Can I change my mind?

[ecoastbound]

If I reaffirm my car loan can I change my mind after I sign? If so, how long do I have to nullify the reaffirmation?? Also, do banks usually have a problem with you not reaffirming if you are current on payments? At this point in time I plan to keep my car but just started thinking what I would do if I started having serious issues with the car or what if I couldn't pay sometime down the road?

[justbroke]

You have 60 days to rescind a reaffirmation agreement. You need to do it in writing and it needs to be FILED with the court before the 60 days expires. There may be some argument as to when the 60 days starts, but the code reads from the time you enter into the reaffirmation agreement. To me, that means when you signed it, not when it was filed with the court.

This rescission period has nothing to do with the discharge date.

As for banks and reaffirmations, the general feeling is that so long as you are current and remain current, most automobile lenders don't mind not having a reaffirmation. There are at least two "big auto" lenders, like Ford Motor Credit and I think Honda (I could be mistaken on Honda), the demand reaffirmation or they will repossess.

If you're going to rescind, you may as well do it NOW rather than wait until it's too late.