Ford Motor Co letter

[Floridagail]

I did some research online, all kinda complaints abou them picking up cars without telling the people, ( I guess I was lucky to get letter) I will plan to enjoy my car and take several trips between now and May. Will not consider reaffirming with Transmission problem history.

[grisandole]

Interesting to me because I also have a loan with Ford, filed on 2/11, and have not heard a peep from them yet. When I try to access my account online it says "this account is effected by bankruptcy and we are not attempting to collect, entering the site is voluntary" blah blah, and then says that my info is not available. I've been waiting to get some kind of letter from them. In my case, I am behind on payments, owe 8700 on a car that is valued at about 4500 or so. My 341 is on the 22nd, and I'm not going to reaffirm, I'm just hoping to keep it for a few more weeks until we can save money for a cheap car.

[Floridagail]

You should be able to hold on to the car until discharge. The letter give us 60 days extention (they call it) to reaffirm. Which is a week before the discharge date that is due. So If figure they will not pickup until then. When we made our payment after filing , they accepted it and never said anything about reaffirming. Hubby had to call in to make payment since we were locked out of Ford .
I think your letter should be coming.

I also read online, that Ford and Chrysler lobbied for this law to be in new bankruptcy bill of 2005. So they both do this. Wish the letter would of come b4 we made our last pmt last week.

[Floridagail]

Want a good laugh. We got letter today from Ford dealer down the street offering to finance Hubby for new ford, since he is chptr7.
guess they do not know they are threatening to pick up the one we have due to bkrptcy chptr 7 filing.

[AngelinaCat]

The right hand doesn't know what the left hand is doing...

[Floridagail]

That's for sure, we had a good laugh. It said he was guaranteed a 1000.00 credit line, in the fine print.

[ccmisery]

Ford has a 5 year/60K powertrain warranty which sounds like it had you covered a couple of times but it appears you put way above average annual mileage on your Mustang which does not work in your favor anymore.

They are known for this from my research, reaffirmation is the only way, the don't seem to take a loss and would rather auction the car off at a loss.

Based on the mileage you are probably best letting them repo it, because it will make no sense to reaffirm a car that's going to be a money pit and need costly repairs and at 80K, you will soon start seeing the bills mount. If the car had 20K on it different story, I read about people in Chapter 7 getting loan offers after discharge, at what interest rate I don't know?

[Floridagail]

We do have the mechancial breakdown with geico, So it would be covered for another 20,000 miles. But with my luck it would die after that for sure. I had the car 2 weeks when someone keyed it . then about 6mos ago, it got keyed again. Mustang haters I guess. It stays mostly in garage, but it got keyed in grocery store lot both times.

[ccmisery]

That's pretty bad that someone would do that and key a new car like that, little alone have it done multiple times, my wife's car got a door ding/dent in the door when it was relatively new, someone in a SUV parked too close and slammed their door into it and did not leave a note or anything. Comes out of my comprehensive deductible to get it fixed. Never had a car keyed, usually shopping carts or door dings.

If your going to put on 20K in less than a year, I would say have them repo it.

[bcohen]

I agree. Quit paying, drive it payment-free for a couple months, and then let the repo man have it. Why would you reaffirm a car that's "underwater", especially when it sounds like costly mechanical problems are coming up soon?

[catleg]

They can't take it without filing a motion for relief from stay with the court and having it granted, which takes usually a month to get scheduled, or waiting until your discharge is complete (and the case closes?). So whatever deadline they gave you is arbitrary.

[Floridagail]

Yeah, I figure they wait for discharge, we will see.

[ccmisery]

I also read if you sign the reaffirmation but your lawyer doesn't and the courts do the same basically rejected it, Ford cannot repo since you did your part. I am leary of this, but the more I read into it I think it's something only a lawyer can answer for sure.

http://ficoforums.myfico.com/t5/Bankruptcy/Re-Reaffirmation-of-car-loan/td-p/1341675/page/2

[Floridagail]

I do not trust Ford at all unfortunately, ( because of the lemon of 2011 Mustang we got that just came off assemblyline in 2010 ) So I do not want to reaffirm for sure. We drove it for 6mos thinking it was normal for hard shifting, due to ford insisting it was.
We finally one day dropped it off and said we did not want it, They then found over 5000 repair of transmission. Then later another 900
transmission part they forgot to fix. It still lunges now and then. Then about 3mos ago it died while driving , It was covered under our Geico insurance mechancial , Bad Throttle body assembly 433.00 repair. We had to pay 250.00 of it. So I keep waiting for something else. It needs new tires, almost bought 2 months ago. thanks goodness did not spend that money.

[ccmisery]

Due to your excessive mileage, I suppose you could not pursue a Lemon on it? 80K in less than 3 years is not typical mileage, did they throw in that clause? My one VW which was a lease almost did the Lemon on that one, only had 5K miles and I had it less than a year. I did not pay a cent or ever see the bills, the service statements all said "Warranty Covered".