Help with Reaffirmation!!

[tightgrip]

We filed on 4/28 and we have our 341 this Friday. My question is to reaffirm or not to reaffirm? This is our situation. We have 5 people in our family and a small car that only seats 5 people and its pretty small with 3 growing kids and 2 car seats. We would like to get a new vehicle that is more comfortable for all of us but our payment is soo comfortable right now. In the beginning we had decided to reaffirm but now finding out that our vehicle is worth 7000 less than what we owe we are stuck? Could it be a possibility to just go get a vehicle after our 341 and not reaffirm the vechile? The attorney seems to think that we should not affirm the vehicle but really I am scared we only have 1 vehicle and I am scared to death to not sign the paperwork even though we are current . . . what if they come and get it? I am confused and lost and stressed and tired and scared?

[blessed]

Don't reaffirm, listen to your attorney. What if the engine blows or something else major that you can't pay for? You can tell the bank to come get the junker if you don't sign that paper! Unless you have literally a couple payments left before it's paid off I wouldn't reaffirm anything.

Keep paying on time as long as you want to keep it. Also, you are allowed to sell the vehicle after your discharge if you think you can get more than payoff. Buy something else then. Why not try that route?

[tightgrip]

Thanks for the response! Anyone on here not sign reaffirmation agreement and stay current and have their vehicle taken back? That is what our plan is to not sign keep on making payments and then eventually get a new vehicle but its a scary choice for me to stress about.

[newbie2]

Thanks for the response! Anyone on here not sign reaffirmation agreement and stay current and have their vehicle taken back? That is what our plan is to not sign keep on making payments and then eventually get a new vehicle but its a scary choice for me to stress about.

Think about this for a minute: You are paying on the vehicle. The vehicle is worth $7000 less than what you owe on it.

Why would the lender want it back????

Please don't reaffirm.

[scorpion35]

Think about this for a minute: You are paying on the vehicle. The vehicle is worth $7000 less than what you owe on it.

Why would the lender want it back????

Please don't reaffirm.

i have a 2005 ford truck with 25000 miles on it.
its worth just about what i owe the bank.
i have 13 payments left.
whould u reaffirm?

thanks

[scorpion35]

Think about this for a minute: You are paying on the vehicle. The vehicle is worth $7000 less than what you owe on it.

Why would the lender want it back????

Please don't reaffirm.

i have a 2005 ford truck with 25000 miles on it.
its worth just about what i owe the bank.$8000
i have 13 payments left.
whould u reaffirm?

thanks

[blessed]

i have a 2005 ford truck with 25000 miles on it.
its worth just about what i owe the bank.$8000
i have 13 payments left.
whould u reaffirm?

thanks

One thing to consider is if you reaffirm they are supposed to report all of the on-time payments to the credit bureaus. With only 13 payments left I'd consider it. But in all reality it might not help your credit all that much so I'd probably not bother with the paperwork, it's really a toss up.

[Brazzy]

See in the case of the truck its something to consider. The open trade line really would help. On top of that there are some aggressive creditors who will reject payments and request a reaf be filed. Particularly in this situation where a truck does do better at auction than a car would. Talk to your attorney and see what they think. Its easy to make a case for either side.

As for the car 7k upside down. Any thought on a redemption? Not sure of the situation and how much the car is worth etc. Odds are as long as it is current and the balance on the account is relatively low you should not have a problem retaining and paying.

[aces67]

We filed on 4/28 and we have our 341 this Friday. My question is to reaffirm or not to reaffirm? This is our situation. We have 5 people in our family and a small car that only seats 5 people and its pretty small with 3 growing kids and 2 car seats. We would like to get a new vehicle that is more comfortable for all of us but our payment is soo comfortable right now. In the beginning we had decided to reaffirm but now finding out that our vehicle is worth 7000 less than what we owe we are stuck? Could it be a possibility to just go get a vehicle after our 341 and not reaffirm the vechile? The attorney seems to think that we should not affirm the vehicle but really I am scared we only have 1 vehicle and I am scared to death to not sign the paperwork even though we are current . . . what if they come and get it? I am confused and lost and stressed and tired and scared?

I would NOT reaffirm. Just keep current on your payments.

[BCA2009]

I would not sign the re-aff, but I would try as hard as I could to build up an emergency fund so you can buy a beater, just in case they do want to repo it or if it needs major repairs for some reason.

[ecsclb1724]

yeah don't reaffirm,

how much are your payments every month?

I would stop making payments completely and save all those payments up until the day that they repo and then take those payments and pay cash for something somewhere else.

[dumpinmydebt]

I am in your situation so I completely understand where you are coming from. I had read many things on this forum directly related to these situations and quite a few people have said that even people who work for the lender will tell you that you do not have to reaffirm.

My wife and I have 1 car and live 5 miles from the bus stop. This is our only means of transportation to work and school. We will not be reaffirming on our car, we owe $10K and it's worth $5k. Our loan is with Chase. I know it's going to need major repairs soon because we have over 70K miles, but we do not want to get a $3k used car because there is a better chance it will be crap than it won't be. So we are going to ride through and take our chances. As long as our payments are on time, I don't see them repo-ing the car. They know they will lose money.

If you ride through, never be late on the payments!!

So we are going to save save save so that we will have a small amount of cash in case they repo during the bk. We will keep saving after bk and keep the car until we have saved enough to get a nice car that will last a long time.