If i decide not to reaffirm a car loan and ride the loan through, how long does the lender have to repo a vehicle if they choose to?? I have already filed and have a 341 creditors meeting, but have not signed reaffirmation yet and thinking about continuing the ride through process. Does this possibility of repo end when the BK is discharged or until the loan is paid off?
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Filed CH 7 Nov 11, 2009
341 Meeting Dec 23,2009 -
As long as you pay on the loan, they won't repo. It's not worth it. Don't waste you're time reafffirming. It's not in your best interest.Filed Chapter 7 08/06/09, unsecured debt of $109,000
341 Meeting 09/09/09
Discharged 11/12/09
Closed 12/14/09 -
Thank you for a quick reply. Yeah i hear everywhere the reaffirmation is a waste of time and think i am going to ride the loan through. But it will notate "included in BK" on credit report and no positive reflection will show on credit report after riding through right? From what i have read some lenders repo people that are current on vehicle that ride the loan through. After the discharge of BK, does the risk of a repo stop or lesson despite being current on the loan in the ride through process?Filed CH 7 Nov 11, 2009
341 Meeting Dec 23,2009Comment
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There is little to no risk of repo in any circumstance. Don't sweat it. You can re-establish your history through other means. Just keep paying.Filed Chapter 7 08/06/09, unsecured debt of $109,000
341 Meeting 09/09/09
Discharged 11/12/09
Closed 12/14/09Comment
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Cars depreciate so much, the cost of repo, administrative fees, etc. would eat up any potential profit. It is a waste of time. Don't let them scare you.Filed Chapter 7 08/06/09, unsecured debt of $109,000
341 Meeting 09/09/09
Discharged 11/12/09
Closed 12/14/09Comment
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ok thanks. i am just worried because it is a new vehicle with good terms that i intend on keeping and paying the loan to the end. i do not want to lose the vehicle.Filed CH 7 Nov 11, 2009
341 Meeting Dec 23,2009Comment
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I understand. We have a nice newer Dodge Charger which is our baby. We rode through with NO issues whatsoever. I mentioned reaffirmation to my attorney once and he completely ignored me. I realize now that he was doing me a favor.
You'll do fine. Just don't miss a payment!Filed Chapter 7 08/06/09, unsecured debt of $109,000
341 Meeting 09/09/09
Discharged 11/12/09
Closed 12/14/09Comment
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ok thanks for your advice killinstinct. i will ride the loan through.Filed CH 7 Nov 11, 2009
341 Meeting Dec 23,2009Comment
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Ford actually does repo if you're current and didn't reaffirm. Not every one, but they are known to do this..
Just an FYI.Filed Pro Se: 10/16/2009
341 Scheduled: 11/23/2009
Last Day for Objections: 1/22/2010
Discharged: 1/28/2010Comment
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