Vehicle in Chap 7

[jlmaca]

My chap 7 was discharged 12/22/09. I re affirmed my auto loan so I could keep the vehicle. I was never contacted in anyway by the bank. I just checked my credit report and the bank is listing the debt as closed/paid by Transunion and Chargeoff by Experion. Equifax just says derogatory. Question is what do I do now to keep the vehicle if the bank has written it off?

[jribe]

My chap 7 was discharged 12/22/09. I re affirmed my auto loan so I could keep the vehicle. I was never contacted in anyway by the bank. I just checked my credit report and the bank is listing the debt as closed/paid by Transunion and Chargeoff by Experion. Equifax just says derogatory. Question is what do I do now to keep the vehicle if the bank has written it off?

did you file with an attorney or pro se?

If you filed pro se- the auto was not reaffirmed unless you filled out paperwork and (usually) had a hearing with a judge

If you filed with an attorney- they approve the reaffirmation. Check with them to see if it was filed

-You can continue to pay on the vehicle to keep it. If you stop paying (and it was not reaffirmed) they can repo it once 1 payment is missed.

If you reaffirmed and stopped paying; they can still repo- the difference is that you're liable for the defciency balance..

So, short answer- keep current and you can keep the car.

[AngelinaCatHub]

jribe is correct. The charge off is bookkeeping only as at any time you could stop paying. Anything they get from here looks like profit and they will not refuse to take the money and won't take the care. The derogatory just means that you didn't pay as agreed but that will change on payoff of the loan. 'Hub

[aces67]

You need to be certain that you actually signed reaffirmation papers. Either way keep your payments current and you should be fine but you need to find out for certain if it's actually been reaffirmed.

[jlmaca]

I have not signed any reaffirmation agreement nor have I or my attorney ever even talked to the bank. The bank never calls me about the vehicle. I cannot afford the old payments really. Any chance the bank will work with me on this? They've tried to repo it before BK but I don't ever let them have it and they got sick of paying the repo people for nothing. It's an SUV with 100K miles worth about $6000? I owe $5200. My guess is they don't want to spend the money going to court to get the vehicle. But I'm in a bad spot because I don't own it, don't have the title and I know they could repo it at anytime. Also if they get the vehicle and sell it would I owe the difference if there is any or did that get wiped out in the BK?

[LimpDisc]

No, you won't owe them anything if they repo the car because you didn't reaffirm. The debt was discharged in your bankruptcy.

You should at least try to work something out with the bank if you would like to keep the car.