GMAC Auto Finance-great to work with!

[stormy]

GMAC Auto Finance has already sent the loan reaffirmation papers to my lawyer with a copy sent to me. I had to call them this morning because I had automatic payments set up with one due to come out on Friday; I also received a statement in the mail from them on Saturday for the same payment.

After talking to a really nice gentlemen in the bankruptcy department; he looked at the account and confirmed that the automatic payment for Friday was suspended so I need to send in a check. He also informed me that once my bankruptcy is discharged I can resume on-line payments through their website.

GMAC has been great to work with!! They were very understanding and stated they wanted to help me retain my vehicle.

Whew!! Once less thing to worry about.

[SMinGA]

Why are you reaffirming?

[stormy]

Because GMAC informed me and my lawyer that if I wanted to keep my car they required it. I need it to get back and forth to work and I have two daughters; one lives in Wisconsin and the other lives about an hour away. Public transportation is not an option for me.

[ccsjoe]

stormy, I have the same situation with Ford. I called them prior to filing to start working things out and they're actually quite reasonable. Once the reaff is done, I will look into modifying payments with them.

[Beachlover2]

Ours is a lease with GMAC, we are not sure what we are going to do, out atty said to see what's out there and let him know after Labor day. As mentioned by stormy we also need a reliable vehicle when traveling to work to snow plow 3 a.m. and also with kids, my vehicle is 8 years old, and I am driving it until the wheel fall off.

[jsofaz]

I chose not to reaffirm my GMAC vehicle. So now we are just waiting to see if they come and get it. We will remain current on it as we do want to keep it. We just decided we didn't want to become obligated to that payment. Who knows what the future holds? We were discharged almost a month ago. Does anyone know how long it might take them if they decide to take it back?

[Beachlover2]

My lawyer told us a month or two, but its hard to be exact.
We have a payment due the 15th of Sept, so I hope we can find something before then so we don't have to make that large payment.

[tcreegan]

current

Hi all,
.....not at all surprising auto lenders are helpful with reaffirmations, they are in the best interest for the lender. They don't take a loss on the loan and you can't get rid of the debt for at least 8 yrs.

...if you stay current through the BK it is most likely they will not repossess, they lose money if they do. And courts are ruling they cannot repossess if you stay current, that a BK is not a breach of contract.

For me, a low-mileage used car is the way to go. I multiplied my car payment by 12 and figured about 1/2 of that would pay for some excellent car maintenance. Plus I was pleasantly surprised when I got my insurance bill....

Good luck to all of you!

Tom in Colo