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Is a ride through possible with Ford Credit?

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    #1

    Is a ride through possible with Ford Credit?

    I have 2 cars that are financed through Ford Credit. One has 9 payments and the other one has 20. I had planned on reaffirming them with the company but when I recieved the paperwork from the courts the amount subject to reaffirm (payoff amount) is about $500 more than what the online account shows as the payoff because I have made payments since the 341.

    Are they going to make me pay the extra $500 on each car if I reaffirm?

    Also, do I have to reaffirm? I hear that Ford Credit requires it and will repo even if current?

    The vehicles are worth more than I owe according to blue book, so I do not want to give them any chance to repo it and sell them at auction.

    Thanks!!
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    #2
    Ford let us do a ride through. In our situation we were way ahead on payments because we had paid the previous years tax refund on the balance and we had about 8 payments remaining when we filed. Ford never sent us reaffirmation paperwork at all. We just paid off the truck with our return this year and they sent us the title within 10 days.

    I don't know if it made a difference since we were so far ahead. Truck is worth about 15K now
    Filed: July 31, 2009
    341: September 4, 2009
    60 days: November 3, 2009
    DISCHARGED!: November 6, 2009

    Comment

      #3
      Anyone else have a thought on a ride-through w/ Ford? I'm in the planning stages & would like to avoid reaffirming it.
      Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

      Comment

        #4
        It is always a gamble. The question is are you willing to gamble?

        See this link
        Vehicle repossessed, payments current, discharge in Feb - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections
        http://www.bkforum.com/showthread.php?t=55081
        Issues related to repos, tips/tricks etc
        8-07-09-filed Chapter 7
        11-18-09-DISCHARGED!!

        Life is not what challenges you face, but how you face those challenges.

        Comment

          #5
          We reaffirmed, from what I have understand Ford Credit requires it or they will repo even if current.

          Comment

            #6
            Yes, FMC did this to me earlier this month. I had just made the payment (which was three weeks early) when the repo guy called me and said he had been looking for it for a few days. We haven't turned it over willingly yet.

            Comment

              #7
              Originally posted by Emily1228 View Post
              Yes, FMC did this to me earlier this month. I had just made the payment (which was three weeks early) when the repo guy called me and said he had been looking for it for a few days. We haven't turned it over willingly yet.
              How far into the loan were you? Aren't they blocked from doing this in some states - if the account is current/never late?
              Stopped paying CCs 1/10 | Stopped paying mortgages 2/10 | Interviewed attorneys 3/10-5/10 | Retained attorney 5/14/10 | Delivered paperwork to attorney 6/17/10 | Filed Ch7 7/9/10 | 341 8/16/10 | Objection Deadline 10/15/10 | DISCHARGED 10/20/10

              Comment

                #8
                Check your states statutes. Both Ford (FMC) and Chryster Financial have a reputation thru the Bk community that if you do not reaffirm they will pick up the vehicle even if you are current. If you have equity in the vehicle and IF you can afford the payments, then it might be in your best interest to reaffirm. If you can not make the payments, or they are a hardship, then surrender the vehicle in BK. Don't reaffirm a debt that is a hardship. Be very, very careful if you choose to reaffirm because if you fail to complete the payments they can come after you for the deficiency after BK.
                Filed CH 7 9/30/2008
                Discharged Jan 5, 2009! Closed Jan 18, 2009
                I am not an attorney. None of my advice is legal advice in any way..

                Comment

                  #9
                  I am almost 3 years into the loan. I owe about 12K and car is worth the same.

                  My attorney said that it is not legal for them to repo in our state if payments are current. The attorney informed Ford of this and they seemed very surprised. I haven't heard from Ford since then, so I don't know what will happen.

                  We have decided to surrender the car anyway, since we don't know if they will honor the warranty and the car has several issues.

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