not signing reaffirmation agreement

[housepoor]

If I choose not to sign this on our car. Which was up to date on payments till this month because when I went to pay it online I found out they froze it so I am mailing the payment. Anyway will they repossess right after the 341 meeting or do they have to wait till after the discharge. Would they need to file a relief from stay first?

[OhioFiler]

They can't do anything while the automatic stay is in force. If you want to keep the vehicle most likely simply making the monthly payment will keep them happy.

[Pasofino]

They can't do anything while the automatic stay is in force. If you want to keep the vehicle most likely simply making the monthly payment will keep them happy.

I so not want to reaffirm my residence mortgage as I am current and want to keep my home...and I am fearful of putting surrender..how is this addressed?
Thanks
AZ filer ch7

[housepoor]

Thanks. That's what I am hoping to do. We are financed through Chrystler though so I'm thinking they'll eventually take it any way if we don't reaffirm but still make payments. I'm just hoping they wait till after discharge because we don't have the cash to get one right now and will probably take a loan on the 401k to get a cheap replacer. If they never come get it that would be great since our payment is reasonable but I don't think we'll get that lucky. Only reason I don't want to reaffirm is because there is still 4-5 years on the loan and it's already got issues.

[bkinfresno]

I purchased a car 2 months before filing (10-09) with the intentions of keeping the car. Wachovia is my lender and after filing, they still have continued to let me pay online. I called them after receiving a affirmation agreement letter. I was really concerned that if I did not sign the agreement, would they reposses the car. Their response was, as long as you continuing making payments, we will not take the car. My attorney told me and also reading on here, Ford is the only known company to reposses cars whether you are current or not on payments. I chose not to sign the letter after finding out it would cost over $1500 between lawyer fees and court costs for the Affirmation, I am going to take my chances.

[nokia123]

I purchased a car 2 months before filing (10-09) with the intentions of keeping the car. Wachovia is my lender and after filing, they still have continued to let me pay online. I called them after receiving a affirmation agreement letter. I was really concerned that if I did not sign the agreement, would they reposses the car. Their response was, as long as you continuing making payments, we will not take the car. My attorney told me and also reading on here, Ford is the only known company to reposses cars whether you are current or not on payments. I chose not to sign the letter after finding out it would cost over $1500 between lawyer fees and court costs for the Affirmation, I am going to take my chances.

that is my plan to continue to pay without signing the agreement, i am dealing with carmax, i don't know how they are with this ride-true.

[housepoor]

If they let me keep paying and keep it without signing that's what I am going to do. But I think the big case recently where they said ride throughs weren't legal was Chrystler and that's who I have my financing with. I'll take my chances though I'm not going to sign. I wasn't aware it cost to reaffirm though, my lawyer didn't mention additional fees for that.

[JJ888]

If they let me keep paying and keep it without signing that's what I am going to do. But I think the big case recently where they said ride throughs weren't legal was Chrystler and that's who I have my financing with. I'll take my chances though I'm not going to sign. I wasn't aware it cost to reaffirm though, my lawyer didn't mention additional fees for that.

Along the same lines. I am also not reaffirming my car with Honda financial. I too will take my chances. before they take away the car. I just hope they will wait until the discharge. Saving up for another used reliable car but not this early.

[drowningNdebt]

My feedback is, "DON'T REAFFIRM" any debts!!!!!! Life is full of changes, unexpected circumastances, etc. Look at how we all came to BK. Do a ride through with the lender and keep payments up to date. When I was in the initial BK planning, I too wanted to reaffirm, however, I took the forum members advice and didn't. If I did, I would have been screwed. Things came up, I couldn't afford the payment and decided to let the car go back. I'm 60 days late on the loan now and the bank still hasn't come to get the car. They say when it gets to 90 days they look and see if they should reposess the car. Jeesh, who know how long I will be stuck with this car. I can't drive it as it needs tires bad in the back and the metal is showing through them. Anyways, if I reaffirmed, I would have been responsible for the deficency from what the car is auctioned for vs. my loan balance. It would be like $9000!!!!!

[1kentwon]

Chapter 7- 341 was on January 14, 2010- I have decided an Auto Redemption loan

Ihope it is not to hard to get an auto redemption loan, I no not dare look at my credit report. If I want to keep my car it is the only way. Does anyone had bad experiences with any auto redemption companies? how about GOOD experiences to share? My car is worth keeping but I cannot work out a reaffirmation with the credit union that will work, because of cross collateralization of a larger unsecured loan. So redemption it is.

[1kentwon]

C- 7, auto redemp Rewrite from 1kentwon

Boy did I write that bad- I hope it is not too hard to get an auto redemption loan. I cannot do the auto reaffirmation with the credit union. I do not dare look at my credit report. Can anyone share either good or bad experiences with the auto redemption process? What kind of interest rates do you end up with? Is any one company more legit than the next? It looks like one or two large companies have a monopoly on the market but hide the fact with several different looking web sites? How much impact is a poor credit rate ? Any comments?

[LSUTiger32]

You will have about 4-5 months probably from filing before they come get it. The first couple of months because of the stay and the others because of their lazyness. That's what I just experienced from Toyota. I went ahead and reaffirmed with Ford because we bought that one right before we filed to keep. Low interest and a payment about 7% of our take home pay. That along with buying a second car with cash lowered us from paying over 25% of our income to cars. God were we stupid.

One other thing....not that I in anyway condone reaffirmation because the point of this is to get out of debt but in our case it was the right thing to do because we bought the car with the idea of keeping it through the BK. Not to mention that once you reaffirm they will begin reporting it to the credit bureaus again as a positive tradeline and since there is not a chance in the world of me going out and getting a credit card this is a nice side effect if you will of reaffirmation.

[1kentwon]

Re garding Housepoor not doing reaffirmation for car

I have done some research on this. It is mostly Chrysler and Ford picking the cars up. Chevy is more tolerant of ride throughs. In my case my credit union's lawyers told my lawyer if I did not reaffirm a total of $14000 in debt to keep a $6000 car they would pick up the car as soon as the bk 7 is discharged. The cu is conservative and inflexible, will not make exceptions to the rule. The only thing saving my car for me now will be my ability to get a 722 redemption loan. Technically, usually, that has to be done within 45 days of the 341 hearing. My cu is concerned with liability for the car after the discharge. However, I believe car has to be held for 60 days in case you want to redeem it anyhow for cash? Am I wrong or confused on this? Someone please correct me or fill in my missing gaps.

[OhioFiler]

I have done some research on this. It is mostly Chrysler and Ford picking the cars up. Chevy is more tolerant of ride throughs. In my case my credit union's lawyers told my lawyer if I did not reaffirm a total of $14000 in debt to keep a $6000 car they would pick up the car as soon as the bk 7 is discharged. The cu is conservative and inflexible, will not make exceptions to the rule. The only thing saving my car for me now will be my ability to get a 722 redemption loan. Technically, usually, that has to be done within 45 days of the 341 hearing. My cu is concerned with liability for the car after the discharge. However, I believe car has to be held for 60 days in case you want to redeem it anyhow for cash? Am I wrong or confused on this? Someone please correct me or fill in my missing gaps.

Chevrolet (GM) is liable to change their position on ride throughs any day now that Obama owns the company. He also indicated he wouldn't raise taxes on 95% of Americans but is now "agnostic" about that promise.

[housepoor]

That's my understanding too, Chrystler and Ford are the ones coming to get the cars. Of course we have Chrystler. My lawyer did say that if we really didn't want to reaffirm but wanted to keep the car and keep paying we could sign the reaffirmation and that he wouldn't. Then when the case came up for us not to show and he would revoke the reaffirmation since on paper it poses a hardship. Then since him and the judge didn't sign it it wouldn't be legal. He said that this usually shuts them up since we made every attempt to reaffirm with them and just can't due to the system. Then they usually let you keep it and just keep paying. Hubby and I are currently weighing the pros and cons to keeping it.