Good news from Wells Fargo

[mommi2many]

I called Wells Fargo today in regards to an auto reaffirmation agreement they sent to me. My husband wanted to reaffirm his car and I wanted to take a chance. We are current on the payments, but I like the idea of a true fresh start. Anyways, Wells Fargo said they do not require that we sign the reaffirmation agreement and that as long as we stay current we don't have to worry about a repo. She said, "We do not want your car."
Yes, just what I wanted to hear. I get my way and we will not be reaffirming. I can't wait til we are discharged and we are truly debt free. Oh! what a feeling that will be.

[wnguyen]

Way to go, mommi2many. I didn't reaffirm my car either, even though I have some equity and am able to make monthly payments.

[mommi2many]

Way to go, mommi2many. I didn't reaffirm my car either, even though I have some equity and am able to make monthly payments.

I just feel better about not taking on debt. The reason my husband and I filed ch 7 was to get out of the debt so I feel good about not reaffirming the cars. Was your car financed through Wells Fargo too or a different bank?

[dumpinmydebt]

YES! That's awesome. I feel the same. My hubby was kind of worried Chase would just take our car, but they haven't even sent reaffirmation papers and I don't expect them too. I also like the idea of the fresh start as well.

[tcreegan]

Way to go mommi2many! Good to hear WF is being reasonable...

Tom in Colo

[tobee43]

it's GREAT to hear Wells Fargo may be on the move to work with some of the customers....it's a LONG time coming...
way to go mommi2many!

[csonly]

I'm very confused about car reaffirms. My lawyer advised us not to, but I wanted to get more input from you all. I have 2 loans through Wells Fargo. They are both behind on payments but less than 30 days. I will be able to make the payments as they are right now unless something bad happens to us (job loss, etc.). WF offered a reaffirm on both of them, dropping the interest rate drastically. For both, it would be over $300 less per month. These cars have big balances and no way are worth what we owe, owing like 19K and 22K. Years of payoff are 10/2015 and 9/2014. WF said that reaffirming will help build our credit, but not reaffirming will not show anything payment made on our credit report. WF also said we could just reaffirm one and not the other if we chose. Can you all shed some light on why reaffirming a car loan is not in our best interest. Thank you. Also, while I'm on the subject of a credit report, we are keeping our house, so how will this show on our credit report when all is said and done after discharge?

Filed beginning of Nov. No word on 341 meeting yet.

[wnguyen]

I just feel better about not taking on debt. The reason my husband and I filed ch 7 was to get out of the debt so I feel good about not reaffirming the cars. Was your car financed through Wells Fargo too or a different bank?

I do feel good about not having the burden with most of the debts again. My car was financed thru Toyota Financial.

Happy Thanksgiving to you and your loved ones and stay safe.

[wnguyen]

I'm very confused about car reaffirms. My lawyer advised us not to, but I wanted to get more input from you all. I have 2 loans through Wells Fargo. They are both behind on payments but less than 30 days. I will be able to make the payments as they are right now unless something bad happens to us (job loss, etc.). WF offered a reaffirm on both of them, dropping the interest rate drastically. For both, it would be over $300 less per month. These cars have big balances and no way are worth what we owe, owing like 19K and 22K. Years of payoff are 10/2015 and 9/2014. WF said that reaffirming will help build our credit, but not reaffirming will not show anything payment made on our credit report. WF also said we could just reaffirm one and not the other if we chose. Can you all shed some light on why reaffirming a car loan is not in our best interest. Thank you. Also, while I'm on the subject of a credit report, we are keeping our house, so how will this show on our credit report when all is said and done after discharge?

Filed beginning of Nov. No word on 341 meeting yet.

Hi csonly

It all depends on what's best for you. Unfortunately, I'm not a lawyer and I'm not sure if my so-called advice here will help you but I'll try my best. I think most people will say that reaffirm your cars (and house) is not a good idea, especially when you're under the water, and I agree with those. The only good thing about reaffirmation is that you can rebuild your credit only if you pay off your loan by making monthly payment promptly. If for some reason you chose to reaffirm, you're legally bound to the terms of that reaffirmation agreement and should something bad happens (such as losing your job, your car is totaled and your insurance doesn't cover up the entire balance owed), WF can sue you for the deficiency.

Your lawyer advised you not to and I would agree with him/her. You still have a long way to go with $41K, that's a lot. Of course, you can decide what's best for you. I would just keep 'em and pay 'em on time since WF won't repo them if you keep making payments on them. I chose not to reaffirm mine and there are many other ways to rebuild my credit, not just reaffirming my car loan. Wishing you the best and happy holiday.

[mommi2many]

I do feel good about not having the burden with most of the debts again. My car was financed thru Toyota Financial.

Happy Thanksgiving to you and your loved ones and stay safe.

Happy Thanksgiving to you and your family as well!