Can I try this for reaffirmation?

[mhman]

I contacted a bank for reaffirmation of my auto loan (2-years down the road and current now).

They sent all the reaffirmation documents to my attorney but said that I can do "Ride-Through" and get "Title" after I pay off the loan in the future.

However, there will be no benefit in terms of "Credit" if I choose "Ride-Through".

I am thinking to try "Reduction of Auto Loan Balance" since my DPI is way negative.

Has anyone tried this, e.g., "reduce" balance or interest rate or payment terms with reaffirmation? Would it be possible?

[logansdad]

Yes I just did it this week but I have a local bank. When poop started with the banks I decided to move everything local and not do business with the big box banks. This is a local bank and they reduced my rate as well as principle to match the current appraisal.

[jribe]

it depends on the lender. I would just call and ask them about it - no one can tell you 100%..

I still think the best bet would be just do the ride through. That way you're off the hook if anything happens.

I contacted a bank for reaffirmation of my auto loan (2-years down the road and current now).

They sent all the reaffirmation documents to my attorney but said that I can do "Ride-Through" and get "Title" after I pay off the loan in the future.

However, there will be no benefit in terms of "Credit" if I choose "Ride-Through".

I am thinking to try "Reduction of Auto Loan Balance" since my DPI is way negative.

Has anyone tried this, e.g., "reduce" balance or interest rate or payment terms with reaffirmation? Would it be possible?

[StartingOver08]

It works. I did what you propose.

I was able to reaffirm one of my vehicles during BK and took the opportunity to renegotiate the payment terms (interest rate, payment rate, number of months, dropped cross collateralization on the account as it was with a CU etc). All of those changes were put in writing in the reaffirmation agreement and all the parties signed (me, bank and attorney). That loan reports as current never late both before and after the BK. It is now paid off. But if you are going to commit to a reaffirmation, you may as well get the terms that are best for you! If they won't change the terms, then do the ride through and don't worry about the payments being reported.