Can we decide not to Reaffirm Auto loan after 341

[tlcabk]

in our filing we originally told Auto Finance compay we wanted to reaffirm as that is what our attorney told us and we didn't know anything about ride through. After joining this board I am now concerned that we should not reaffirm.

We have asked the attorney to tell us if this is something we can change our mind on but he has still not gotten back to us.

Suzuki Finance (AKA...GMAC). Does anyone have any insight.

My concern is that our jobs are not secure and if I lose my job we will not be able to afford the car. If we ride through we can let it go back down the road if we lose our jobs. If we reaffirm we are up a creek.

[mama2three]

Yes, you can decide not to reaffirm. You simply stated your intention was to reaffirm, but changed your mind. You are not required to reaffirm the vehicle. Maybe someone else can chime in on GMAC and ridethroughs and how the handle them.

I had Ford which everyone says doesn't allow ridethroughs, but they never asked us to reaffirm or sent us anything to sign.

[aljohnson007]

Your thinking is correct. Just don't change the statement of intention as it could impact your DMI. If you let it go as is and not sign the agreement, the debt will be discharged and you have the option of keeping current or walking away.

[tlcabk]

The attorney did tell me that they got the affirmation agreement for us to sign from Suzuki Finance (who I learned is actually the same as GMAC) and the atty asst asked what we want to do. I told her to ask the attorney what we should/could do that would a: be in our best interests and B: not cause issues with our Chapter 7. We definately want/need to keep the vehichle, we are just concerned that if we lose our jobs due to layoffs (very possible in mine) that we would have issues if reaffirm.

Why would it change our DMI if we do a ride through? We are doing a ride through on mortgage and that payment is still included in our figires.

[aces67]

We did this. We never intended to keep the vehicle really but we had to state that we planned to reaffirm so that our DMI would be okay.

After the 341 we let it go back with no problems. We were through GMAC and the first thing they did was offer to sale the vehicle to us at like 60% of what we actually owed on it but we didn't want it so we just let it go.

[aljohnson007]

If you you don't have a car payment, your DMI would increase by the amount you would be paying if you reaffirm. The UST may look at this and that is the reason I suggest that you do not change your statement of intention. Do the math both ways and let your attorney know.

[tlcabk]

Our attorney (assistamt) has informed us that in SC you can not do ride thru that you MUST sign reaffirmation, or surrender? I can't fnd this on the internet anywhere. She further stated that we could just not sign reaffirmation and wait and see, making timely ayments, but stated also that lender could at anytime come and repo the vehichle even if we were current and we would have no recourse since we did not have Reaffirmation. So now I am concerned because we did request reaffirmation on home, so what prevents lender from just coming alon 5 years from now and taking the house even if we are current?