When do you ? ?

[BradyFL]

here is what I understand based on our situation:
We will turn the cars over as soon as the discharge comes or they call and ask us to turn them in
We have been approved contingent upon discharge with Road Loans @18% and Capital One Auto through Car Max at 14.6%
They do have the right to come and get the cars anytime after the 60 days...They also have the right to get them 30-45 days after 341 if no reaffirmation is signed...But most do not and wait till discharge...Again just trying to help out..Each of our situations are different so...

[BradyFL]

Car Loans

Here is what I understand based on research and life experience:
- once you file you have 30 -45 days to determine if you want to sign reaffirmation
-some lenders will not even send a reaffirmation for whatever reason
-they cant take the cars in that time period unless they petition the courts and you will be notified of a hearing date
-after the 45 days they can take them without the courts permission I believe BUT rarely do and take them upon discharge (or set up a drop off)
- NO I CAN NOT KEEP BOTH CARS IF I DO NOT REAFFIRM AND NOT PAY OBVIOUSLY
-WE have 2 pre approvals contingent upon discharge Capital One at 14.6% Car mAx and road loans at 18%
-each of our situations are different so this is based on our case

-BANKS and CU's are back logged with late payments and repos...and are not anxious to get whatever car back
- we did not reaffirm either car because of high payments and we were both upside down

[miozelous]

We got reafirmation from Ford motor Corp 2 weeks before our 341. It is now a week later and we have a court date for the afirmation. My second car is financed with a CU. All they have asked for was insurance coverage we carry on it. No reafirmation on it. The kicker is today I hit a deer on my way to work in the car financed with the CU. I am not sure if it is totaled or not. It can not be driven. Now do I not reafirm and let them take it? What does any one think.

[BradyFL]

Deer

Well do the math...Now that it is in need of repair..How much do you owe..How much is it worth after being repaired...Only you know..
Why would one keep a debt that holds no value to you?
Again just an opinion. Millions and millions of cars in the world..why keep one that is or almost totalled

[aces67]

I would leave it alone and let them take it. But that's just me.

[Amy26]

I still have not heard from Toyota on our reaffirmation. I want to keep my car. I sent my lawyer an email yesterday asking about if we should call Toyota or what... And please don't respond by saying "just do a ride through". That is not my prefered method of keeping this debt.

[aljohnson007]

[123ABC]

I called my credit union before I filed. I was filing on tuesday and I called them on Friday. I left a message that basically said I would like to talk to them once more regarding a modification on this loan to bring it current or I would need to surrender the vehicle. They called me Tuesday morning and offered to bring it current at which time I told them I would need to surrender it in my BK i was filing that very day because the payment was too high. Because my credit union really did not want the car they then were willing to work with me on the payment. They lowered my payment from 575/mth to 346/mth and have given me till Sept 15th to make my next payment. I agreed to reaffirm and sign a modification agreement.

[Amy26]

That's a great deal! I guess I'll have to call Toyota and see what's up with them.

[123ABC]

Definitly give it a try. I have been trying to work something out with them for 2 years since I lost my job and took a 30k paycut. They have been unwilling up to this point. I guess now that they realize I am serious and they know they will only get about 2k in an auction for my car they are willing to work with me.

My car is a 04 Ford Explorer with all the bells and whistles. It only has 60k miles on it because I had a company car from 04-07 and only drove it on the weekends. I only owe 6500 on it so I really wanted to hang on to it. They kept my same interest rate of 5% and just extended my loan 12 additional months. I still have the option to pay off early with no penalites. I am very happy. Now lets just hope my mortgage company is willing to work with me as well.

[Amy26]

My car is brand new, I bought it in March. I have a 9% interest rate on it, so I don't really have much wiggle room in the terms of negotiating...but being as its new and I just got it, I really wanna get the agreement in place to let them know and myself know that my car is secure. I have really good credit history with Toyota which is how I got the 9% rate even though my credit was in the tanker...so, I wanna make good with them.

[RainMoM]

I called my credit union before I filed. I was filing on tuesday and I called them on Friday. I left a message that basically said I would like to talk to them once more regarding a modification on this loan to bring it current or I would need to surrender the vehicle. They called me Tuesday morning and offered to bring it current at which time I told them I would need to surrender it in my BK i was filing that very day because the payment was too high. Because my credit union really did not want the car they then were willing to work with me on the payment. They lowered my payment from 575/mth to 346/mth and have given me till Sept 15th to make my next payment. I agreed to reaffirm and sign a modification agreement.

Way to go !!