Auton Reaffirmation question - Bank of America

[trouble1]

We received a letter from our lawyer today that Bank of America has said that we are required to sign a reaffirmation agreement in order to keep our car. In the letter my lawyer says "the secured creditor may be able to repossess the vehicle if you do not reaffirm, but if you are current (which we are) they often do not."

We would really just like to do a ride thru, keep making the payments but not reaffirm. Has anyone had any experience with Bank of America on not reaffirming?? Will they come and repossess the vehicle even if we are current and are making the payments?

[BCA2009]

That's a real crap shoot. They have the right to repo if you don't re-affirm. It's easy and relativeiy cheap to repo (as compared to foreclosing on a house).

If you don't re-affirm be prepared to lose the car. But I wouldn't re-affirm a car I was upside down on. I would save up and buy a beater.

[dumpinmydebt]

That's a real crap shoot. They have the right to repo if you don't re-affirm. It's easy and relativeiy cheap to repo (as compared to foreclosing on a house).

If you don't re-affirm be prepared to lose the car. But I wouldn't re-affirm a car I was upside down on. I would save up and buy a beater.

It's not that cheap, but compared to a house, yes.

Also, if you are paying, they really have no reason to repo. They lose money when they put it up for auction, so they may as well let you keep paying so they can get more money. From what I've seen on this forum, most lenders don't repo (especially if you're upside down on the loan.)