Reaffirming car loan?

[cw99]

We just filed Chapter 7 and my lawyer is advising us against reaffirming our auto loans. The cars are very new and we have and will continue to be current on all payments. I understand her concern of us singing the agreement. My concern (and stress) lies with what the likelihood is that the finance company (Honda Finance) will pursue repossession of the cars even if we stay current with all payments. Does anyone have any insight in general or specific interactions with Honda to know how they stand on this?

[jlynn275]

We just filed Chapter 7 and my lawyer is advising us against reaffirming our auto loans. The cars are very new and we have and will continue to be current on all payments. I understand her concern of us singing the agreement. My concern (and stress) lies with what the likelihood is that the finance company (Honda Finance) will pursue repossession of the cars even if we stay current with all payments. Does anyone have any insight in general or specific interactions with Honda to know how they stand on this?

I am in the same situation (on one car) and really worried. I asked this question as well and there really seems to be no clear cut answer, but I was advised to call the lender and ask how they handle situations like this. I'm still leary of doing that, but I think I will have to just so I can know what to expect.

[greg2169]

i am having a hard time reaffirming my car load with wells fargo... i have a 05 cadillac cts and owe $9,000 on it its got some problems and wells fargo thinks they can get more for it if they take it back... all i know if if they wont reaffirm it ill bash out all the windows and take a sldege hammer to the hood LOL

[cw99]

Have you had your 341 hearing? I am wondering if I wait until after that to see if they are objecting to anything, etc and see if there is another course of action. I am almost inclined to sign it based on the fact that it is causing me more stress than anything else. I am not worried about a reaffirmation on the house as I understand that in all reality, the lender really doesn't want my house and it is very cost prohibitive for them to sell it, etc whereas the cars are new and their is still a good value to them.

[cw99]

Honda was more than willing to reaffirm but they were not willing to make any "considerations" which my attorney asked for as a matter of course but we weren't looking for any. Has anyone had any problems with repossession without reaffirmation (and importantly) being timely with payments?

[greg2169]

have not had my 341 yet... i am just trying to keep the existing loan not changing anything and they are still giving me a hard time... they seem to think they can get alot more for my car then owed... its a nice car dont get me wrong but it does seem to have a engine problem where it is eating oil and needs a complete brake job... either way im not worried they want the car ill give it back then just save that payment money over 4 months by a cheap car so i have no payments