Bank says reaffirm or they "may" reop car

[JNS123]

It's been a little over 30 days since our 341 hearing and our lawyer says that our bank wants us to reaffirm our car loan and if we don't they cant guarantee it won't be taken away at some point, even if we stay current on the loan.

I want to keep the car as we have 2 yrs left on the loan, but do not want to reaffirm. There are way too many what ifs that can happen in 2yrs. We have never paid late, ever.

So my question is do I risk it and don't reaffirm or can I even apply for a refi car loan even though I am not discharged yet? (maybe Capitol 1) We are not negative on the loan either & that is another reason why I want to keep it.

The bank did say reaffirm and we are more likely to negotiate your loan lol I said "sure you are" LOL

Thanks for any feedback!

[debee]

You can do the loan renegotiation right in the reaffirmation documents and once they're filed with the court, it's your new loan. A refi with another lender is like a reaffirmation - any debt acquired after filing is not discharged. Depending on what your cash situation will be like post-filing, you could also look into redeeming.

[btbeme]

While you can't be "forced" to reaffirm, an asset secured by a non-affirmed loan (usually something with a title and a lien on that title) can be considered at-risk of being repossessed. However aggressive as a lot of car companies have been lately in pursuing and repossessing autos, they are also quite interested in making money.

The only reason they would want to take a car is that they think they would be better off by doing so. The best way to put them at ease is to work with them DURING the reaffirmation paperwork filing.

As an aside - the used car business is absolutely booming right now, due to the influx of repos and the increased demand by people who cannot afford a new vehicle. Used cars have actually increased in value in the last year, almost across the board - which can catch filers unaware if they are using an older BlueBook quote in their paperwork.