C 7, Credit Union- keeping car, but added loan attached to car reafirmation

[inaka]

wow, i might be getting the same case as yours. I have 3 personal loans and 1 car, on the 341 meeting they were not there and now, I just received a letter for a reaffirmation on court this come March. And I am wondering if NFCU didnt like me to keep the car and discharged my other loans with them.

My lawyer isn't quite helpful with me signing the reaffirmation documents, so now another court appearing and not sure what to expect from the hearing.

Has your case been resolved?

[helpmeout]

Regarding my Credit Union working with me on a car re-affirmation, well I just heard from my Lawyer, he only spoke with the CU lawyers about re-affirming the car without the loan, and he got no where with them. He agreed I should try to call the credit union bankruptcy department if they have one. My lawyer is going to try another e-mail to the CU lawyers, saying I am willing to pay a small monthly payment for the loan also, what the payment amount is now is huge. Not affordable, this CU is what sent me into BK. My lawyer says the credit union has a policy, they will not make acceptions, at least not yet. I will have to call the CU, see if I can get somewhere.

Personally, rather than pay anything on a discharged debt, I would tell the CU that it either reaffirms just the car loan without adding on the loan or it takes the loss on both loans and ask them what day they want to pick the car up.

They may have that policy, but when it comes down to writing off a loss, it is better to write off the loss of one loan rather than 2 loans.

[liboton21]

wow, i might be getting the same case as yours. I have 3 personal loans and 1 car, on the 341 meeting they were not there and now, I just received a letter for a reaffirmation on court this come March. And I am wondering if NFCU didnt like me to keep the car and discharged my other loans with them.

My lawyer isn't quite helpful with me signing the reaffirmation documents, so now another court appearing and not sure what to expect from the hearing.

Has your case been resolved?

We have the exact situation 1 CC, Navcheck LOC, personal loan and one car loan with NFCU. They were ruthless prior to BK7 almost daily keep calling my work phone but I just ignored them. After 3 mos behind they send a letter saying they are going to sue but nothing happened then 4th month they started the cross-collateralization crap. Then when I finally filed they sent a letter to my lawyer prior to 341 regarding reaffirmation for the car loan but our intention is ride-through or retain and pay. In the letter it only states the loan amount but in case I will reaffirm I will make sure they will add a clause not attaching the unsecured debt. You never know these days how banks can be tricky at times...

[1kentwon]

Regarding CU not working with re-affirmations that will work for client

These CUs are cruel - ALL of you who are having problems with the CU over the car- I would go get an auto redemption loan, then try to refinance in a couple of months. I had dropped off a counter proposal to reaffirm the car and the loan with the CU, different terms. Apparently this went all the way to the Vice president of lending, then he must of called the CU attorneys. Getting information from my attorney was like trying to pull teeth out of him, but he finally loosened up. My attorney has never wanted me to reaffirm. He has wanted me to redeem the car. After dropping off by hand delivery my proposal to the CU, the CU attorneys filed a motion to lift the automatic stay even though I am current with payments. I freaked out. Went and hid my car. My attorney said we had 18 days to answer motion before they could try to pick up the car or answer the motion, get more time. My bankruptcy wont be discharged until March 15 or so. My attorney had worked out a stipulation with CU on an agreed amount for me to purchase the car through redemption. My car is worth the redemption. I got the auto redemption loan, my lattorney has entered the stipulation for redemption with the court, loan company has to cut a check to the CU within a specified amount of days after the court order is signed in court. I looked at cars on several lots because I have also been getting advertisements from dealerships who specilize in bankruptcy financing. But my car is worth keeping, stuff on the lots is big, lease turn ins, although one dealership did have some nice low mileage escorts that were reasonably priced. I feel these Credit Unions are cruel , inflexible and brutal so get the auto redemption loan if you can, if you really want to keep your car.

[flyinbroke]

How are they cruel? Odds are, buried in your signed agreement, is a policy regarding multiple lines of credit and secured items. If you owe money to a loan and have a savings or checking account, they can take payment from your savings/checking. If you owe a CC and a car payment, they likely used the car to back up the CC.

Personally I think CUs are the bomb...they have never dropped a 30 percent interest rate on someone up to date on bills with no late payments ever. They worked with me when I was in trouble. No big bank bothered to pay attention...till I stopped paying them. Now I have their rapt attention.

[1kentwon]

Hi Flyinbroke - regarding cruel CU's

End of story, for now.