Ford Credit: Ride-Through or Reaffirm? What is the latest word?

[InDebtNeedHelp]

Ford Credit: Ride-Through or Reaffirm? What is the latest word?

I recently bought a car to replace a car that was totaled in an accident. I owe about what it is worth or maybe owe more than it is worth (no equity). The loan is through Ford Credit. How should I proceed? THANKS!!!

[InDebtNeedHelp]

Any help here would be appreciated. I am about to begin a long day of paperwork and decision making. THANKS!!!

[shabam]

From what I have read and heard, Ford is one of few companies that does not do ride-throughs. They will reposes if you don't re-affirm.

[InDebtNeedHelp]

And to reaffirm I will need to contact them, inform them of my intentions, and request a form to fill out?

From what I have read and heard, Ford is one of few companies that does not do ride-throughs. They will reposes if you don't re-affirm.

[shabam]

Did you use a lawyer to file? If you have filed, did you indicate you wanted to keep the vehicle in your paperwork?

If you did indicate that you want to keep it, they will probably send you some sort of agreement to sign.

[InDebtNeedHelp]

I have not filed yet, but plan on filing on my own sometime soon.

Did you use a lawyer to file? If you have filed, you indicated you wanted to keep the vehicle in your paperwork right?

If you did indicate that you want to keep it, they will probably send you some sort of agreement to sign.

[shabam]

I have not filed yet, but plan on filing on my own sometime soon.

Reaffirming should not be a problem. Unfortunately with ford, it seems to be a necessity.

[InDebtNeedHelp]

Thanks.

Reaffirming should not be a problem. Unfortunately with ford, it seems to be a necessity.

[LuciluS]

Just wanted to let you know since you are filing Pro Se you will have to attend a Reaffirmation hearing and a 341 hearing.

http://www.uscourts.gov/bankruptcyco.../chapter7.html

Unless the debtor is represented by an attorney, the bankruptcy judge must approve the reaffirmation agreement.

[InDebtNeedHelp]

Thank you very much! This forum is incredible, and people like you make it so!!! I appreciate it.

Just wanted to let you know since you are filing Pro Se you will have to attend a Reaffirmation hearing and a 341 hearing.

http://www.uscourts.gov/bankruptcyco.../chapter7.html

Unless the debtor is represented by an attorney, the bankruptcy judge must approve the reaffirmation agreement.

[LuciluS]

Thank you very much! This forum is incredible, and people like you make it so!!! I appreciate it.

You are very welcome. I've been reading posts since last Oct. under hubby's name and then I joined. I have learned so much from this forum and we haven't filed yet either...will be doing so 9/30/09!!

Yes, I agree this Forum is Incredible!

If you have the Nolo book, you might try to see if they have an Example of a Reaffirmation. I'm not sure if you are to submit it to your loan company or vice versa. Just remember, your Reaffirmation Agreement should read the same as your Original Loan Contract. In other words, don't let them change the due date, rates and etc. Wish you good luck filing Pro Se!

Luci

[InDebtNeedHelp]

Will do. Thanks.

[biotechsolution]

do youself a favor and contact the bankruptcy division of ford directly. NOT the attorney they send your BK information to. Tell them you'd like to keep the car but you don't want to affirm. If you've been current on your payments throughout your loan I'm sure they will keep taking your payments.

You will lose your direct debit from Ford but you can still set it up through your bank.

I rode through a 0% loan with Ford. They sent me my title within 10 days of the last payment. AND changed my loan to 'paid as agreed' after the last payment.

I was also ProSe

[InDebtNeedHelp]

I have only made one payment on the car. My commuting car was recently totaled, so I bought a new car to replace it. Why wouldn't I just want to reaffirm it? What are the cons?

do youself a favor and contact the bankruptcy division of ford directly. NOT the attorney they send your BK information to. Tell them you'd like to keep the car but you don't want to affirm. If you've been current on your payments throughout your loan I'm sure they will keep taking your payments.

You will lose your direct debit from Ford but you can still set it up through your bank.

I rode through a 0% loan with Ford. They sent me my title within 10 days of the last payment. AND changed my loan to 'paid as agreed' after the last payment.

I was also ProSe

[bkmaggster]

I have only made one payment on the car. My commuting car was recently totaled, so I bought a new car to replace it. Why wouldn't I just want to reaffirm it? What are the cons?

If you lose a job or have some other loss of income you can walk away from the car at any time if you don't reaffirm.

Also, the reaffirmation agreement they sent hubby to sign was for the full amount of the loan, as if he was starting over again even though he has been making payments for 2 years. I realize this wouldn't have as much of an effect on you, but it led me to believe the reaffirmation folks are con artists.