feeling is this - reaffirmation agreements are just that 'an agreement of terms' - if you want new terms (interest rate etc) you need to propose a drop in interest rate. You are in the drivers seat - you have the ultimate sayso - if FMC will not negotiate (and they are one of the tougher ones) then give them back the vehicle. Don't tie yourself to terms that would hinder your BK recovery. JMO

[Lookadat]

The reaffirmation agreement from FMC is the one I signed, so I thought everything was going to be fine when it came time to reaffirm, but the notice sent to me indicates they have another reaffirmation agreement, different from the one I signed by the way it's described. It says "proposed new order of reaffirmation from FMC". I don't have an objection by FMC. My question was, can FMC object to the affirmation I sent them in which I had to explain why I wanted to keep the vehicle, and offer a new agreement with a higher interest rate? And if so, shouldn't I/my lawyer, get to review this before the hearing? I will be glad when I get past all this....

[shabam]

well technically they can as they do not have to accept the reaffirm. In such a case, I would tell them where to come pick up their car. I would also tell them good luck trying to sell it in this market.

[justbroke]

They can object if they think it was "modified" or not the one they sent.