What exactly is a ride through for your car loan?

[pattygg5]

I don't know exactly what this is, if my state offers it and is it a good or bad thing??

[Chowder]

It's a good thing. If your state does not allow seizure while payments are current, it's the only way to fly!

[keepmine]

Reaffirmation, means you accept the same terms of the loan you had prior to filing. Meaning, if you default post bk you are still responisble for any deficiency balance.
IMO, if you can ride through {retain the car and not reaffirm} then do so.
Your attornay can advise you.

[pattygg5]

My atty didn't mention a drive through.. So what you are saying is work out the drive through with the loan company instead if I'm understanding this correctly..

As of now, our atty filed our reaffirmation with the court and now we have a hearing. Maybe this is the way they do it in Arizona..

I wonder if it's too late to look into this since we are still not discharged.

[keepmine]

I looked at some of your previous posts and, you have a reaffirmation hearing scheduled to have a judge determine if, reaffirming is in your best interest.
Az. is in the 9th circuit and the law there is, all you need do is make the offer to reaffirm. If, the judge decides it is not in your best interest then, you keep the car as long as the note is current. Should you default later, you have no responsilty for a deficiency balance.
Since it's in the hands of the judge, just let it play out.

http://www.georgiabankruptcyblog.com/archives/miscellaneous-cases-arizona-bankruptcy-court-ride-through-still-available-for-secured-debts-after-failure-of-timely-filed-reaffirmation-agreement.html

[Chowder]

My atty didn't mention a drive through.

He probably would have if AZ, or your district, allowed them. Just to be sure, give him/her a call before the hearing.

EDIT..Looks like keepmine is on the case.

[shabam]

It also depends on whom your loan is with. If it's Chrysler or Ford or a number of credit unions, they do not do ride-through and will take the car.

[Ann]

What if the car is financed through a company you owe money to? In my case it is chase.. When I go to file I will only have about 7 months left to go and then the car is paid for.

[keepmine]

With only 7 months left, go ahead and reaffirm. Worse case, you should be able to sell your car and payoff the loan balance.