Best way to negotiate and buy auto during pendency?

[AllMyFault]

I have a motorhome that is upside down in value. I don't plan to reaffirm and would like to negotiate a price and buy it from the lender.
Has anyone had any experience with this?
What is the best angle to use?

Thanks

[AngelinaCatHub]

Well, you are asking a very difficult question. Play this by ear. For example. "Half of something is better than all of nothing." That being said, what is it's year and kbb value? If the lender can sell it for more than you can pay then you are out. Also, have you filed and if not, when? You would open another contention doing this transaction close to a bk. 'Hub

[AllMyFault]

I haven't filed yet.
Do you begin talking with the lender before filing? After filing and during pendency?
Will they come out and appraise it? Will they ask for photos? KBB may not tell the whole story

Well, you are asking a very difficult question. Play this by ear. For example. "Half of something is better than all of nothing." That being said, what is it's year and kbb value? If the lender can sell it for more than you can pay then you are out. Also, have you filed and if not, when? You would open another contention doing this transaction close to a bk. 'Hub

[tcreegan]

Hi AllMyFault,

Definitely not something to do before the BK. With more loan than value, it has no equity and is not an asset in the BK. Settle the loan and it becomes an asset worth whatever you settled for. (of course, not a problem if you have an exemption to cover it)

My plan would be to get an appraisal, contact the lender after filing, and let them know you aren't going to reaffirm but do want to settle post-discharge. Pre-discharge they might only want to talk about reaffirming, you might not be able to get them to negotiate until after discharge.

Whatever road you go, hope it works out for you,

Tom in Colo

[keepmine]

See if a 722 redemtion would work for you.

https://www.722redemption.com