Reaffirmation agreement question

[emag71]

I filed chapt 7 and had my 341 on Dec 18. I reaffirmed my car loan thru suzuki but have not received a reaffirmation agreement or anything from them as of yet. Matter of fact I havent received a monthly statement from them either. I just received a copy of my credit reports and noticed that suzuki financial has listed the debt status as "Petition for Chapter 7 Bankruptcy/Never late". i plan on continuing to make payments but I am wanting to know if anyone has experienced this before. Do I continue to make payments or do I wait until I receive paperwork from them or the case is discharged. I t apppears maybe they are going to do a walk thru?

[StartingOver08]

Call the BK dept of Suzuki to find out where to send your payment while you are in BK. Most of the time the creditors have a different dept to take the payments while you are in bk.

As to the reaffirmation, the BK dept should be able to tell you if they have sent one out to your attorney yet and if so, what date it was sent out.

If you are looking to do a 'ride through' rather than a reaffirmation, you would still make the payments on time each month, just don't sign a reaffirmation agreement with them.

[emag71]

Been trying to get thru with suzuki financial for the last 5 days but theres always a 45 minute wait on the phone. Will try again on monday.

[aljohnson007]

I tried a reaffirm with NMAC but they would not unless I had an attorney. However, they allowed me to do a ride thru and when I checked my credit report this week, they were reporting payments and current balance. They also sent me a letter stating the debt had been discharged and I could walk away without any deficiency. If Suzuki will allow you to do a ride thru, by all means do it as you never know what is up ahead. When you reaffirm, it is a new debt that is not discharged in you Ch7. Wishing you the best.

[mhman]

Call the BK dept of Suzuki to find out where to send your payment while you are in BK. Most of the time the creditors have a different dept to take the payments while you are in bk.

As to the reaffirmation, the BK dept should be able to tell you if they have sent one out to your attorney yet and if so, what date it was sent out.

If you are looking to do a 'ride through' rather than a reaffirmation, you would still make the payments on time each month, just don't sign a reaffirmation agreement with them.

I would like to make sure the issue about "Ride-Through"
Anyone can help on this?

If the bank/credit union allows "ride-through", does this mean the debtor can get the title when the auto loan is paid off?

If "yes",

1. Should we request to the bank any letter or document to make this sure (title)?

2. Will there any problem on the auto loan agreement since the loan is listed as IIB in the credit report?


I read several threads regarding the "ride-through" but I am still confused about it.

I think "Ride-Through" and "Getting the title" should be much better than "Reaffirmation" which is a new loan after discharge.

Then why people do reaffriamtion rather than "ride-through"? Some banks/credit unions don't allow "ride-through"?

Sorry, its not an answer but any information would be very helpful to understand "ride-through" and "reaffiramtion".

Thanks in advance.

[jribe]

because you're in an active BK- they aren't allowed to send you statements. You can chose to either not pay them while you're in the automatic stay, and come current from the past months at your discharge; or continue making your payments as you were.

You'll need to receive paperwork from them to reaffirm the car. If you're represented by an attorney that's all you need to do.
If you're pro se- there will be a reaffirmation hearing with the judge to determine if you should reaffirm or not.

I filed chapt 7 and had my 341 on Dec 18. I reaffirmed my car loan thru suzuki but have not received a reaffirmation agreement or anything from them as of yet. Matter of fact I havent received a monthly statement from them either. I just received a copy of my credit reports and noticed that suzuki financial has listed the debt status as "Petition for Chapter 7 Bankruptcy/Never late". i plan on continuing to make payments but I am wanting to know if anyone has experienced this before. Do I continue to make payments or do I wait until I receive paperwork from them or the case is discharged. I t apppears maybe they are going to do a walk thru?

[jribe]

you would get the title- you don't need a letter to prove this.

Yes, some banks/lenders do not allow "ride throughs" - just depends. Honda does, Ford does not. Ford is known to repo even current vehicles that didn't a sign a reaffirmation.

Some banks don't allow ride throughs, because they don't want to take a chance that in a couple of years you just stop paying and they're stuck. They'd rather take the vehicle now, and sell it; rather than wait a few years for it to depreciate more.

You could call and ask what their policy is.

I would like to make sure the issue about "Ride-Through"
Anyone can help on this?

If the bank/credit union allows "ride-through", does this mean the debtor can get the title when the auto loan is paid off?

If "yes",

1. Should we request to the bank any letter or document to make this sure (title)?

2. Will there any problem on the auto loan agreement since the loan is listed as IIB in the credit report?


I read several threads regarding the "ride-through" but I am still confused about it.

I think "Ride-Through" and "Getting the title" should be much better than "Reaffirmation" which is a new loan after discharge.

Then why people do reaffriamtion rather than "ride-through"? Some banks/credit unions don't allow "ride-through"?

Sorry, its not an answer but any information would be very helpful to understand "ride-through" and "reaffiramtion".

Thanks in advance.

[mhman]

you would get the title- you don't need a letter to prove this.

Yes, some banks/lenders do not allow "ride throughs" - just depends. Honda does, Ford does not. Ford is known to repo even current vehicles that didn't a sign a reaffirmation.

Some banks don't allow ride throughs, because they don't want to take a chance that in a couple of years you just stop paying and they're stuck. They'd rather take the vehicle now, and sell it; rather than wait a few years for it to depreciate more.

You could call and ask what their policy is.

It's very clear and understandable.

Thanks a lot!

[ItsJustMe]

I didn't realize there may be a different address to send my parents duirng BK. We filed in Oct and have continued to make payments to the regular address and have not been contacted. Should I contact them, or keep waiting for reaffirmation paperwork?

[emag71]

I didn't realize there may be a different address to send my parents duirng BK. We filed in Oct and have continued to make payments to the regular address and have not been contacted. Should I contact them, or keep waiting for reaffirmation paperwork?

I called again earlier and suzuki would not answer any of my questions, they told me that National auto finance is now handling my loan. I was transferred to them but of course they were closed.

[StartingOver08]

Sounds like the loan was sold.

I called again earlier and suzuki would not answer any of my questions, they told me that National auto finance is now handling my loan. I was transferred to them but of course they were closed.

Mmmm...maybe they sold your loan or the servicing of the loan. It is not unusual for defaulted debt to be sold and most of the time filing BK is considered a default in the standard language of your contract. It is best to check your auto financing contract before you speak to them so you know what the current terms and conditions are before you try to reaffirm. You may just decide that a ride through is more beneficial for you. It certainly gives you more flexibility.

[tlcabk]

We have an Aouto Loan with Suzuki Finance and also requested a Reaffirmation. We got a notice from them notifying us that our loan was being handled now by the Bankruptcy Department. We called them and were notified that we could no longer pay online, after I asked ....they did give us a phone numebr to call to make phone payments as I don't wnat to risk snail mail being late. It costs 12$ but it's worth the peice of mind. They also said they were backlogged and would get our reaffirmation out to us soon. We have still not heard from them and its been a couple of months now. I told my attorney that I would rather do a ride through if Suzuki will allow it. So now we wait.