Ally really wants that reaffirmation agreement signed

[mommi2many]

They just called. I have a car financed by them and on the SOI stated we would reaffirm, but after much thought we decided it was not in our best interest. Ally sent out an agreement about a week after filing and about a month later sent a reminder to sign. Now, today I get a phone call asking are we going to sign. I told her we are still deciding, but are leaning towards just paying and keeping the car if they will allow it. (mind you we are current on payments) She said if we did that we would lose online access, will not get bills, and will report to the credit bureaus IIB. All I care about is can we retain and pay so I asked. She said we could and for now they will not repo, but she can't promise me that Ally won't change their procedures in the future and repo even if we are current. I really feel like those are empty threats to scare me into signing, but I don't care--come get it if you don't want my money. I am not attached to the car at all. It's new and I like it, but I can always get another.

[keepinitreal]

I for one agree with you 100%. That's great you won't be intimidated!

[tcreegan]

Hi mommi2many,

Sounds like some hollow threats to get you to sign the reaffirmation; you can ask for online access, bills/statements, and even to start the credit reporting up again after discharge. For a customer current on payments, I'll bet they do it without a fuss.

And remember, if you have a weak moment and sign the reaffirmation, you have 60 days to cancel it.

Hope you get your discharge in time for Christmas...would make a nice present!

Tom in Colo

[help1234]

We also have an Ally auto loan. Current, but did not reaffirm. I called 3 months after discharge asking for online access, statements and if they would report to credit bureaus. I was told they would not reinstate online access or reporting to credit bureaus, BUT they will start sending me "informational only statements" that do not include the balance owed. I received an confirmation letter a few days later stating that informational only statements would be forthcoming. We only owe 14 months on this now and have several thousand equity... I am keeping my fingers crossed that all goes well and they don't try to repo. As a side note, before we discharged, I called and asked them to send reaffirmation paperwork to my attorney and they would only do it if the attorney requested. Of course as most attorneys, he would not.

[mikeinsurpri]

We have our car financed through Ally also. Lot's of posts about on this forum regarding signing or not signing. Remember if you sign the reaffirmation paperwork it still has to go to the judge to sign off (at least in Arizona). I've heard too that a lot of people have just kept paying and everything has been ok and they still have the vehicle. It's terrible that they (Ally) can't give a straight answer and say as long as you are current we won't repo, but if you are late then we'll repo. Like everyone else we are still deciding if we should sign or not.

[helpmeout]

They are correct about no online access, receiving no bills and only reporting IIB on credit reports. As for repossessing if you are current, that is all going to depend on the wording of your loan agreement.