Honda repo after no reafirm?

[Adventura]

I am leaning towards not reaffirming my Honda loan. Has anyone had experience with Honda repo-ing the car post discharge with no reaffirmation? I am staying current on my payments and plan to continue with the ride-through as I listed on my SOI.

After researching this in the forum archives, I THINK that the answer is that no one has had a problem with Honda repoing the car post-discharge, but my comfort level with this decision isn't quite there yet. I'd like to hear from a few more folks on this specific topic.

BTW, if one does not reaffirm, what stops Honda--or any finance outfit--from waiting until you have paid almost all of the car off, and then repoing it to re-sell it? That way, they get nearly the full price of the car plus all that interest, and then they also get whatever they can re-sell it for on top of that.

[keepinitreal]

BTW, if one does not reaffirm, what stops Honda--or any finance outfit--from waiting until you have paid almost all of the car off, and then repoing it to re-sell it? That way, they get nearly the full price of the car plus all that interest, and then they also get whatever they can re-sell it for on top of that.

If Honda repo's your car when it's almost paid off and re-sells it, they will send you a check for any left-over amount after subtracting what you still owed, repo fees, storage, etc.

[researchnerd]

BTW, if one does not reaffirm, what stops Honda--or any finance outfit--from waiting until you have paid almost all of the car off, and then repoing it to re-sell it? That way, they get nearly the full price of the car plus all that interest, and then they also get whatever they can re-sell it for on top of that.

Honda does not want your car. Even if you don't re-affirm, they will have no reason to repo as long as you stay current on your payments.

Repo is expensive for the lender, so they prefer not to do it unless they have to. They have to pay the repo man, plus transportation, storage, and any repair needed before resale, plus auction-related fees. After all that, they tend not to get the full value of the car at auction, so unless you have a specialty or collector's car that holds its value 100%, it's a losing proposition for the lender. If there's a difference between what you owe and what they can get for the car, they'll have to collect that from you, which is also expensive. They would much rather let you keep the car and pay it off in full.

[limabean]

I have a loan with Honda that I am reaffirming. I talked to them about what would happen if the judge refused to allow me to reaffirm (I am pro se/per).

They told me that they would not repo if the loan was current. I would not get statements, and I would have to make payments through their BK dept, but otherwise all would be well.

The payment is high, but I have equity in the car and I will never see a rate like that again for a few years! I want to keep this one.

Best of luck.